JumpStart's $267 Million in Economic Impact on Northeast Ohio Includes the Creation and Retention of 664 Jobs
Nearly half of JumpStart's funding comes from Ohio Third Frontier, the statewide program up for renewal on May 4th
CLEVELAND, April 28 /PRNewswire/ -- Ohio Third Frontier-backed JumpStart Inc. had an economic impact of $90 million in 2009, bringing its four-year impact on Northeast Ohio to $267 million, according to a report published today by Cleveland State University. The work of the nationally recognized non-profit organization, which is creating economic transformation by providing entrepreneurial development resources to entrepreneurs leading high potential, early-stage companies, also helped create and retain 664 jobs in Northeast Ohio; this represents 162 more jobs than its 2008 impact (a 32 percent increase).
JumpStart, an organization funded by both public and private sources, has received just over 45 percent of its funding from Ohio Third Frontier since 2008. Ohio Third Frontier, a statewide program that helps fund research and innovation projects in Ohio, has created over 55,000 jobs as of March 2010.
"Ohio Third Frontier, Issue 1 on the ballot next week, has helped make JumpStart's work and its resulting impact on Northeast Ohio possible," said Ray Leach, Chief Executive Officer of JumpStart. "As Ohio citizens consider the value of Ohio Third Frontier, they should consider the outcomes we are announcing here and the 664 people who currently have jobs because of Ohio Third Frontier's funding."
The report also highlighted JumpStart's impact of $39.8 million in new household income generated and federal and state tax impact of $12.1 million. The tax impact, which represents taxes paid back to government, equals a return of $2.25 in taxes on every $1.00 in funding received by JumpStart from public sources.
"JumpStart's impact, which was assessed using sophisticated economic impact software also used by over 1,000 public and private institutions, increased during a recessionary year because the companies it supports continue to grow and create jobs," says Dr. Ziona Austrian, Director of the Center of Economic Development at CSU and co-author of the study. "As a resident of Ohio, I'm glad to see new jobs being created."
About JumpStart Inc.
JumpStart Inc. is a nationally recognized non-profit organization creating economic transformation by efficiently securing and providing resources to entrepreneurs leading high potential early-stage companies. JumpStart provides intensive entrepreneurial development assistance to entrepreneurs leading high potential, early-stage companies, acts as a champion for entrepreneurs by aggressively advocating for the entrepreneurial economy, and focuses on economic inclusion and activates that increase the success of minority and women entrepreneurs in growing high impact companies.
About the Center for Economic Development at Cleveland State University
The Center for Economic Development at the Levin College of Urban Affairs at Cleveland State University conducts research and offers technical assistance on urban and regional economic issues of interest to local, state, and national policymakers. Primary focus areas include regional economic analysis, regional indicators, economic impact analysis, innovation and entrepreneurship, manufacturing competitiveness, and the role of urban universities in regional development.
SOURCE JumpStart, Inc.
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