2018 economic and fiscal impact report
Prepared By
june 2019
Table of Contents EXECUTIVE SUMMARY ........................................................................................................... 1 TOTAL ECONOMIC IMPACT (JUMPSTART + PARTNERS) ................................................................................. 3 JUMPSTART’S THREE PRIMARY LINES OF BUSINESS ...................................................................................... 5 TECH VS NON-TECH COMPANIES ..................................................................................................................... 8
ABOUT JUMPSTART ............................................................................................................ 10 ABOUT THIS REPORT .......................................................................................................... 12 WHAT IS AN ECONOMIC IMPACT REPORT? ...................................................................................................12 WHY DOES JUMPSTART COMMISSION AN ECONOMIC IMPACT REPORT? .................................................13 DATA AND ANALYSIS ........................................................................................................................................13 AREAS OF ANALYSIS .........................................................................................................................................16
1. JUMPSTART + PARTNERS TOTAL WORK ECONOMIC IMPACTS ..................................... 19 JUMPSTART + PARTNERS TOTAL WORK – OHIO AND NEW YORK ...........................................................20
2. JUMPSTART TOTAL WORK ECONOMIC IMPACTS .......................................................... 23 JUMPSTART TOTAL WORK – OHIO .................................................................................................................24
3. TECH ESP TOTAL WORK ECONOMIC IMPACTS ............................................................. 27 TECH ESP TOTAL WORK – OHIO ...................................................................................................................28 JUMPSTART SERVICED COMPANIES – OHIO ..................................................................................................31 JUMPSTART FUNDED COMPANIES – OHIO .....................................................................................................33 NETWORK SERVICED COMPANIES – OHIO .....................................................................................................35 NETWORK FUNDED COMPANIES – OHIO .......................................................................................................37 EXITED ESP COMPANIES – OHIO ....................................................................................................................39
4. NON-TECH TOTAL WORK ECONOMIC IMPACTS............................................................ 41 NON-TECH TOTAL WORK – OHIO AND NEW YORK ....................................................................................42 CORE CITY: CLEVELAND PROGRAMS ..............................................................................................................45 CORE CITY: CLEVELAND – CUYAHOGA COUNTY...........................................................................................46 KEYBANK BUSINESS BOOST & BUILD PROGRAM .........................................................................................48 KEYBANK BUSINESS BOOST & BUILD: NEW YORK.......................................................................................49 THE KEYBANK CENTER FOR TECHNOLOGY, INNOVATION AND INCLUSIVE GROWTH – OHIO ................51
5. JUMPSTART INTERMEDIARY PARTNERS TOTAL WORK ECONOMIC IMPACTS ............... 53
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Executive Summary │ JumpStart 2018 Economic Impact Report
JUMPSTART INTERMEDIARY PARTNERS TOTAL WORK................................................................................54
LEADERSHIP PARTICIPATION .............................................................................................. 57 STUDY METHODOLOGY ....................................................................................................... 58 TERMINOLOGY ....................................................................................................................................................58 ABOUT IMPLAN ...............................................................................................................................................59 ABOUT SILVERLODE CONSULTING ..................................................................................................................59
APPENDIX 1: JUMPSTART + PARTNERS TOTAL WORK ECONOMIC IMPACTS ............... 62 JUMPSTART + PARTNERS TOTAL WORK – OHIO .........................................................................................63 JUMPSTART + PARTNERS TOTAL WORK – NORTHEAST OHIO ..................................................................65 JUMPSTART + PARTNERS TOTAL WORK – CUYAHOGA COUNTY ..............................................................67 JUMPSTART + PARTNERS TOTAL WORK – CLEVELAND ..............................................................................69 JUMPSTART + PARTNERS TOTAL WORK – NEW YORK ...............................................................................71
APPENDIX 2: TECH ESP TOTAL WORK ECONOMIC IMPACTS ....................................... 73 TECH ESP TOTAL WORK – NORTHEAST OHIO ............................................................................................74 TECH ESP TOTAL WORK – CUYAHOGA COUNTY ........................................................................................76 TECH ESP TOTAL WORK – CLEVELAND ........................................................................................................78 JUMPSTART SERVICED COMPANIES – NORTHEAST OHIO ...........................................................................80 JUMPSTART FUNDED COMPANIES – NORTHEAST OHIO ..............................................................................82 NETWORK FUNDED COMPANIES – NORTHEAST OHIO ................................................................................84 EXITED ESP COMPANIES – NORTHEAST OHIO .............................................................................................86
APPENDIX 3: NON-TECH TOTAL WORK ECONOMIC IMPACTS ...................................... 88 CORE CITY: CLEVELAND – CLEVELAND ..........................................................................................................89
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Executive Summary JumpStart Inc. is a Cleveland-based venture development organization that helps entrepreneurs start and grow companies. JumpStart’s work takes three primary forms: •
Making Investments – JumpStart is an active venture capital investor and directly funds tech entrepreneurs with the capital they need to grow their startup businesses.
