Startups and Small Businesses Generated $1B+ in Economic Output Across Ohio in 2020
JumpStart and Silverlode Release Annual Economic Impact Report Providing Snapshot of Entrepreneurial Economy Through Jobs, Wages and Economic Output
JumpStart has released its annual economic impact report, tracking the outcomes of startups and small businesses receiving services and/or capital from JumpStart and its collaborative partners.
The 2020 report, prepared by Silverlode Consulting, shows these businesses generated more than $1.2 billion in economic output across Ohio and Western New York, over $1 billion in Ohio alone. The report shows these companies created or maintained 10,780 jobs, supporting 6,682 households and producing $702 million in labor income or wages.
Diverse-led companies continued to demonstrate significant impact: Black and Latinx-led companies accounted for nearly $300 million in economic output and 3,293 jobs. Companies led by women generated more than $686 million in output and 6,201 of the total jobs reported.
“The data in this report is very encouraging and shows many startups and small businesses thriving despite hardships they may have faced over the past year due to COVID,” said JumpStart CEO Ray Leach. “These businesses have made a huge contribution to the economic vitality and resilience of our region and continue to lead the way in creating a more vibrant and innovation-centered economy in Northern Ohio.”
Combined with data from previous studies, companies supported by JumpStart and its partners have now reached $9.1 billion in cumulative economic output since 2010. Yearly output numbers have remained above $1 billion since 2015.
Additional findings from the 2020 report include:
- Startups and Small businesses included in the report contributed $80 million in state/local taxes and $146 million in federal taxes.
- Technology startups supported by JumpStart and its partners held 934 patents and had 1,083 provisional patents and patents pending in 2020.
- Despite the COVID-19 pandemic, tech startups in Ohio reported only a 5% decrease in jobs (full-time and independent contractors combined). Overall, they experienced a 9% growth in payroll and 4% growth in sales.
Beyond the economic impact numbers listed above, the full report includes a detailed analysis of economic impact via “slices,” which break the data down into smaller subsets using variables such as geography, startups vs. small business and others.
About Silverlode Consulting
Silverlode Consulting was founded in 2002 by two leaders of Ernst & Young’s and Pricewaterhouse Coopers’ consulting practices. As a national leader in the field of economic impact analysis, the company helps hundreds of organizations, ranging from non-profit arts groups to multi-national corporations, to measure their impacts on their communities and communicate those impacts to their stakeholders. Learn more at www.silverlodeconsulting.com.
About the Survey
The 2020 Economic Impact report includes survey data collected from client companies who are actively engaged with JumpStart and Partners Of the 1,348 companies which responded to the surveys, 708 (53%) provided sufficient information to be included in the economic impact modeling. The startups and small businesses included in this report receive services from JumpStart and its regional collaborators and community partners including: