Report Shows Economic Impact of Companies Supported by JumpStart and Partner Organizations
JumpStart has released its yearly economic impact report, tracking the outcomes of the startups and small businesses assisted by the organization and its partners. The report, prepared by Silverlode Consulting, shows these startups and small businesses generated more than $1.3 billion in economic output in 2022 across Ohio.
Combined with data from previous studies, companies supported by these organizations have generated more than $11.6 billion in cumulative economic output since 2010. Yearly output numbers have remained above $1 billion since 2015.
“The annual economic impact report validates what we already knew” said JumpStart Chief Operations and Relationship Officer Teleangé Thomas. “Startups and Small businesses provide tremendous benefits to our community, contributing to the vibrancy of thriving neighborhoods and emerging innovation districts, while generating meaningful wealth creation and economic impact. Ensuring all entrepreneurs have access to the support they need to thrive is mission critical for JumpStart and our collaborative partners.”
Additional findings from the 2022 report show startups and small businesses:
- Created or maintained 10,995 jobs, supporting 7,392 households
- Produced $769 million in wages
- Contributed more than $160 million in federal taxes
- Contributed more than $74 million in state and local taxes
Women, Black and Hispanic/Latino-led companies supported by JumpStart and its partner organizations continued to generate significant economic impact.
- Black-led organizations generated $139 million in economic output and 1,591 jobs.
- Hispanic/Latino-led organizations generated $50 million in economic output and 467 jobs.
- Women-led organizations generated $446 million in economic output and 3,591 jobs.
With offices in Cleveland and Toledo, JumpStart and its partners assist technology startups and small businesses across Northern Ohio. The 2022 Economic Impact Report provides detailed output data by region. Startups and Small Businesses assisted by JumpStart and its partners generated an estimated $1.0 billion of economic output and 8,550 jobs in Northeast Ohio. JumpStart-supported companies generated an estimated $79 million of economic output and 881 jobs in Northwest Ohio. Additionally, JumpStart provides capital and services to tech startups throughout the state, contributing to $1.3B in cumulative Economic Output for 2022.
The report also points to the significant economic impact of technology startups receiving venture capital investment. JumpStart Ventures, a division of JumpStart Inc., invests Seed and Series A capital into early-stage technology startups. In 2022, JumpStart’s active portfolio companies, directly and indirectly, supported an estimated $702 million of economic output and 4,719 jobs in Ohio. These venture-backed companies supported close to 3,713 households generating more than $405 million in wages.
The annual economic impact report provides additional breakdowns by geography and business type.
About JumpStart Inc.
JumpStart is a nationally recognized venture development organization providing capital, services and connections to help entrepreneurs grow and corporations innovate. To learn more, visit jumpstartinc.org.
About the Survey
JumpStart sends a bi-annual survey of client companies who are actively engaged with JumpStart and its partner organizations. The data in this study is gathered via company surveys; participating companies provide employment, payroll, revenue and other operational data necessary to prepare the analysis using the IMPLAN model—one of the most widely used and accepted methodologies for estimating regional economic impacts. The startups and small businesses included in this report receive services and/or capital from JumpStart and its regional collaborators and community partners including:
Northern Ohio organizations part of the Entrepreneurial Services Provider (ESP) Program:
- 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
- The University of Toledo
Northwest Ohio Small Business Support Partners in the Business Growth Collaborative (BGC):
- Local Initiatives Support Corporation (LISC)
- Center for Innovative Food Technology (CIFT)
- Women of Toledo
- Toledo Public Library
- Toledo African American Chamber of Commerce
- Assets Toledo
- Ohio Minority Supplier Development Council (OMSDC)Northwest Ohio Hispanic Chamber of Commerce
- Toledo Small Business Development Center (SBDC)
- Economic and Community Development Institute (ECDI)
- Minority Business Development Center (MBAC)