Ripple Effect: Startups and Small Business Make Up Vital Part Of Regional Economy

Jobs, wages and economic growth are topics frequently covered at the dinner table and boardroom alike, because these things impact our lives and communities in significant ways. Adding to the conversation, this week JumpStart released its annual economic impact report indicating startups and small businesses engaged with JumpStart and its partners generated more than $1.2 billion in economic output in Ohio and parts of New York. These businesses also reported 10,780 jobs, supporting 6,682 households and producing $702 million in wages.

As significant, are the contributions and economic impact made by diverse-led companies. Businesses founded or led by Black or Latinx entrepreneurs accounted for nearly $300 million in economic output and 3,293 jobs. Further, companies under the leadership of women generated more than $686 million in output and accounted for 6,201 of the total jobs reported.

But what does that mean and why does it matter?

The annual economic impact report, produced by Silverlode Consulting, tracks the outcomes of startups and small businesses receiving services and/or capital from JumpStart and its collaborative network of partners. The data, collected via survey, provides a comprehensive look at how entrepreneurship affects our regional economy through a ripple effect—comprised of direct, indirect and induced impact.

At JumpStart, we are committed to our mission of unlocking the full potential of entrepreneurship and our vision to generate, with our partners, dramatically improved and inclusive economic outcomes. This can and will happen by supporting diverse entrepreneurs, optimizing entrepreneurial ecosystems and accelerating innovation.

The 2020 economic impact report demonstrates that the spirit of entrepreneurship is persistent and present in our region and across racial and ethnic communities, particularly Black and Latinx as well as among women.

There is dignity in this work.

Simply put, when entrepreneurs are supported with services, connections and capital, their businesses thrive and create jobs—providing family, neighbors and friends with meaningful income that stabilizes and supports households and contributes to taxes at the local, state and federal level.

To learn more about the economic impact of companies and how JumpStart and its partners are unlocking the full potential of entrepreneurship, check out the 2020 economic impact report.

Posted in Diversity, Equity & Inclusion, Economic Development, Entrepreneurship