•
Delivering Services – JumpStart provides business assistance services to help high-potential businesses (both tech and non-tech focused) navigate challenges, drive growth and create jobs.
•
Acting as a Value-Added Intermediary – JumpStart works on behalf of private, public and philanthropic funders who want to assist entrepreneurs by making grants and convening partner networks on their behalf.
Silverlode Consulting was engaged by JumpStart Inc. to estimate the economic and fiscal impact of this work during calendar year 2018. IMPLAN, one of the most widely used and accepted methodologies for estimating regional economic impacts, was used to complete the analysis. Data for the study was provided to Silverlode via surveys of companies who have been assisted by JumpStart and its Partners. These surveys were administered by JumpStart and its Partners. The companies surveyed provided the employment, payroll, revenue, and other operational data necessary to prepare this analysis. This Executive Summary presents economic impacts from three perspectives as follows: •
Total Economic Impact (Jumpstart + Partners) – The economic impact of the combined efforts of JumpStart and its Partners (1A) and of JumpStart alone (1B).
•
JumpStart’s Three Primary Lines of Business – The economic impact of companies as delineated by type of JumpStart assistance received: Investing (2A), Services (2B), and Intermediary Work (2C).
•
Tech vs. Non-Tech Companies – The total economic impact of tech companies (3A) and of non-tech companies (3B) served by JumpStart and its Partners.
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Executive Summary │ JumpStart 2018 Economic Impact Report
Subset Economic Impact Models 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 work of JumpStart and/or its Partners through a specific subset of geographic service area, program type, business sector (tech vs non-tech), gender/ethnicity, etc. It is important to note that these subset slices are not additive. No single slice should be added to another slice to create a total, since some slices may use and/or exclude the same company data. Instead, each economic model should be viewed as a separate and distinct look at the work of JumpStart and/or its Partners. The full components of each of these models are further explained in the Areas of Analysis section of the full report.
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Executive Summary │ JumpStart 2018 Economic Impact Report
Total Economic Impact (JumpStart + Partners) The work JumpStart and its Partners did to help companies in 2018 directly and indirectly supported more than $1 billion of economic output, approximately $487 million of labor income, and more than 5,100 households in the States of Ohio and New York. The following table summarizes the estimated economic impact of surveyed companies assisted by JumpStart and its Partners in both Ohio and New York.
Total Economic Impact (JumpStart + Partners)
1A. JumpStart + Partners Total Work Economic Impact 8,119 jobs
$66 million in annual state and local taxes
$487 million of annual labor income
$104 million in annual federal taxes
5,119 households supported
$1.0 billion of annual economic output
At the highest level, this analysis shows the work of JumpStart and its Partners has had an immense economic and fiscal impact on the state of Ohio. Their footprint in New York, while just beginning, is also economically meaningful. Adding the 2018 annual economic output figure of $1 billion to previous economic impact studies shows the work of JumpStart and its Partners’ has directly and indirectly supported more than $6.6 billion of total economic output since 2010 1.
1
JumpStart provided the economic impact numbers for 2010 through 2017.
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Executive Summary │ JumpStart 2018 Economic Impact Report
In addition to generating jobs and taxes for communities, technology companies supported by JumpStart and its Partners were awarded 1,943 patents and had 1,890 patents pending in 2018.
Total Economic Impact (JumpStart Only) The following table summarizes the estimated economic impact of companies funded and/or assisted directly by JumpStart, removing data from any companies assisted solely by partner organizations (who have themselves been funded or supported by JumpStart’s intermediary work). The work JumpStart did to help Ohio companies directly and indirectly supported an estimated $850 million of economic output, approximately $407 million of labor income, and more than 4,100 households in Ohio in 2018.
