Bounce Innovation Hub
- Assets
- $2.0m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 23
- Location
- Akron, OH
- Founding
- 08/2018
- Data as of
- 12/2021
- EIN
- 82-3351373
Organization Overview
Bounce Innovation Hub is located in Akron, OH. The organization was established in 2018. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Bounce Innovation Hub employed 23 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bounce Innovation Hub is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Bounce Innovation Hub generated $3.1m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 10.9% each year . All expenses for the organization totaled $3.2m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SERVICES AND PROGRAMS TO ANYONE WITH A MIND FOR INNOVATION TO MAKE THEIR VISIONS A REALITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENTREPRENEURIAL SERVICE PROVIDER (ESP) PROGRAM:THE ESP PROGRAM AT BOUNCE COMPRISES A TECHNOLOGY INCUBATOR AND SOFTWARE ACCELERATOR. BOUNCE'S INCUBATOR PROGRAM OFFERS AFFORDABLE OFFICE, LAB, AND LIGHT MANUFACTURING SPACE COUPLED WITH EXPERT BUSINESS COUNSELING AND ADVISING, MENTORING SERVICES, AND NETWORKING OPPORTUNITIES. BOUNCE'S SOFTWARE ACCELERATOR PROGRAM PROVIDES ADVISING, TECHNICAL ASSISTANCE, COACHING, AND NETWORKING OPPORTUNITIES TO EARLY STAGE SOFTWARE COMPANIES IN ORDER TO ASSIST THEM IN DEVELOPING AND LAUNCHING THEIR FIRST MINIMUM VIABLE PRODUCT. IN 2021, BOUNCE SERVED 47 INCUBATOR CLIENTS AND 14 SOFTWARE ACCELERATOR CLIENTS.
GENERATOR SPACE:BOUNCE'S GENERATOR SPACE CONSISTS OF A PUBLIC COWORKING SPACE, CONFERENCE ROOMS, EVENT SPACE, WORKSHOP, AND CAF. IN 2021, OVER 10,801 PEOPLE VISITED THE BOUNCE FACILITY FOR EVENTS, NETWORKING, AND MEETINGS WITH RESIDENT COMPANIES. THE GENERATOR IS DESIGNED TO CONNECT THE COMMUNITY, CORPORATIONS, AND UNIVERSITIES WITH THE ENTREPRENEURIAL ECOSYSTEM AND TO FACILITATE MEANINGFUL COLLISIONS THAT CATALYZE ECONOMIC DEVELOPMENT.
GROW:BOUNCE'S GROW PROGRAM SERVES SMALL BUSINESSES THROUGH COHORT TRAINING CLASSES, ONE-ON-ONE BUSINESS COUNSELING, AND NETWORKING OPPORTUNITIES. THE GROW PROGRAM IS FOCUSED ON SERVING MINORITY ENTREPRENEURS AND PEOPLE OF COLOR, PARTICULARLY THOSE WHO ARE HISTORICALLY UNDERREPRESENTED AS BUSINESS OWNERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Weintraub CEO | Officer | 40 | $261,875 |
Jessica Sublett COO | Officer | 50 | $133,750 |
John Dearborn Treasurer | OfficerTrustee | 3 | $0 |
Deborah Hoover Board Chair | OfficerTrustee | 4 | $0 |
Hans Dorfi Secretary | OfficerTrustee | 4 | $0 |
Bradley Helfman Board Member | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Douglas Weintraub Ceo | 12/30/18 | $161,385 |
Elusid Ltd Pda Consulting | 12/30/18 | $108,000 |
Civatas Ideas Llc Coo | 12/30/18 | $115,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,393,913 |
| All other contributions, gifts, grants, and similar amounts not included above | $794,363 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,188,276 |
| Total Program Service Revenue | $912,759 |
| Investment income | $3 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,394 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,096,844 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $405,511 |
| Compensation of current officers, directors, key employees. | $157,880 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $751,219 |
| Pension plan accruals and contributions | $6,697 |
| Other employee benefits | $457,204 |
| Payroll taxes | $82,312 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,025 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $255,288 |
| Advertising and promotion | $60,934 |
| Office expenses | $4,934 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,731 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $21,687 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $185,000 |
| Insurance | $0 |
| All other expenses | $36,178 |
| Total functional expenses | $3,201,308 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $369,708 |
| Savings and temporary cash investments | $100,003 |
| Pledges and grants receivable | $152,548 |
| Accounts receivable, net | $33,680 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,702 |
| Net Land, buildings, and equipment | $750,880 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $461,099 |
| Intangible assets | $0 |
| Other assets | $126,906 |
| Total assets | $1,997,526 |
| Accounts payable and accrued expenses | $216,762 |
| Grants payable | $0 |
| Deferred revenue | $8,488 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $510,968 |
| Other liabilities | $22,353 |
| Total liabilities | $758,571 |
| Net assets without donor restrictions | $936,088 |
| Net assets with donor restrictions | $302,867 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,997,526 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Bounce Innovation Hub has recieved totaling $432,683.
| Awarding Organization | Amount |
|---|---|
Burton D Morgan Foundation Inc Hudson, OH PURPOSE: FOR 2021 ENTREPRENEURIAL PROGRAMMING | $265,000 |
Akron Development Corporation Akron, OH PURPOSE: COMMUNITY INVESTMENT | $75,000 |
Burton D Morgan Foundation Inc Hudson, OH PURPOSE: TO SUPPORT AN EIR PROGRAM FOR ENTREPRENEURS OF COLOR | $27,500 |
Burton D Morgan Foundation Inc Hudson, OH PURPOSE: TO SUPPORT AN ENTREPRENEUR- IN- RESIDENCE PROGRAM FOR ENTREPRENEURS OF COLOR | $27,500 |
Premier Bank Foundation Canfield, OH PURPOSE: CHARITABLE | $17,667 |
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: GROW PROGRAM | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Cintrifuse Cincinnati, OH | $9,097,086 | $17,758,065 |
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
Midtown Detroit Inc Detroit, MI | $6,098,841 | $4,938,478 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Bellvue Gardens Community Urban Redevelopment Corporation Cincinnati, OH | $29,237,042 | $3,964,847 |
Detriot Economic Growth Association Detroit, MI | $6,651,865 | $5,567,044 |
Enterprise Center Philadelphia, PA | $14,775,584 | $14,297,548 |
Pidc Community Capital Philadelphia, PA | $51,592,924 | $9,506,766 |
Downtown Cleveland Improvementcorporation Cleveland, OH | $5,269 | $4,399,889 |