JumpStart’s latest economic impact report reveals that in 2024, Ohio startups and small businesses generated over $1.7 billion in economic output. Prepared by Silverlode Consulting, the report details the vital role entrepreneurs play in the state’s economy by driving revenue and contributing significantly to state and local tax bases.
JumpStart is built on the belief that business activity is one of the strongest drivers of regional prosperity and sustainability. The organization’s closely connected ecosystem of partners, investors and experts enable entrepreneurs to gain the comprehensive support needed to overcome challenges and sharpen business skills.
“This year’s report showcases how tech startups and small businesses are powering economic growth across the state,” says JumpStart’s CEO Julie Jacono. “Ohio’s entrepreneurs are not only building businesses, but they’re also strengthening our communities. At JumpStart, we are dedicated to expanding access to opportunity so every entrepreneur, regardless of their background, can find the resources they need. When these companies succeed, so does Ohio.”
Additional findings from the 2024 report include:
- 10,702 jobs created or maintained supporting 7,069 households.
- $906 million generated in wages.
- $193 million contributed in federal taxes
- $77 million contributed in state and local taxes.
The startups and small businesses included in this report are supported by JumpStart and its regional collaborators and community partners. Since 2010, these startups and small businesses have generated a cumulative $15 billion in economic activity.
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
The 2024 Economic Impact Report includes detailed analyses of the fiscal contributions of startups and small businesses by geographic service area, program type and business sector, providing a comprehensive view of the total output generated. Read the full 2024 Economic Impact Report here.
About the 2024 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.
About JumpStart Inc.
JumpStart Inc. is a nationally recognized entrepreneur support organization that equips Ohio’s tech startups and small businesses with the skills, services and support they need to grow and thrive. For more than 20 years, JumpStart has invested in innovation, bridged gaps in access and strengthened the regional entrepreneurial ecosystem to drive economic transformation and strengthen communities throughout Ohio and beyond.