1B. JumpStart Total Work Economic Impact 6,569 jobs
$52 million in annual state and local taxes
$407 million of annual labor income
$87 million in annual federal taxes
4,141 households supported
$850 million of annual economic output
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Executive Summary │ JumpStart 2018 Economic Impact Report
JumpStart’s Three Primary Lines of Business JumpStart communicates its work to the market using three categories—investing, services and intermediary work. These three economic models estimate economic impact using a similar approach.
Total Impact of JumpStart Investing The following table summarizes the estimated economic impact of tech companies that have been directly funded by one of JumpStart’s venture capital funds. JumpStart’s active portfolio companies in 2018 directly and indirectly supported an estimated $443 million of economic output, approximately $217 million of labor income, and more than 2,000 households in Ohio.
2A. JumpStart Funded Companies Economic Impact 3,211 jobs
$22 million in annual state and local taxes
$217 million of annual labor income
$45 million in annual federal taxes
2,024 households supported
$443 million of annual economic output
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Executive Summary │ JumpStart 2018 Economic Impact Report
Total Impact of JumpStart Services The following table summarizes the estimated economic impact of companies (both tech and non-tech focused) that have received business assistance services directly from JumpStart. Direct technical assistance provided by JumpStart resulted in an estimated $850 million of economic output, approximately $407 million of labor income, and more than 4,100 households in Ohio.
2B. JumpStart Total Work Economic Impact 6,569 jobs
$52 million in annual state and local taxes
$407 million of annual labor income
$87 million in annual federal taxes
4,141 households supported
$850 million of annual economic output
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Executive Summary │ JumpStart 2018 Economic Impact Report
Total Impact of JumpStart Intermediary Work The following table summarizes the estimated economic impact of companies (both tech and non-tech focused) that have received funding and/or business assistance from one of the partner organizations JumpStart works with through its intermediary work. Technical assistance to tech companies provided by JumpStart’s Partners in 2018 directly and indirectly resulted in more than $757 million of economic output, approximately $344 million of labor income, and an estimated 3,500 households in the States of Ohio and New York.
2C. JumpStart Intermediary Partners Work Economic Impact 5,475 jobs
$49 million in annual state and local taxes
$344 million of annual labor income
$74 million in annual federal taxes
3,452 households supported
$757 million of annual economic output
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Executive Summary │ JumpStart 2018 Economic Impact Report
Tech vs Non-Tech Companies JumpStart and its various partners work with a combination of tech-based startups and non-tech companies. To help meet the specific requirements and expectations of various organizational funders, these models separate this tech and non-tech work into separate categories.
Total Impact of Tech-Focused Companies The following table summarizes the estimated economic impact of all tech-focused companies assisted by JumpStart and its Partners through the ESP program, Technical assistance to tech companies provided by JumpStart and its Partners in 2018 directly and indirectly resulted in more than $936 million of economic output, approximately $450 million of labor income, and more than 4,400 households in Ohio.
3A. Tech ESP Total Work Economic Impact 7,052 jobs
$49 million in annual state and local taxes
$450 million of annual labor income
$93 million in annual federal taxes
4,446 households supported
$936 million of annual economic output
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Executive Summary │ JumpStart 2018 Economic Impact Report
Total Impact of Non-Tech-Focused Companies The following table summarizes the estimated economic impact of all non tech-focused companies assisted by JumpStart and its Partners, Business assistance from JumpStart and its Partners to non-tech companies directly and indirectly resulted in approximately $127 million of economic output, more than $44 million of labor income, and an estimated 827 households in the States of Ohio and New York in 2018.
3B. Non-Tech Total Work Economic Impact 1,311 jobs
$7 million in annual state and local taxes
$44 million of annual labor income
$9 million in annual federal taxes
827 households supported
$127 million of annual economic output
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About JumpStart │ JumpStart 2018 Economic Impact Report
About JumpStart JumpStart Services and Funding JumpStart is a venture development organization that combines the principles of (private) venture capital and (non-profit) economic development to help entrepreneurs start and grow companies. JumpStart helps entrepreneurs by providing access to capital and business assistance and by serving as an intermediary for other entrepreneurial focused organizations. The Cleveland Foundation, KeyBank, and the Ohio Third Frontier provide tremendous support for JumpStart’s operations. JumpStart provides business assistance to entrepreneurs and small businesses, access to capital for startups through equity investments, intermediary services including grantmaking and collaborations for third party funders, and strategic initiatives for community stakeholders.
