JumpStart 2022 Economic Impact Report

JumpStart is a nationally recognized investing, entrepreneurial support, and economic development organization committed to unlocking the full potential of entrepreneurship to transform communities. Dedicated to advancing the growth of entrepreneurship in all its forms, JumpStart provides capital, services, and connections to help small businesses, tech startups, and corporations innovate and grow. This proven combination of support enables entrepreneurs and intrapreneurs to go further, faster.

▪ Capital – JumpStart invests capital in high-potential, early-stage technology companies and helps small businesses prepare for and access grants, loans, and other funding.

▪ Services – JumpStart supplies technical support, educational programs, and one-on-one advising to help position tech startups and small businesses for growth.

▪ Connections – JumpStart leverages an extensive network of mission-aligned partner organizations, service providers, and additional resources to help entrepreneurs to scale their businesses.

Since 2004, JumpStart's entrepreneurial support has resulted in measurable economic impact year over year. JumpStart drives progress toward a more diverse, inclusive, and sustainable future. To that end, through strategic initiatives, JumpStart creates equitable opportunities for Black, Latino/Hispanic, and women-led companies. Equitable access to business services helps bridge the gaps to access many historically disconnected tech founders and small business owners face. In addition, supporting the diverse entrepreneurs in Northern Ohio helps produce a ripple effect of job creation, taxable income, and revenue growth.

The Ohio Third Frontier is a state-funded economic development initiative that helps finance the closely connected networks of service providers organized under the Entrepreneurial Service Providers (ESP) Program. Technology startups are served directly by JumpStart or one of the collaborative partners.

Small businesses seeking assistance are served directly by JumpStart's Small Business Services team or one of its partner organizations. In Northwest Ohio, these partners are members of the Business Growth Collaborative.

Together with like-minded collaborators, JumpStart continues accelerating economic development and driving regional competitiveness. The alignment of strategies, resources, expertise, and capacity among partner organizations enables us to achieve our vision for entrepreneurship and an equitable economy.

JumpStart engaged Silverlode Consulting to estimate this work's economic and fiscal impact during 2022. IMPLAN, one of the most widely used and accepted methodologies for estimating regional economic impacts, was used to complete the analysis.

JumpStart administered surveys via Qualtrics to all companies receiving services and funding from JumpStart and its partners. The companies surveyed provided the employment, payroll, revenue, and other operational data necessary to prepare this analysis. This survey data was provided to Silverlode.

The full 2022 Economic and Fiscal Impact Report includes a more detailed analysis of the impact of companies served by JumpStart and its collaborative partners, as represented by 126 individual economic impact models. This abridged version presents economic impacts from four perspectives:

1. Total Economic Impact – The economic impact of the companies served by JumpStart and its partners and of JumpStart alone.

2. JumpStart's Three Areas of Work – The economic impact of companies supported by JumpStart capital, JumpStart services, and JumpStart's collaborative partners (funded through one of JumpStart's strategic partnerships).

3. Northeast Ohio Impacts – The economic impacts of tech startups and small businesses served by JumpStart and its partners in Northeast Ohio.

4. Northwest Ohio Impacts – The economic impacts of tech startups and small businesses served by JumpStart and its partners in Northwest Ohio.

In addition to the overall economic impact of JumpStart and its partners discussed above, this report also analyzes data through different subset economic impact models or "slices." Each slice analyzes the economic impact of startups and small businesses through a specific subset of the geographic service area, program type, business sector (tech startup or small business), and company description (Total, led by women, led by Black entrepreneurs or led by Latino/Hispanic entrepreneurs).1 It is important to note these subset slices are not additive. No single slice should be added to another slice to create a total since companies may be part of more than one model. Instead, each economic model should be viewed as a separate and distinct look at the economic impact of startups and or small businesses served by JumpStart and or its partners.

1 For JumpStart Serviced Companies and JumpStart Funded Companies, "led by" is defined as a company which has a cofounder, CEO or President that self-identifies as a woman or as Black or Hispanic/Latino.

Startups and Small Businesses served by JumpStart and its partners have an immense economic and fiscal impact on the State of Ohio.

Since 2010, the work of JumpStart and its partners has, directly and indirectly, supported more than $11.6 billion of total cumulative economic output2 .

In addition to generating jobs and taxes for communities, technology companies supported by JumpStart and its partners had 1,033 issued patents, 169 provisional patents, and 663 pending patents in 20223 .

The following table summarizes the estimated economic impact of surveyed companies assisted by JumpStart and its partners in Ohio. Startups and Small Businesses assisted by JumpStart and its partners in 2022, directly and indirectly, supported an estimated $1.3 billion of economic output and 10,995 jobs in the State of Ohio.

