Posted by Frank on July 14, 2010 8:27 AM | Permalink
Comments
You should do a fact check on Ray's claims that he is a serial entrepreneur. Once you do, you will see that he has never founded anything private startup of any magnitude (job creation, wealth creation for investors/employees, or revenue).
Jumpstart is a great example of failures in government trying to create startups. Jumpstart has burned through $60m since it's founding and has very little to show for it. Out of the $60m only $16m has actually been invested in companies. The rest has gone to pay their high salaries and overhead. ($8m out of their $11m budget goes to fund overhead and salaries).
Ray just gave himself a $30k raise to bring his total comp to $428k and the top ten people bring in over $2.3m.
Despite these high salaries and enormous head count and overhead, there isn't hardly anyone on the staff with any startup success.
After investing in close to 50 companies, there isn't hardly any positive results.
There are groups like Jumsptart all over the country. They have produces results 10x that Jumpstart has on 10% of their budget. The reason you don't hear about them is they use their budgets wisely and don't have a 5 person marketing staff.
No private fund in the world would accept no returns after 6 years and $60 burned though and they would never tolerate that 75% of the fund went to fund overhead vs. 25% of the funds invested in companies.
If you do your research, you will realize that Jumpstart is a huge failure for the tax payers of Ohio.
That's awesome the pay of a venture fund manager without any of the responsibilities. Wait a minute, venture fund managers aren't responsible for the bad investments they make. But JumpStart is still awesome for getting paid more than the amount invested.
JumpStart Inc.'s Ray Leach, a frequent guest on the Show, joins AOL's Steve Case, Yahoo's Jerry Yang and others on the new National Advisory Council on Innovation and Entrepreneurship. 
Comments
You should do a fact check on Ray's claims that he is a serial entrepreneur. Once you do, you will see that he has never founded anything private startup of any magnitude (job creation, wealth creation for investors/employees, or revenue).
Jumpstart is a great example of failures in government trying to create startups. Jumpstart has burned through $60m since it's founding and has very little to show for it. Out of the $60m only $16m has actually been invested in companies. The rest has gone to pay their high salaries and overhead. ($8m out of their $11m budget goes to fund overhead and salaries).
Ray just gave himself a $30k raise to bring his total comp to $428k and the top ten people bring in over $2.3m.
Despite these high salaries and enormous head count and overhead, there isn't hardly anyone on the staff with any startup success.
After investing in close to 50 companies, there isn't hardly any positive results.
There are groups like Jumsptart all over the country. They have produces results 10x that Jumpstart has on 10% of their budget. The reason you don't hear about them is they use their budgets wisely and don't have a 5 person marketing staff.
No private fund in the world would accept no returns after 6 years and $60 burned though and they would never tolerate that 75% of the fund went to fund overhead vs. 25% of the funds invested in companies.
If you do your research, you will realize that Jumpstart is a huge failure for the tax payers of Ohio.
Posted by: Burton Dorion | July 14, 2010 1:57 PM
http://www.youtube.com/watch?v=OYws8biwOYc
That's awesome the pay of a venture fund manager without any of the responsibilities. Wait a minute, venture fund managers aren't responsible for the bad investments they make. But JumpStart is still awesome for getting paid more than the amount invested.
Posted by: Matthew Artero | July 15, 2010 11:25 PM