JumpStart’s latest economic impact report reveals that in 2023, Ohio startups and small businesses generated over $1.7 billion in economic output and created or maintained 10,747 jobs. Prepared by Silverlode Consulting, the report highlights the substantial contributions of these businesses to the state’s economy, including revenue, wages, and tax contributions. Since 2010, these startups and small businesses have generated a cumulative $13.3 billion economic impact.

“The latest economic impact report underscores the transformative role of tech startups and small businesses in fostering inclusive economic growth,” said Teleangé Thomas, Chief Operations and Relationship Officer at JumpStart. “These companies are not only driving significant economic activity and job creation but are also setting new benchmarks for wage growth, fostering widespread prosperity. At JumpStart, we are dedicated to ensuring all entrepreneurs have access to the necessary resources and support to economically participate and thrive in a vibrant, inclusive economy.”

Additional findings from the 2023 report include:

• 10,747 jobs created or maintained, supporting 7,263 households.
• $861 million generated in wages.
• Over $190 million contributed in federal taxes; More than $77 million contributed in state and local taxes.

Companies led by women, Black, and Hispanic/Latino entrepreneurs continue to drive significant economic growth:

• Black-led: $129 million in economic output, 1,282 jobs.
• Hispanic/Latino-led: $65 million in economic output, 508 jobs.
• Women-led: $523 million in economic output, 3,293 jobs.

 

 

Tech Startups Receiving Funding and Services Continue to Drive High Impact

Tech startups, supported by JumpStart and entrepreneurial service providers, achieved significant milestones in 2023, generating $1.6 billion in economic impact and creating or maintaining 9,497 jobs. Direct sales revenue from these companies surpassed $682 million, a 35% increase from 2022.

Tech startups reported an average wage of $85,611, an 8% increase from 2022 and 29% higher than the state average. This highlights the pivotal role of tech startups in driving economic prosperity, attracting talent, and fostering innovation in high-wage professions.

The 2023 Economic Impact Report includes detailed analyses of the economic contributions of startups and small businesses by geographic service area, program type, business sector, and leadership demographics, providing a comprehensive view of impact generated.

You can review the 2023 Economic Impact Report here.

 

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About the 2023 Economic Impact Report
This report was prepared by Silverlode Consulting using data gathered through JumpStart’s bi-annual survey. The report methodology utilizes IMPLAN, a widely respected economic impact assessment tool, to estimate the direct, indirect, and induced economic contributions of companies supported by JumpStart and its partners, with estimates supplemented by industry averages for incomplete data. In 2023, 1,122 companies responded to the survey, with 486 providing adequate information for economic modeling. Among these, 221 were led by women, 143 by Black entrepreneurs, and 46 by Latino/Hispanic entrepreneurs, showcasing the diversity of leadership within the surveyed companies.

The startups and small businesses included in this report receive services and/or capital from JumpStart and its regional collaborators and community partners.

The Northern Ohio organizations part of the Ohio Third Frontier-funded Entrepreneurial Services Provider (ESP) Program are:

• Bounce
• Braintree
• BRITE Energy Innovators
• Case Western Reserve University
• Great Lakes Innovation and Development Enterprise (GLIDE)
• Manufacturing Advocacy and Growth Network (MAGNET)
• Northeast Ohio Medical University (NEOMED)
• Ohio Aerospace Institute (OAI)
• The University of Akron Research Foundation (UARF)
• Youngstown Business Incubator (YBI)
• Mercy Health
• ProMedica
• The University of Toledo

About JumpStart Inc.
JumpStart is a nationally recognized venture development organization that provides capital, services and connections to help entrepreneurs grow. In 2024, JumpStart celebrates 20 years of empowering entrepreneurs and driving regional economic impact through its comprehensive support services and investments across Ohio.