JumpStart and Partners Programs Today, JumpStart Inc. works as an investor and a direct service provider to high-potential companies, while also supporting many partners across Ohio and New York in their work helping companies. Technology companies are served directly by JumpStart and/or one of its 12 Partners 2 who are all part of The Northeast Ohio Startup Network, a closely connected network of support organizations, all of whom are funded in part by Ohio Third Frontier and organized under the Entrepreneurial Services Provider (ESP) Program to support the 21 counties in the Northeast Ohio region. Non-Technology companies seeking assistance are served directly by JumpStart’s Core City: Cleveland program and/or through partners JumpStart supports through the KeyBank Business Boost & Build program. This program works in four regions across New York (Albany, Buffalo, Rochester, and Syracuse regions) and also includes The KeyBank Center for Technology, Innovation and Inclusive Growth, which works across Ohio (Dayton and ESP Network Partners include BioEnterprise, Inc., BioHio Research Park, Bounce Innovation Hub, Braintree Business Development
2
Center, FlashStarts Inc., Great Lakes Innovation and Development Enterprise (GLIDE), The Manufacturing Advocacy & Growth Network (MAGNET), Northeast Ohio Medical University (NEOMED), Ohio Aerospace Institute (OAI), Tech Belt Energy Innovation Center (TBEIC), University of Akron Research Foundation (UARF), and Youngstown Business Incubator (YBI).
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About JumpStart │ JumpStart 2018 Economic Impact Report
Cincinnati regions are included in this report).
JumpStart Evolution JumpStart was founded in 2004 with a mission to accelerate the growth of startups via funding and technical assistance. Today JumpStart is focused on the economic transformation of communities. This evolution in mission intersects with numerous aspects of the organization’s work, including: •
Work with Non-Tech Companies – JumpStart has transitioned from focusing solely on helping tech businesses to helping all businesses. Section four of this report is dedicated to quantifying the impact of this work with non-tech companies.
•
Intermediary Work – JumpStart works as both a sole practitioner and an ecosystem partner, serving as an intermediary for third-party funders to deploy grants, manage collaborations, and help administer economic development and workforce initiatives. JumpStart deployed a total of approximately $7 million in grant funding to 45 organizations on behalf of its partners and funders in 2018 alone. Today, the organization manages the Northeast Ohio Startup Network (tech-focused) on behalf of the State of Ohio and also supports many additional partners working with nontech companies through the KeyBank Business Boost & Build program.
•
Place Based Assistance – JumpStart has always worked across Northeast Ohio and invests across the state from specific venture capital funds. The organization opened an office in Toledo in 2019 to serve entrepreneurs in Northwest Ohio. JumpStart has also concentrated specific programs on targeted local communities including the City of Cleveland, communities in upstate New York, and disconnected neighborhoods in communities across Ohio including Dayton, Cincinnati and Akron.
•
Diversity and Inclusion – JumpStart has an intentional focus on diversity and inclusion in all of its work, from the composition of its own staff and board to the companies it funds and supports. In 2018, JumpStart engaged 925 companies, 51% of which were led by women and 44% of which were led by people of color. JumpStart and its Partners collectively engaged more than 1,531 companies, 54% of which were led by women and people of color.
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About this Report │ JumpStart 2018 Economic Impact Report
About this Report What is an Economic Impact Report? Economic impact analysis provides a comprehensive look at how an organization, industry, or event affects the economy of a region. All economic activities create “ripples” in the economy that are referred to as indirect and induced effects. These ripple effects are quantified by using an analysis known as Regional Input-Output Analysis. Economic and fiscal impacts can be divided into component parts, which are referred to as Direct, Indirect, and Induced and can be described as follows: •
Direct – Activity attributable to companies supported by JumpStart and its Partners (employees, their associated payroll, etc.) as reported by the companies. In this report, direct jobs include both those employed and employed as contractors by the companies served by JumpStart and its Partners.
•
Indirect – The economic activity of the entities that provide goods and services to the companies supported by JumpStart and its Partners, such as suppliers and service providers.
•
Induced – Activity arising from employee (both Direct and Indirect) spending.
Imagine an entrepreneur owns a fitness studio. She joins JumpStart’s Core City: Cleveland Impact program and works with JumpStart mentors to develop her business plan and rebrand her business. The fitness studio subsequently experiences a 50% increase in sales and hires new employees. Those are direct impacts. If the fitness studio purchases new exercise bikes, the jobs and revenue associated with the purchased bikes are indirect impacts of the company supported by JumpStart’s services. When the employees of both the fitness studio and the bike manufacturer use their paychecks to buy groceries, this household spending is part of the induced impacts from the JumpStart-serviced company.