1A. JumpStart + Partners Total Work (Ohio)

Economic Output

All Companies: $1.3 billion

Companies Led by

▪ Women: $446 million

▪ Black Entrepreneurs: $139 million

▪ Latino/Hispanic Entrepreneurs: $50 million

Households Supported

All Companies: 7,392

Companies Led by

▪ Women: 2,414

▪ Black Entrepreneurs: 1,070

▪ Latino/Hispanic Entrepreneurs: 314

Federal Taxes

All Companies: $160 million

Companies Led by

▪ Women: $43 million

▪ Black Entrepreneurs: $16 million

▪ Latino/Hispanic Entrepreneurs: $6 million

Jobs

All Companies: 10,995

Companies Led by

▪ Women: 3,591

▪ Black Entrepreneurs: 1,591

▪ Latino/Hispanic Entrepreneurs: 467

Labor Income

All Companies: $796 million

Companies Led by

▪ Women: $213 million

▪ Black Entrepreneurs: $81 million

▪ Latino/Hispanic Entrepreneurs: $27 million

State and Local Taxes

All Companies: $74 million

Companies Led by

▪ Women: $23 million

▪ Black Entrepreneurs: $7 million

▪ Latino/Hispanic Entrepreneurs: $3 million

2 JumpStart provided the economic impact estimates for 2010 through 2021.

3 According to the most recent survey in calendar year 2022 and all ESP companies.

The following table summarizes the estimated economic impact of Startups and Small Businesses funded and or assisted directly by JumpStart, excluding companies assisted solely by collaborative partner organizations. Companies served by JumpStart, directly and indirectly, supported an estimated $1.2 billion of economic output and 9,433 jobs in Ohio in 2022.

1B. JumpStart Total Work (Ohio)

Economic Output

All Companies: $1.2 billion

Companies Led by

▪ Women: $391 million

▪ Black Entrepreneurs: $132 million

▪ Latino/Hispanic Entrepreneurs: $48 million

Households Supported

All Companies: 6,342

Companies Led by

▪ Women: 2,157

▪ Black Entrepreneurs: 1,017

▪ Latino/Hispanic Entrepreneurs: 289

Federal Taxes

All Companies: $133 million

Companies Led by

▪ Women: $38 million

▪ Black Entrepreneurs: $15 million

▪ Latino/Hispanic Entrepreneurs: $5 million

Jobs

All Companies: 9,433

Companies Led by

▪ Women: 3,208

▪ Black Entrepreneurs: 1,512

▪ Latino/Hispanic Entrepreneurs: 430

Labor Income

All Companies: $665 million

Companies Led by

▪ Women: $188 million

▪ Black Entrepreneurs: $75 million

▪ Latino/Hispanic Entrepreneurs: $26 million

State and Local Taxes

All Companies: $61 million

Companies Led by

▪ Women: $19 million

▪ Black Entrepreneurs: $6 million

▪ Latino/Hispanic Entrepreneurs: $3 million

JumpStart defines its work for the communities it serves in three primary categories capital, services, and connections with collaborative organizations (funded through one of JumpStart's many strategic initiatives).

The following table summarizes the estimated economic impact of technology companies funded directly by one of JumpStart's venture capital funds. JumpStart's active portfolio companies in 2022, directly and indirectly, supported an estimated $702 million of economic output and 4,719 jobs in Ohio.

2A. JumpStart Capital (Ohio)

Economic Output

All Companies: $702 million

Companies Led by

▪ Women: $232 million

▪ Black Entrepreneurs: $73 million

▪ Latino/Hispanic Entrepreneurs: $4 million

Households Supported

All Companies: 3,173

Companies Led by

▪ Women: 852

▪ Black Entrepreneurs: 309

▪ Latino/Hispanic Entrepreneurs: 29

Federal Taxes

All Companies: $81 million

Companies Led by

▪ Women: $21 million

▪ Black Entrepreneurs: $7 million

▪ Latino/Hispanic Entrepreneurs: $471,000

Jobs

All Companies: 4,719

Companies Led by

▪ Women: 1,267

▪ Black Entrepreneurs: 460

▪ Latino/Hispanic Entrepreneurs: 43

Labor Income

All Companies: $405 million

Companies Led by

▪ Women: $104 million

▪ Black Entrepreneurs: $37 million

▪ Latino/Hispanic Entrepreneurs: $3 million

State and Local Taxes

All Companies: $36 million

Companies Led by

▪ Women: $11 million

▪ Black Entrepreneurs: $3 million

▪ Latino/Hispanic Entrepreneurs: $224,000

The following table summarizes the estimated economic impact of tech startup companies receiving business assistance services directly from JumpStart. Companies receiving technical assistance from JumpStart supported an estimated $1.1 billion of economic output and 8,392 jobs in Ohio. This includes companies that received both business assistance and direct investment as well as those that received only business assistance.

2B. JumpStart Tech Startup Services (Ohio)

Economic Output

All Companies: $1.1 billion

Companies Led by

▪ Women: $352 million

▪ Black Entrepreneurs: $111 million

▪ Latino/Hispanic Entrepreneurs: $37 million

Households Supported

All Companies: 5,642

Companies Led by

▪ Women: 1,631

▪ Black Entrepreneurs: 666

▪ Latino/Hispanic Entrepreneurs: 165

Federal Taxes

All Companies: $126 million

Companies Led by

▪ Women: $33 million

▪ Black Entrepreneurs: $12 million

▪ Latino/Hispanic Entrepreneurs: $4 million

Jobs

All Companies: 8,392

Companies Led by

▪ Women: 2,426

▪ Black Entrepreneurs: 991

▪ Latino/Hispanic Entrepreneurs: 245

Labor Income

All Companies: $628 million

Companies Led by

▪ Women: $164 million

▪ Black Entrepreneurs: $60 million

▪ Latino/Hispanic Entrepreneurs: $20 million

State and Local Taxes

All Companies: $58 million

Companies Led by

▪ Women: $16 million

▪ Black Entrepreneurs: $5 million

▪ Latino/Hispanic Entrepreneurs: $2 million

The following table summarizes the estimated economic impact of traditional small businesses receiving business assistance services directly from JumpStart. Companies receiving technical assistance from JumpStart supported an estimated $104 million of economic output and 1,639 jobs in Ohio.

2C. JumpStart Small Business Services (Ohio)

Economic Output

All Companies: $104 million

Companies Led by

▪ Women: $62 million

▪ Black Entrepreneurs: $45 million

▪ Latino/Hispanic Entrepreneurs: $13 million

Households Supported

All Companies: 1,102

Companies Led by

▪ Women: 738

▪ Black Entrepreneurs: 591

▪ Latino/Hispanic Entrepreneurs: 141

Federal Taxes

All Companies: $12 million

Companies Led by

▪ Women: $7 million

▪ Black Entrepreneurs: $6 million

▪ Latino/Hispanic Entrepreneurs: $1 million

Jobs

All Companies: 1,639

Companies Led by

▪ Women: 1,097

▪ Black Entrepreneurs: 879

▪ Latino/Hispanic Entrepreneurs: 209

Labor Income

All Companies: $60 million

Companies Led by

▪ Women: $37 million

▪ Black Entrepreneurs: $29 million

▪ Latino/Hispanic Entrepreneurs: $7 million

State and Local Taxes

All Companies: $6 million

Companies Led by

▪ Women: $4 million

▪ Black Entrepreneurs: $3 million

▪ Latino/Hispanic Entrepreneurs: $760,000

The following table summarizes the estimated economic impact of companies (both tech startups and traditional small businesses) receiving funding and/or business assistance from JumpStart's collaborative partners, excluding those companies assisted solely by JumpStart. Companies receiving technical assistance from JumpStart's partners in 2022, directly and indirectly, supported an estimated $911 million of economic output and 7,304 jobs in Ohio.

2D. JumpStart Partners Serviced Organizations (Ohio)

Economic Output

All Companies: $911 million

Companies Led by

▪ Women: $297 million

▪ Black Entrepreneurs: $42 million

▪ Latino/Hispanic Entrepreneurs: $18 million

Households Supported

All Companies: 4,911

Companies Led by

▪ Women: 1,475

▪ Black Entrepreneurs: 362

▪ Latino/Hispanic Entrepreneurs: 98

Federal Taxes

All Companies: $112 million

Companies Led by

▪ Women: $29 million

▪ Black Entrepreneurs: $5 million

▪ Latino/Hispanic Entrepreneurs: $2 million

Jobs

All Companies: 7,304

Companies Led by

▪ Women: 2,194

▪ Black Entrepreneurs: 539

▪ Latino/Hispanic Entrepreneurs: 146

Labor Income

All Companies: $561 million

Companies Led by

▪ Women: $145 million

▪ Black Entrepreneurs: $27 million

▪ Latino/Hispanic Entrepreneurs: $10 million

State and Local Taxes

All Companies: $52 million

Companies Led by

▪ Women: $15 million

▪ Black Entrepreneurs: $2 million

▪ Latino/Hispanic Entrepreneurs: $882,000

The following sections detail the economic impacts of tech startups and small businesses that JumpStart and its partners in Northeast Ohio4 serve. To better understand the impact of JumpStart and its regional partners, they are divided by programs and geographies and presented in the tables below.

The following table summarizes the estimated economic impact of surveyed companies assisted by JumpStart and its partners in Northeast Ohio. Startups and Small Businesses assisted by JumpStart and its partners in 2022, directly and indirectly, supported an estimated $1.0 billion of economic output and 8,550 jobs in Northeast Ohio.

