CLEVELAND, Ohio (WOIO) - The money will go to establish Northeast Ohio as a high-tech and health innovation hub, according to JumpStart, Inc., a nonprofit that helps entrepreneurs and small businesses with seed money.

“For any new company and new technology company or a new innovation, they very much need this capital to get going because getting going means creating jobs,” said Ray Leach, CEO and president of JumpStart. “Thousands of new jobs over the next three to five years.”