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About this Report │ JumpStart 2018 Economic Impact Report
Why Does JumpStart Commission an Economic Impact Report? The purpose of the JumpStart economic impact report is to quantify the impact of the services and funding provided by JumpStart and its Partners and to communicate this impact to investors, Partners, companies, government representatives, JumpStart employees, and the general public. In essence, this report answers the question: How does JumpStart help transform communities? Previous JumpStart economic impact studies captured the impact of JumpStart and its Partners’ within their original scope of investing and providing services solely for tech entrepreneurs. This 2018 impact study includes the organization’s recent and notable expansions in programming, geographic reach, and partnerships—largely in support of expanding to service more non-tech companies.
Data and Analysis Silverlode Consulting was engaged by JumpStart to estimate the economic and fiscal impact of the companies served by JumpStart and its Partners during calendar year 2018.
Survey Data JumpStart administered surveys to all companies who received services and funding from JumpStart and its Partners as part of the Northeast Ohio Entrepreneurial Services Provider (ESP) Program or the Non-Tech Programs including JumpStart’s Core City: Cleveland program. Grantees under the KeyBank Business Boost & Build: NY and The KeyBank Center for Technology, Innovation and Inclusive Growth collected data from clients served by those programs and reported the data to JumpStart. All of the following criteria (as reported by the companies) were required for a company to be modelled for this report: 1. A valid NAICS code provided (The North American Industry Classification System is the standard used by Federal statistical agencies to classify companies according to type of economic activity). 2. At least one job reported for 2018. 3. At least one of the following inputs provided: payroll or sales.
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About this Report │ JumpStart 2018 Economic Impact Report
Of the 1,354 companies which responded to the surveys, 540 provided sufficient information to be included in the economic impact models. This is expected, as almost all of the companies without modellable data are very 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 over time. These companies will be included in future economic impact analyses and they should eventually be included in future economic models as they grow and create direct jobs, payroll, and revenues.
Additional Data To gather additional data and help shape this report, Silverlode conducted interviews with many of the leaders of JumpStart, as identified in the Leadership Participation section of this report. JumpStart also provided numerous reports, presentations, and collateral that informed this report.
IMPLAN IMPLAN, 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 for companies served by JumpStart and its Partners. 2017 IMPLAN data, the most current data available at the time, was used for this study. Economic and fiscal impacts can be divided into component parts, which are referred to as Direct, Indirect, and Induced and can be described as follows: •
Direct – Activity attributable to companies supported by JumpStart and its Partners (employees, their associated payroll, etc.) as reported by the companies. In this report, direct jobs include both those employed and contracted by the companies served by JumpStart and its Partners.
•
Indirect – The economic activity of the entities that provide goods and services to the companies supported by JumpStart and its Partners, such as suppliers and service providers.
•
Induced – Activity arising from employee (both Direct and Indirect) spending.
For streamlined presentation in this report, Indirect and Induced effects are combined and referred to simply as Indirect.
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About this Report │ JumpStart 2018 Economic Impact Report
Data Quality JumpStart administered surveys to all companies who received services and funding from JumpStart and its Partners as part of the Northeast Ohio Entrepreneurial Services Provider (ESP) Program or the Non-Tech Programs including JumpStart’s Core City: Cleveland program. Data is the result of surveys administered electronically to program participants by JumpStart using Qualtrics. Grantees under the KeyBank Business Boost & Build: NY and The KeyBank Center for Technology, Innovation and Inclusive Growth collected data from clients served by those programs and reported the data to JumpStart. As a result, the survey data that was available varied significantly by program. For example, in the instance of the KeyBank Business Boost & Build: New York and The KeyBank Center for Technology, Innovation and Inclusive Growth programs, very little information about the payroll of the participating companies was available. As these programs mature, it is anticipated that the data will improve. In instances where a company included enough information to be included in IMPLAN modelling, but provided incomplete data (e.g. job count, payroll, or revenue was missing), industry average information from the IMPLAN model was used to estimate the missing information. In the absence of actual revenue reported by a company, IMPLAN will default to the state industry average. Because many of the companies served by JumpStart and its partners are in the very early stages of their development, the economic impact data provided in this report should be understood to be estimates based on the best available information and industry-average data. Additional information about the data sources, methodology, and definitions of terms used in this study can be found in the Methodology section near the end of the report.
