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

Teleangé Thomas, Chief Operating and Relationship Officer
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

About the Author

Teleangé Thomas, Chief Operating and Relationship Officer

As Chief Operating and Relationship Officer, Teleangé Thomas is responsible for leading JumpStart’s strategic fundraising initiatives, strengthening partnerships and spearheading the organization’s involvement in civic initiatives including the Cleveland Innovation Project, the MidTown Innovation District and other initiatives JumpStart anticipates pursuing in the coming years.

Thomas brings with her almost twenty years of experience in public health, nonprofit management and philanthropy. She is committed to building sustainable opportunities for children, women and communities, particularly for Blacks and people of color. Prior to joining JumpStart, she served as the Director of Partnerships at Candid, formed in 2019 when Foundation Center and GuideStar joined forces to create a 21st-century data infrastructure for the social sector. Before her work at Candid, Thomas served in leadership and management positions at The Sisters of Charity Foundation, University Hospitals and the City of Cleveland’s Department of Public Health. As a consultant, she has managed major projects for clients including JumpStart, Cleveland Clinic, MetroHealth, Molsen, Frank 151, Bacardi and others. Through research, policy and advocacy, programming, strategic investment and innovative collaborations and partnerships, Teleange´ has been impacting social and economic inequities throughout her career.

Thomas earned a Bachelor of Business Management and entrepreneurial studies from Case Western Reserve University. She sits on the boards of Community Health Charities, Policy Matters Ohio, The Cleveland Port Authority, and the Cleveland Public Library. She is a Fellow of the Robert Wood Johnson Foundation and is published in academic journals. Thomas is a member of Zeta-Phi-Beta Sorority and the Order of the Eastern Star.

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