Startups and small businesses that received assistance from JumpStart Inc. and/or its partners generated more than $1.2 billion in economic output in Ohio and western New York in 2020, the Cleveland-based business development services provider reports.
More than $1 billion of that impact came in Ohio, according to JumpStart’s annual economic impact report, which was prepared by Silverlode Consulting. The report is based on surveys to all companies that received services and funding from JumpStart and/or its partners. Of the 1,348 companies that responded to the surveys, 708, or 53%, provided sufficient information to be included in the report’s economic impact modeling.
The report model found that the companies created or maintained 10,780 jobs and produced $702 million in labor income or wages. JumpStart and Silverlode report that the companies paid $146 million in federal taxes and $80 million in state and local taxes.
Additionally, the report found, technology companies supported by JumpStart and/or its partners held 934 patents and had 1,083 provisional patents and patents pending in 2020.
JumpStart also noted that “diverse-led companies continued to demonstrate significant impact,” as Black and Latino-led companies accounted for nearly $300 million in economic output and 3,293 jobs. Companies led by women generated more than $686 million in output and 6,201 of the total jobs reported.
“The data in this report is very encouraging and shows many startups and small businesses thriving despite hardships they may have faced over the past year due to COVID,” said JumpStart CEO Ray Leach in a statement. “These businesses have made a huge contribution to the economic vitality and resilience of our region and continue to lead the way in creating a more vibrant and innovation-centered economy in Northern Ohio.”
JumpStart said that in combining data from its previous economic impact reports, companies it supports have generated $9.1 billion in cumulative economic output since 2010. Yearly output numbers have remained above $1 billion since 2015, JumpStart said.