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About this Report │ JumpStart 2018 Economic Impact Report
Areas of Analysis This report includes analysis of the impact of companies served by JumpStart and its collaborative Partners as represented by 64 different “slices”. Each slice represents an independent economic impact model. This report includes the following areas of analysis: 1. JumpStart + Partners Total Work – The impact of all JumpStart and Partner programs on the States of Ohio and New York. a. This impact is also modelled for the following sub-geographies: Ohio, Northeast Ohio3, Cuyahoga County, the City of Cleveland 4, and the State of New York. b. This impact is also modelled for Minority Owned/Led 5 and Women Owned/Led for each of the above geographies. 2. JumpStart Total Work – The impact of all JumpStart programs on the State of Ohio (this excludes data from any companies assisted solely by JumpStart partner organizations) a. This impact is also modelled for Minority Owned/Led and Women Owned/Led companies. 3. Tech ESP Total Work – The impact of all JumpStart and Northeast Ohio Startup Network partner programs on the State of Ohio. a. This impact is also modelled for the following sub-geographies: Ohio, Northeast Ohio, Cuyahoga County, and the City of Cleveland. b. This impact is also modelled for the following programs in the State of Ohio and Northeast Ohio: i. JumpStart Serviced Companies ii. JumpStart Funded Companies 3
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 counties. 4
The City of Cleveland consists of the following zip codes: 44101, 44102, 44103, 44104, 44105, 44106,
44108, 44109, 44110, 44111, 44113, 44114, 44115, 44119, 44120, 44127, 44128, and 44135. 5
Minority Owned/Led is defined as black or Latinx owned and/or led companies for all models in this report.
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About this Report │ JumpStart 2018 Economic Impact Report
iii. Network Serviced Companies iv. Network Funded Companies v. Exited ESP Companies c. This impact is also modelled for Minority Owned/Led and Women Owned/Led companies for all programs except for the Exited ESP Companies, which are modelled only in aggregate. 4. Non-Tech Total Work – The impact of all JumpStart and Partner Non-Tech programs on the States of Ohio and New York. a. This impact is also modelled for the following programs in the specified subgeographies: i. Core City: Cleveland (Cuyahoga County and the City of Cleveland) ii. KeyBank Business Boost & Build: New York (the State of New York) iii. The KeyBank Center for Technology, Innovation and Inclusive Growth (the State of Ohio) b. This impact is also modelled for Minority Owned/Led and Women Owned/Led companies for all programs and geographies. c. The impact of Core City: Cleveland is also modelled for Impact Program Participants in Cuyahoga County and the City of Cleveland. 5. JumpStart Intermediary Partners Total Work – The impact of all JumpStart Partner programs/services on the States of Ohio and New York. a. 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 intermediary work.
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About this Report │ JumpStart 2018 Economic Impact Report
Report Models The models included in this report are indicated by program and geography in the table below. A grey box indicates an additional model located in the appendix of this report. All program models include a Women Owned/Led model and a Minority Owned/Led model except for Exited ESP Companies. Ohio & 1. JumpStart + Partners Total Work
Northeast Cuyahoga
New York
Ohio
Ohio
County
√
√
√
√
√
√
√
√
√
2. JumpStart Total Work
√
3. Tech ESP Total Work
√
√
JumpStart Serviced Companies
√
√
JumpStart Funded Companies
√
√
Network Serviced Companies
√
Network Funded Companies
√
√
Exited ESP Companies
√
√
4. Non-Tech Total Work
Cleveland New York
√
Core City: Cleveland
√
KeyBank Business Boost & Build: NY
√
KeyBank Center for Technology, Innovation and Inclusive Growth 5. JumpStart Intermediary Partners Total Work
√
√
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JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
1. JumpStart + Partners Total Work Economic Impacts The impact of all JumpStart and Partner programs across Ohio and New York is summarized in this section. JumpStart and Partner programs include all Tech ESP and Non-Tech programs. Additional details on Tech ESP and Non-Tech programs are included in sections 3. Tech ESP Total Work and 4. Non-Tech Total Work of this report. The impact of five additional sub-geographies (Ohio, Northeast Ohio, Cuyahoga County, the City of Cleveland, and the State of New York) have been estimated to respond to requests from funders and key community stakeholders. These are included in Appendix 1:JumpStart + Partners Total Work Economic Impacts. The impact is also modelled for Minority Owned/Led and Women Owned/Led for each of the geographies.