3A. JumpStart and Partners Total Work (Northeast Ohio)

Economic Output

All Companies: $1.0 billion

Companies Led by

▪ Women: $343 million

▪ Black Entrepreneurs: $100 million

▪ Latino/Hispanic Entrepreneurs: $27 million

Households Supported

All Companies: 5,748

Companies Led by

▪ Women: 1,788

▪ Black Entrepreneurs: 750

▪ Latino/Hispanic Entrepreneurs: 214

Federal Taxes

All Companies: $125 million

Companies Led by

▪ Women: $32 million

▪ Black Entrepreneurs: $11 million

▪ Latino/Hispanic Entrepreneurs: $3 million

Jobs

All Companies: 8,550

Companies Led by

▪ Women: 2,660

▪ Black Entrepreneurs: 1,115

▪ Latino/Hispanic Entrepreneurs: 318

Labor Income

All Companies: $613 million

Companies Led by

▪ Women: $154 million

▪ Black Entrepreneurs: $54 million

▪ Latino/Hispanic Entrepreneurs: $16 million

State and Local Taxes

All Companies: $57 million

Companies Led by

▪ Women: $17 million

▪ Black Entrepreneurs: $5 million

▪ Latino/Hispanic Entrepreneurs: $1 million

4 Northeast Ohio consists of the following 21 counties: Ashland, Ashtabula, Carroll, Columbiana, Crawford, Cuyahoga, Erie, Geauga, Holmes, Huron, Lake, Lorain, Mahoning, Medina, Portage, Richland, Stark, Summit, Trumbull, Tuscarawas, and Wayne.

The following table summarizes the estimated economic impact of tech startup companies receiving services and funding from JumpStart and its partners in Northeast Ohio5. These companies supported an estimated $1.1 billion of economic output and 8,775 jobs in Northeast Ohio.

3B. JumpStart Tech Startup Services (Northeast Ohio)

Economic Output

All Companies: $1.1 billion

Companies Led by

▪ Women: $370 million

▪ Black Entrepreneurs: $89 million

▪ Latino/Hispanic Entrepreneurs: $35 million

Households Supported

All Companies: 5,900

Companies Led by

▪ Women: 1,584

▪ Black Entrepreneurs: 459

▪ Latino/Hispanic Entrepreneurs: 163

Federal Taxes

All Companies: $143 million

Companies Led by

▪ Women: $35 million

▪ Black Entrepreneurs: $10 million

▪ Latino/Hispanic Entrepreneurs: $4 million

Jobs

All Companies: 8,775

Companies Led by

▪ Women: 2,356

▪ Black Entrepreneurs: 683

▪ Latino/Hispanic Entrepreneurs: 242

Labor Income

All Companies: $698 million

Companies Led by

▪ Women: $166 million

▪ Black Entrepreneurs: $48 million

▪ Latino/Hispanic Entrepreneurs: $20 million

State and Local Taxes

All Companies: $65 million

Companies Led by

▪ Women: $19 million

▪ Black Entrepreneurs: $4 million

▪ Latino/Hispanic Entrepreneurs: $2 million

5 Tech startup companies include companies located throughout the State of Ohio which are served by JumpStart and its partners In Northeast Ohio.

The following table summarizes the estimated economic impact of tech startup companies receiving services and funding from JumpStart and its partners in Cuyahoga County. These companies supported an estimated $440 million of economic output and 3,652 jobs in Cuyahoga County.

3C. JumpStart Tech Startup Services (Cuyahoga County)

Economic Output

All Companies: $440 million

Companies Led by

▪ Women: $147 million

▪ Black Entrepreneurs: $14 million

▪ Latino/Hispanic Entrepreneurs: $6 million

Households Supported

All Companies: 2,455

Companies Led by

▪ Women: 735

▪ Black Entrepreneurs: 111

▪ Latino/Hispanic Entrepreneurs: 40

Federal Taxes

All Companies: $54 million

Companies Led by

▪ Women: $14 million

▪ Black Entrepreneurs: $2 million

▪ Latino/Hispanic Entrepreneurs: $521,000

Jobs

All Companies: 3,652

Companies Led by

▪ Women: 1,093

▪ Black Entrepreneurs: 165

▪ Latino/Hispanic Entrepreneurs: 59

Labor Income

All Companies: $307 million

Companies Led by

▪ Women: $81 million

▪ Black Entrepreneurs: $10 million

▪ Latino/Hispanic Entrepreneurs: $3 million

State and Local Taxes

All Companies: $23 million

Companies Led by

▪ Women: $6 million

▪ Black Entrepreneurs: $752,000

▪ Latino/Hispanic Entrepreneurs: $225,000

The following map depicts the geographic distribution of Tech Startup companies6 served by JumpStart and its partners in Northeast Ohio by zip code.

6 Companies represented in the map include all companies served, not just modelable companies.

The following table summarizes the estimated economic impact of traditional small businesses receiving business assistance services directly from JumpStart in Northeast Ohio In addition, companies receiving technical assistance from JumpStart supported an estimated $53 million of economic output and 945 jobs in Northeast Ohio.

