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 $1.2 billion in economic output (the total value of all goods and services produced) in 2021 across Ohio.

Combined with data from previous studies, companies supported by these organizations have now generated more than $10.3 billion in cumulative economic output since 2010. Yearly output numbers have remained above $1 billion since 2015.

“Startups and small businesses are important contributors to our regional economy,” said Teleangé Thomas, chief operations and relationships officer at JumpStart. “Supporting these companies with access to capital, high-impact services and critical resource connections helps accelerate the growth of entrepreneurship in our region, generating greater wealth, building more vibrant communities and creating more equitable economic outcomes for women and people of color.”

Additional findings from the 2021 report show startups and small businesses:

• Created or maintained 10,874 jobs, supporting 7,311 households
• Produced $715 million in wages
• Contributed more than $143 million in federal taxes
• Contributed more than $67 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 $158 million in economic output and created or maintained 1,871 jobs.
• Hispanic/Latino-led organizations generated $66 million in economic output and created or maintained 556 jobs.
• Women-led organizations generated $688 million in economic output and created or maintained 5,493 jobs.

The report also points to the significant economic impact of technology startups receiving venture capital investment. Venture-backed companies supported close to three times more economic output per company and more than twice the number of jobs per company when compared to all tech startups. Venture-backed startups generated $10.6M in economic output and 66 jobs per company compared to $3.6M in economic output and 30 jobs per company by all tech startups

Companies supported by JumpStart venture capital funding, directly and indirectly, generated an estimated $665 million of economic output in Ohio in 2021 and supported an estimated 4,180 jobs.

 Click here to read the 2021 economic and fiscal impact report❯

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About JumpStart Inc.
JumpStart is a nationally recognized venture development organization helping entrepreneurs grow, researchers commercialize and corporations innovate. The organization provides capital, services and connections to accelerate the growth of entrepreneurship in Northern Ohio.

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
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:

• Bounce
• Braintree
• BRITE Energy Innovators
• 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

Northeast Ohio Small Business Support Partners in the Business Growth Collaborative (BGC):

• JumpStart (co-leader)
• Greater Cleveland Partnership (co-leader)
• Hispanic Business Center
• Urban League of Greater Cleveland
• Manufacturing Advocacy and Growth Network (MAGNET)
• Ohio Aerospace Institute
• Cleveland Neighborhood Progress
• Presidents’ Council
• COSE
• Ohio Minority Supplier Diversity Council
• Economic and Community Development Institute (ECDI)

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)