An annual economic impact study conducted by Center for Economic Development at Cleveland State University’s Levin College of Urban Affairs shows that companies that received support from 16 of the area’s business accelerators, incubators and other organizations generated $424 million for Ohio.

Of the 245 companies surveyed, 236 companies are in Northeast Ohio, generating $306.2 million in the region. These numbers reflect good news for the startup community in Cleveland. “Companies that start here are growing,” says JumpStart chief marketing officer Cathy Belk. “The fact that companies are growing and generating jobs reflects that those courageous folks jumping into the startup world are able to access great people, capital and the expertise -- and are able to lead their companies forward. The ecosystem here is robust and getting more robust all the time.”

Of the companies included in the latest study, 42 local businesses have participated each year over the past four years. “Over that time, they have grown payroll by $14.7 million and created and retained 134 jobs in this region,” says Belk. “This reflects that startups here are able to be successful, creating sustainable jobs for people who live here.”  

Belk wants to see these trends grow. “We want entrepreneurs to continue to decide to start companies in this area, and keep them here because of their ability to be successful here,” she explains. “We have to make sure we continue to have the successful startup programs and ecosystem in this region, ensuring companies are able to access the capital they need. And we must continue to help a broader number of small businesses -- including those that could create a significant number of jobs. These are all next steps for our community to maintain and accelerate our momentum.”