3D. JumpStart Small Business Services (Northeast Ohio)

Economic Output

All Companies: $53 million

Companies Led by

▪ Women: $33 million

▪ Black Entrepreneurs: $22 million

▪ Latino/Hispanic Entrepreneurs: $9 million

Households Supported

All Companies: 635

Companies Led by

▪ Women: 449

▪ Black Entrepreneurs: 313

▪ Latino/Hispanic Entrepreneurs: 114

Federal Taxes

All Companies: $6 million

Companies Led by

▪ Women: $3 million

▪ Black Entrepreneurs: $2 million

▪ Latino/Hispanic Entrepreneurs: $957,000

Jobs

All Companies: 945

Companies Led by

▪ Women: 668

▪ Black Entrepreneurs: 466

▪ Latino/Hispanic Entrepreneurs: 169

Labor Income

All Companies: $33 million

Companies Led by

▪ Women: $19 million

▪ Black Entrepreneurs: $14 million

▪ Latino/Hispanic Entrepreneurs: $5 million

State and Local Taxes

All Companies: $3 million

Companies Led by

▪ Women: $2 million

▪ Black Entrepreneurs: $1 million

▪ Latino/Hispanic Entrepreneurs: $518,000

The following table summarizes the estimated economic impact of traditional small businesses receiving business assistance services directly from JumpStart in Cleveland7 In addition, companies receiving technical assistance from JumpStart supported an estimated $19 million of economic output and 440 jobs in Cleveland

3E. JumpStart Small Business Services (Cleveland)

Economic Output

All Companies: $19 million

Companies Led by

▪ Women: $12 million

▪ Black Entrepreneurs: $6 million

▪ Latino/Hispanic Entrepreneurs: $4 million

Households Supported

All Companies: 296

Companies Led by

▪ Women: 207

▪ Black Entrepreneurs: 116

▪ Latino/Hispanic Entrepreneurs: 61

Federal Taxes

All Companies: $2 million

Companies Led by

▪ Women: $1 million

▪ Black Entrepreneurs: $653,000

▪ Latino/Hispanic Entrepreneurs: $393,000

Jobs

All Companies: 440

Companies Led by

▪ Women: 308

▪ Black Entrepreneurs: 173

▪ Latino/Hispanic Entrepreneurs: 91

Labor Income

All Companies: $16 million

Companies Led by

▪ Women: $9 million

▪ Black Entrepreneurs: $5 million

▪ Latino/Hispanic Entrepreneurs: $3 million

State and Local Taxes

All Companies: $752,000

Companies Led by

▪ Women: $530,000

▪ Black Entrepreneurs: $264,000

▪ Latino/Hispanic Entrepreneurs: $179,000

7 The City of Cleveland consists of the following 18 zip codes: 44101, 44102, 44103, 44104, 44105, 44106, 44108, 44109, 44110, 44111, 44113, 44114, 44115, 44119, 44120, 44127, 44128, and 44135.

The following map depicts the geographic distribution of small businesses8 served by JumpStart and its partners in Northeast Ohio by zip code.

8 Companies represented in the map include all companies served, not just modelable companies.

The following sections detail the economic impacts of tech startups and small businesses that JumpStart and its partners in Northwest Ohio9 serve. To better understand the impact of JumpStart and its regional partners, they are divided by programs and geographies and presented in the tables below.

The following table summarizes the estimated economic impact of surveyed companies assisted by JumpStart and its partners in Northwest Ohio.@ Startups and Small Businesses assisted by JumpStart and its partners in 2022, directly and indirectly, supported an estimated $79 million of economic output and 881 jobs in Northwest Ohio.

4A. JumpStart and Partners Total Work (Northwest Ohio)

Economic Output

All Companies: $79 million

Companies Led by

▪ Women: $44 million

▪ Black Entrepreneurs: $20 million

▪ Latino/Hispanic Entrepreneurs: $2 million

Households Supported

All Companies: 592

Companies Led by

▪ Women: 361

▪ Black Entrepreneurs: 178

▪ Latino/Hispanic Entrepreneurs: 19

Federal Taxes

All Companies: $9 million

Companies Led by

▪ Women: $5 million

▪ Black Entrepreneurs: $2 million

▪ Latino/Hispanic Entrepreneurs: $114,000

Jobs

All Companies: 881

Companies Led by

▪ Women: 537

▪ Black Entrepreneurs: 265

▪ Latino/Hispanic Entrepreneurs: 29

Labor Income

All Companies: $48 million

Companies Led by

▪ Women: $28 million

▪ Black Entrepreneurs: $12 million

▪ Latino/Hispanic Entrepreneurs: $565,000

State and Local Taxes

All Companies: $4 million

Companies Led by

▪ Women: $2 million

▪ Black Entrepreneurs: $957,000

▪ Latino/Hispanic Entrepreneurs: $90,000

9 Northwest Ohio consists of the following 18 counties: Allen, Auglaize, Defiance, Fulton, Hancock, Hardin, Henry, Lucas, Mercer, Ottawa, Paulding, Putnam, Sandusky, Seneca, Van Wert, Williams, Wood, and Wyandot.

