JumpStart Inc., a non-profit organization that provides critical resources to promising young companies in northeastern Ohio, helped create and retain 664 jobs in the past four years, says a newly released economic impact report by Cleveland State University.
That's 162 more jobs than had been created through 2008 and a 32 percent increase within the 21-county area JumpStart serves.
Not only did JumpStart's activities lead to more jobs, they helped boost household income for those workers to $39.8 million in 2009 -- up $19.2 million from 2008.
In releasing the report, Ziona Austrian, Director of Cleveland State's Maxine Levin College of Urban Affairs, said "JumpStart's impact . . . increased during a recessionary year because the companies it supports continue to grow and create jobs."
The report was released just days before Tuesday's vote to extend funding for Ohio's Third Frontier initiative. JumpStart, which currently receives nearly half its funding from the Third Frontier, noted the importance of the initiative in its announcement.
The report summarized the impact of JumpStart's activities in three areas: investment in start-up companies through JumpStart Ventures; investments in start-up companies by North Coast Angel Fund, whose creation JumpStart led northeast Ohio's first managed angel fund; and JumpStart services to support other entrepreneurs through JumpStart TechLift Advisors.
The report also took a look at JumpStart's impact on local output -- the value of goods and services produced in the economy -- as well as its effect on tax revenues. Cleveland State measured JumpStart-related output at $90 million in 2009, a 20 percent increase. Local tax revenues in 2009 rose by $5.1 million and federal tax revenues rose by $7 million as a result of JumpStart activities, the report says.
Source: JumpStart
Writer: Gene Monteith