The reformatted Akron Global Business Accelerator in downtown Akron has its first CEO.

Douglas Weintraub, an entrepreneur and investor in startups, has been named chief executive officer, effective Monday, of Bounce, Akron’s Innovation Hub.

Weintraub “brings the skills, expertise and network to set Bounce on the path to success as Akron’s innovation hub and a key player in the regional [entrepreneurial] ecosystem,” Deborah Hoover, the president of the board of the newly created nonprofit that operates Bounce, said in a news release issued by Bounce on Friday.

Hoover is president and CEO of the Burton Morgan Foundation that is named for the late Hudson entrepreneur.

Hoover said in an email that the board is still in the process of finalizing Weintraub’s salary.

She said he will be “compensated according to compensation benchmarks in the industry for nonprofit economic development entities.”

Bounce seeks to be a one-stop shop for entrepreneurs and startups. The city has said Bounce houses the business incubation activities of the business accelerator, while also seeking to involve area mentors, universities and companies more in entrepreneurial activities.

The hub is in the former B.F. Goodrich Co. complex off South Main Street in Akron in the same space in which the accelerator was housed. It will have space and programs designed to encourage collaboration and equipment will be made available, such as 3-D printers.

Bounce will be funded by a combination of state dollars, city dollars, rental income, grant funding and partner fees, Hoover said. The budget this year is about $1.9 million.

Anthony Margida, executive director of the former Akron Global Business Accelerator, stepped down effective Dec. 31, according to a December article in Crain’s Cleveland Business.

He oversaw the Global Business Accelerator under a consulting contract with the city of Akron.

City spokeswoman Ellen Lander Nischt told Crain’s that Margida’s individual consulting contract with the city was for $90,000 for nine months of work.

Margida told Crain’s that the accelerator’s efforts have created 450 new jobs and generated $70 million in investments. Like Bounce, the accelerator received state and city dollars, as well as rental income.

About the CEO

Hoover said in the news release that a nationwide search was conducted to find the new CEO.

Weintraub is a founding member of JumpStart Inc., the regional nonprofit that invests in startups, and has served on many JumpStart board committees and served as board chairman from 2009 to 2012.

He is a graduate of the Ohio State University Fisher School of Business, and is a lifelong resident of the Akron area, where he lives with his wife, Janis. They have three adult children and two grandchildren.

“I look forward to leading the Bounce team as we being the process of transforming this incredible historically innovative building into a modern facility that meets the needs of Akron’s and Northeast Ohio’s current and future entrepreneurs,” Weintraub said in the Friday news release.

Bounce has received a $2 million grant from the State of Ohio to “make it a place where people can collaborate,” according to a post on the Bounce blog that is a part of the organization’s website.

Construction for a maker space, as well as meeting and co-working space, and a community cafe will start in the spring and continue through the year, according to the blog post.

Katie Byard can be reached at 330-996-3781 or kbyard@thebeaconjournal.com. You can follow her @KatieByardABJ on Twitter or on Facebook at www.facebook.com.