The following table summarizes the estimated economic impact of tech startup companies receiving services and funding from JumpStart and its partners in Northwest Ohio10. These companies supported an estimated $72 million of economic output and 675 jobs in Northwest Ohio.

4B. JumpStart Tech Startup Services (Northwest Ohio)

Economic Output

All Companies: $72 million

Companies Led by

▪ Women: $34 million

▪ Black Entrepreneurs: $12 million

▪ Latino/Hispanic Entrepreneurs: $114,000

Households Supported

All Companies: 454

Companies Led by

▪ Women: 194

▪ Black Entrepreneurs: 75

▪ Latino/Hispanic Entrepreneurs: 3

Federal Taxes

All Companies: $9 million

Companies Led by

▪ Women: $3 million

▪ Black Entrepreneurs: $2 million

▪ Latino/Hispanic Entrepreneurs: $4,000

Jobs

All Companies: 675

Companies Led by

▪ Women: 288

▪ Black Entrepreneurs: 111

▪ Latino/Hispanic Entrepreneurs: 5

Labor Income

All Companies: $44 million

Companies Led by

▪ Women: $18 million

▪ Black Entrepreneurs: $8 million

▪ Latino/Hispanic Entrepreneurs: $21,000

State and Local Taxes

All Companies: $4 million

Companies Led by

▪ Women: $1 million

▪ Black Entrepreneurs: $605,000

▪ Latino/Hispanic Entrepreneurs: $4,000

10 Tech startup companies include companies located throughout the State of Ohio which are served by JumpStart and its partners In Northwest Ohio.

The following table summarizes the estimated economic impact of tech startup companies receiving services and funding from JumpStart and its partners in Lucas County. These companies supported an estimated $33 million of economic output and 359 jobs in Lucas County.

4C. JumpStart Tech Startup Services (Lucas County)

Economic Output

All Companies: $33 million

Companies Led by

▪ Women: $25 million

▪ Black Entrepreneurs: $1 million

▪ Latino/Hispanic Entrepreneurs: $114,000

Households Supported

All Companies: 241

Companies Led by

▪ Women: 134

▪ Black Entrepreneurs: 7

▪ Latino/Hispanic Entrepreneurs: 3

Federal Taxes

All Companies: $4 million

Companies Led by

▪ Women: $2 million

▪ Black Entrepreneurs: $122,000

▪ Latino/Hispanic Entrepreneurs: $4,000

Jobs

All Companies: 359

Companies Led by

▪ Women: 199

▪ Black Entrepreneurs: 10

▪ Latino/Hispanic Entrepreneurs: 5

Labor Income

All Companies: $20 million

Companies Led by

▪ Women: $12 million

▪ Black Entrepreneurs: $676,000

▪ Latino/Hispanic Entrepreneurs: $21,000

State and Local Taxes

All Companies: $2 million

Companies Led by

▪ Women: $829,000

▪ Black Entrepreneurs: $50,000

▪ Latino/Hispanic Entrepreneurs: $3,000

The following map depicts the geographic distribution of Tech Startup companies11 served by JumpStart and its partners in Northwest Ohio by zip code.

11 Companies represented in the map include all companies served, not just modelable companies.

The following table summarizes the estimated economic impact of traditional small businesses receiving business assistance services directly from JumpStart in Northwest Ohio In addition, companies receiving technical assistance from JumpStart supported an estimated $16 million of economic output and 253 jobs in Northwest Ohio.

4D. JumpStart Small Business Services (Northwest Ohio)

Economic Output

All Companies: $16 million

Companies Led by

▪ Women: $10 million

▪ Black Entrepreneurs: $9 million

▪ Latino/Hispanic Entrepreneurs: $456,000

Households Supported

All Companies: 170

Companies Led by

▪ Women: 120

▪ Black Entrepreneurs: 100

▪ Latino/Hispanic Entrepreneurs: 13

Federal Taxes

All Companies: $2 million

Companies Led by

▪ Women: $1 million

▪ Black Entrepreneurs: $1 million

▪ Latino/Hispanic Entrepreneurs: $60,000

Jobs

All Companies: 253

Companies Led by

▪ Women: 179

▪ Black Entrepreneurs: 148

▪ Latino/Hispanic Entrepreneurs: 19

Labor Income

All Companies: $10 million

Companies Led by

▪ Women: $7 million

▪ Black Entrepreneurs: $6 million

▪ Latino/Hispanic Entrepreneurs: $307,000

State and Local Taxes

All Companies: $946,000

Companies Led by

▪ Women: $593,000

▪ Black Entrepreneurs: $503,000

▪ Latino/Hispanic Entrepreneurs: $32,000

The following table summarizes the estimated economic impact of traditional small businesses receiving business assistance services directly from JumpStart in Toledo12 In addition, companies receiving technical assistance from JumpStart supported an estimated $7 million of economic output and 120 jobs in Toledo

4E. JumpStart Small Business Services (Toledo)

