It may sound like an old proverb, but to understand how high-growth firms contribute to economic prosperity, one must first understand how they are defined. According to a recent study from Cleveland State University Center’s for Economic Development, definitional agreement is vital when examining rapidly growing businesses in Northeast Ohio and across the state.

As the current disparity in identifying so-called HGFs can impede their success, an across-the-board description is needed, preferably one that aligns with efforts in the policy arena, noted the study compiled by Cleveland State researchers with support from JumpStart Inc., the Ewing Marion Kauffman Foundation and Burton D. Morgan Foundation. In addition, public strategizing should target a variety of industries to foster HGF development. Such clarity will only boost a subset of companies that contribute significantly to a robust economy, study organizers said.

“We know these firms are critical to long-term job and economic growth, so it’s important to have a clear way for both policy makers and practitioners to identify and support them,” said Ray Leach, the CEO at JumpStart, a nonprofit that works with entrepreneurs in Northeast Ohio.

Read the full story at Crain’s Cleveland Business.