253 Companies Generated More Than Half a Billion Dollars in Economic Impact and 1,490 Direct Jobs for Ohio in 2014
Cleveland State Report Measures Yearly Economic Impact of Companies Assisted by JumpStart and Other ESP Partners in Northeast Ohio
CLEVELAND, June 25, 2015 /PRNewswire/ -- Last year, 253 companies supported by JumpStart Inc. (www.jumpstartinc.org) and its partners in the Northeast Ohio Entrepreneurial Signature Program (ESP) generated an "output impact" (the total economic value of goods and services produced) of $509 million for the state of Ohio, according to an annual report from The Center for Economic Development at Cleveland State University's Levin College of Urban Affairs.
The Northeast Ohio ESP network is a collaborative funded in part by the Ohio Third Frontier that includes accelerators, incubators, angel funds and other organizations dedicated to accelerating entrepreneurial successes.
According to the report, companies assisted by Northeast Ohio ESP partners also created or retained 1,490 direct jobs for the state in 2014, while helping to create an additional 659 jobs in industries that support their work and another 947 throughout the economy due to increased employee earnings. Household earnings in Ohio increased by $107 million in 2014 due directly to the payrolls of companies assisted by the ESP network and these same companies also contributed nearly $32 million in direct federal, state and local tax impact.
"Thanks to the support we receive from the Ohio Third Frontier and our many other public, private and philanthropic partners, the Northeast Ohio ESP network continues to help early-stage ventures accelerate their progress and make real economic impact," said JumpStart's Managing Partner of Entrepreneurial Services and Investing Jerry Frantz.
Approximately two-thirds of the total impact measured in this report was generated by 54 companies in Northeast Ohio who have participated in the data-gathering process for the previous four years (2011-2014). Collectively, they have shown double digit increases across all major impact categories during this period including employment impact (21% increase), labor income impact (18% increase), tax impact (24% increase) and overall output impact (29% increase).
"This report shows that a core group of very successful early-stage companies has emerged in Northeast Ohio," said Frantz. "Not only are these companies generating high amounts of yearly economic impact, they are showing a trend of steady, sustainable growth over time. This is a very positive indicator of a healthy ecosystem."
Other organizations whose client companies were included in the report are: Akron Global Business Accelerator (AGBA), Austen BioInnovation Institute in Akron (ABIA), BioEnterprise, Bizdom, Braintree Business Development Center, Great Lakes Innovation and Development Enterprise (GLIDE), LaunchHouse, Manufacturing Advocacy & Growth Network (MAGNET), NorTech (which has since merged with TeamNEO), North Coast Angel Fund (NCAF), Northeast Ohio Medical University, Ohio Aerospace Institute, Tech Belt Energy Innovation Center (TBEIC), University of Akron Research Foundation and Youngstown Business Incubator (YBI).
Click here to read the entire 2014 report.
JUMPSTART INC. is committed to strengthening the economy through entrepreneurship. The nonprofit has been accelerating the successes of diverse entrepreneurs, their high growth companies and the ecosystems that support them since 2004. For more information, visit www.jumpstartinc.org and follow @JumpStartInc on Twitter.
OHIO THIRD FRONTIER is an internationally recognized tech-based economic development initiative that is successfully changing the trajectory of Ohio's economy. The $2.1 billion initiative supports existing industries that are transforming themselves with new, globally competitive products and fostering the formation and attraction of new companies in emerging industry sectors.
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SOURCE JumpStart Inc.
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