Economic Output

All Companies: $7 million

Companies Led by

▪ Women: $4 million

▪ Black Entrepreneurs: $4 million

▪ Latino/Hispanic Entrepreneurs: $236,000

Households Supported

All Companies: 81

Companies Led by

▪ Women: 50

▪ Black Entrepreneurs: 48

▪ Latino/Hispanic Entrepreneurs: 10

Federal Taxes

All Companies: $640,000

Companies Led by

▪ Women: $394,000

▪ Black Entrepreneurs: $414,000

▪ Latino/Hispanic Entrepreneurs: $27,000

Jobs

All Companies: 120

Companies Led by

▪ Women: 74

▪ Black Entrepreneurs: 72

▪ Latino/Hispanic Entrepreneurs: 15

Labor Income

All Companies: $5 million

Companies Led by

▪ Women: $3 million

▪ Black Entrepreneurs: $3 million

▪ Latino/Hispanic Entrepreneurs: $188,000

State and Local Taxes

All Companies: $274,000

Companies Led by

▪ Women: $122,000

▪ Black Entrepreneurs: $144,000

▪ Latino/Hispanic Entrepreneurs: $15,000

The following map depicts the geographic distribution of small businesses13 served by JumpStart and its partners in Northwest Ohio by zip code.

13 Companies represented in the map include all companies served, not just modelable companies.

JumpStart is an investing, entrepreneurial support, and economic development organization serving tech startups, small businesses, and larger companies in 39 counties across Northern Ohio. JumpStart provides capital, services and connections to accelerate entrepreneurship and economic transformation within the communities it serves.

JumpStart delivers venture capital investment to qualifying technology startups throughout Ohio and helps small businesses access grant and loan capital in Northeast and Northwest Ohio.

Funding alone does not ensure success; therefore, JumpStart surrounds entrepreneurs with the technical services, one-on-one advising, educational workshops, and accelerator programs they need to gain traction and grow. In addition, JumpStart fosters connections through networking events, peer-to-peer learning opportunities, and preferred partner programs. These referrals and introductions allow entrepreneurs to build relationships with trusted stakeholders, service providers, suppliers, and more.

Additionally, JumpStart serves in a multifaceted leadership role in the region's entrepreneurial ecosystem and is the lead applicant for the state's Entrepreneurial Services Provider (ESP) program in Northern Ohio. In this position, JumpStart helps to align, coordinate, and optimize economic impact among 14 organizations. As an intermediary, JumpStart allows collaborators to maximize impact by consolidating back-office support and centralizing client intake and reporting.

JumpStart's work is made possible by combining public, private, and philanthropic resources through a diversified funding model which includes charitable giving, public investment, and financial returns. JumpStart applies the principles of venture development to advance its mission. Investment returns help accelerate economic impact by increasing the outcomes of tech startups and small businesses in Northern Ohio.

The Ohio Third Frontier has been a crucial funding source for JumpStart and other ESP organizations. JumpStart's status as ESP lead applicant has allowed the organization to drive public funds to the region and distribute it on behalf of the economic development program. JumpStart and other ecosystem partners leverage this funding by matching state grants dollar-for-dollar with self-sustained funding.

In this way, the collective economic impact is amplified through a unique blend of public resources and private investment. Strategic partners, including KeyBank, The Cleveland Foundation, Burton D. Morgan Foundation, Stark Community Foundation, Toledo Community Foundation, the cities of Cleveland and Toledo, and many others, help further JumpStart's mission and generate significant economic impact across Northern Ohio.

JumpStart was founded in 2004 to address Northeast Ohio's lack of economic development by providing technology startups with technical assistance and venture investments. In 2016, the organization expanded offerings to Cleveland-area small businesses. In 2019, JumpStart opened an office in Toledo to serve entrepreneurs across Northern Ohio. Today, JumpStart is focused on the equitable economic transformation of communities. This evolution in mission intersects with numerous aspects of the organization's work, including:

▪ Venture Capital Investments – In March 2022, the organization launched a new operating division, JumpStart Ventures, to manage its growing investment portfolio. JumpStart Ventures currently has $140M under management with plans to deploy $100M+ into early-stage technology startups by 2026 to elevate regional venture capital activity.

▪ Small Business Accelerator – JumpStart's flagship Small Business Impact Program is a staple in the region's entrepreneurial ecosystem. Since 2016, more than 130 Impact Program graduates have scaled their businesses in Northern Ohio and generated economic growth.

▪ Diversity, Equity, and Inclusion – JumpStart is committed to making capital, services, and connections accessible to entrepreneurs in historically disadvantaged communities. Of the 1,180 companies JumpStart engaged in 2022, 41% were Black-led, 11% were Latino/Hispanic-led, and 54% were women-led.

In 2021, JumpStart took an important step to improve data transparency by disaggregating diversity data reported in its annual Economic Impact Report. The organization had previously grouped minority-led businesses, and the decision to clearly define women, Black, or Latino/Hispanic-led companies provided greater accountability and transparency, ensuring stakeholders and members of the public have access to accurate impact data.

In this report, JumpStart continues to evolve its reporting and DEI practices by redefining the categories of owned vs. led companies. This recategorization pertains primarily to technology startups receiving funding or services from JumpStart or its partner organizations.

JumpStart previously used an "owned, led or controlled" definition to categorize JumpStart-funded technology startups as diverse-led (women, Black or Latino/Hispanic-led). In this definition, a company was listed as diverse-led if an employee self-identified as a woman, Black, or Latino/Hispanic entrepreneur AND had "50.1% or a greater ownership stake, at least 30.1% of the equity stake, or served as a C-suite executive in the firm."

This approach is a standard reporting mechanism in Venture Capital investing because an equity stake in the company complicates ownership This change does not affect small business ownership data because JumpStart's small business clients are not venture-backed, and ownership is more straightforward.

Moving forward, JumpStart will adhere to an updated definition indicating the company has a "co-founder, CEO or President" that self-identifies as a woman, Black or Hispanic/Latino entrepreneur. This approach is an important advancement for the organization because while there will be an initial drop in reported companies identifying as diverse-led, the move will create a more precise baseline from which JumpStart will measure initiatives designed to support under-represented founders.

JumpStart is committed to rigorous, accurate reporting and improved economic outcomes for historically marginalized entrepreneurs.

Economic impact analysis provides a comprehensive look at how an organization, industry, or event affects a region’s economy. A Direct effect describes an initial change in the economy and is the starting point for economic impact analysis. Changes in an economy create “ripples” of economic activity throughout the region being analyzed, with the ripples being described as indirect and induced effects. Indirect effects represent changes in the industries that provide goods and services to the economic activity being modeled (e.g., suppliers and service providers). Induced effects represent the impact of changes in household spending resulting from the direct and indirect effects. Total impact refers to the final cumulative result of all rounds of direct, indirect, and induced activity. These ripple effects are quantified using a methodology known as Regional Input-Output Analysis.

JumpStart administered surveys via Qualtrics to all companies receiving services and funding from JumpStart and its partners. JumpStart partner programs/services are defined as any funding and or business assistance provided to companies by one of the many partner organizations JumpStart works with through its partnership work. All the following criteria (as reported by the companies in 2022) were required for a company to be included in the modeling for this report: a valid industry code, at least one job, and either payroll or sales.

A minimum of two companies with modelable data must exist for a model to be run on a specific program, geography, and demographic. In instances where a company included enough information to be included in IMPLAN modeling but provided incomplete data (e.g., job count, payroll, or revenue was missing) and where data for companies consolidated by industry was incomplete, the missing data was estimated by IMPLAN using industry averages.

Of the 1,110 companies which responded to the surveys, 499 (45%) provided sufficient information to be included in the economic impact modeling. Almost all the companies without modellable data are young and do not yet have direct jobs, payroll, and or sales to report. JumpStart will continue to service and survey these companies to measure their growth.

IMPLAN (Impacts for PLANning), one of the most well-respected and widely used methodologies for assessing regional economic impacts, was used to estimate the annual impact of the operating activities of companies served by JumpStart and its partners. 2019 IMPLAN data, the most current data which reflects pre-COVID-19 economic conditions, was used for this study.

The table below provides definitions for terminology included in this report.

Direct

Economic Output

The total value of goods and services produced by the activity being modeled. Output is roughly equivalent to sales or revenue associated with the direct activity.

Indirect and Induced

IMPLAN estimate of the total value of goods and services produced by indirect and induced economic activity. Output often represents sales or revenue associated with this activity.

Jobs

Employees and contractors of companies served by JumpStart and its partners as quantified by survey response data.

IMPLAN estimate of the number of jobs supported by the purchase of goods and services by the activity being modeled (indirect) as well as by changes in household spending (induced).

Labor Income (Earnings)

Actual wages and benefits associated with direct jobs. Earnings of contractors were estimated based on the earnings of each company’s employees.

IMPLAN estimate of the total labor income (wages, benefits, and proprietor income) associated with the indirect and induced economic activity.

Households Supported

IMPLAN estimate of the number of households supported by the economic activity being analyzed.

IMPLAN estimate of the number of households supported by indirect and induced economic activity.

State and Local Taxes

IMPLAN estimate of all taxes paid to state and local units of government as a direct result of the economic activity being analyzed.

IMPLAN estimate of all taxes paid to state and local units of government due to indirect and induced economic activity.

Federal Taxes

IMPLAN estimate of all taxes paid to the Federal government as a direct result of the economic activity being analyzed.

IMPLAN estimate of all taxes paid to the Federal government due to indirect and induced economic activity.

Additional information can be found in the unabridged version of the 2022 Economic and Fiscal Impact Report. This unabridged report includes 126 different “slices,” each representing an individual economic impact analysis of companies served by JumpStart and its collaborative partners.