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JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work – Ohio and New York 6 In 2018, companies supported by JumpStart and its Partners’ services and funding directly and indirectly generated an estimated $1.0 billion of economic output in the States of Ohio and New
JumpStart + Partners Total Work in Ohio and New York
York. This output includes an estimated $530 million of economic output generated by Women Owned/Led companies and $160 million of output generated by Minority Owned/Led companies.
8,119 jobs
These JumpStart + Partners Total Work companies supported an estimated 8,119 direct and indirect jobs in Ohio and New 7
$487 million of annual labor income
York, 4,738 of which were connected with the economic activity of Women Owned/Led companies and 1,675 with the economic activity of Minority Owned/Led companies.
5,119 households supported
The jobs supported by JumpStart and its Partners’
programs
and
funding
had
approximately $487 million of associated annual
$66 million in annual state and local taxes
labor income, including benefits, and sustained an estimated 5,119 households in Ohio and New York. Companies that received services and funding from JumpStart and its Partners generated an estimated $66 million of state and local taxes in Ohio and New York and $104 million of federal taxes during 2018.
6
$104 million in annual federal taxes
$1.0 billion of annual economic output
1,354 companies supported by JumpStart + Partners work in Ohio and New York responded to a survey
in 2018. 540 of these companies (40%) submitted adequate survey information for modelling. 7
Direct and indirect impacts are only calculable for modellable companies.
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JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work, Ohio and New York Level Impact Details Direct
Indirect & Induced
Total
Total Jobs
5,147
Earnings Households Supported State & Local Taxes
$
2,972
8,119
$
295,094,000 $ 3,245 32,944,000 $
192,388,000 $ 1,874 32,992,000 $
487,482,000 5,119 65,936,000
Federal Taxes
$
61,340,000 $
42,673,000 $
104,013,000
Output
$
519,736,000 $
511,001,000 $
1,030,737,000
Women Owned/Led Jobs
3,133
Earnings Households Supported State & Local Taxes
$
Federal Taxes Output
1,605
4,738
$
170,363,000 $ 1,975 17,324,000 $
102,600,000 $ 1,012 17,624,000 $
272,963,000 2,987 34,948,000
$
35,059,000 $
22,783,000 $
57,842,000
$
258,056,000 $
271,973,000 $
530,029,000
$
41,156,000 $
State & Local Taxes Federal Taxes
$ $
4,157,000 $ 8,266,000 $
4,852,000 $ 6,482,000 $
9,009,000 14,748,000
Output
$
82,957,000 $
76,952,000 $
159,909,000
Minority Owned/Led Jobs Earnings
1,223
Households Supported
771
452 29,469,000 $ 285
1,675 70,625,000 1,056
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JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
The following maps depict the companies 8 served by JumpStart and its Partners in Ohio and New York by zip code.
JumpStart + Partners Total Work, Ohio Companies Served
JumpStart + Partners Total Work, New York Companies Served
8
Companies represented in the maps include all companies served, not just modellable companies.
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JumpStart Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
2. JumpStart Total Work Economic Impacts The impact of all JumpStart programs in Ohio are summarized in this section. JumpStart programs include all Tech ESP and Non-Tech programs. Additional details on Tech ESP and Non-Tech programs are included in section 3. Tech ESP Total Work and 4. Non-Tech Total Work of this report. This impact is also modelled for Minority Owned/Led and Women Owned/Led companies.
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JumpStart Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Total Work – Ohio 9 In
2018,
companies
supported
by
JumpStart services and funding directly and indirectly generated an estimated $850 million of economic output in the State of Ohio. This output includes an estimated
JumpStart Total Work In Ohio
$428 million of economic output generated by Women Owned/Led companies and $125 million of output generated by
6,569 jobs
Minority Owned/Led companies. These JumpStart companies supported an estimated 6,569 direct and indirect jobs10 in Ohio, 3,853 of which were connected with the
economic
activity
of
Women
Owned/Led companies and 1,387 with the economic activity of Minority Owned/Led companies.
The
jobs
$407 million of annual labor income
supported
by
4,141 households supported
JumpStart programs and funding had approximately $407 million of associated annual labor income, including benefits, and
sustained
an
estimated
4,141
households in Ohio. Companies that received services and funding from JumpStart generated an estimated $52 million of state and local taxes in Ohio and New York and $87 million of federal taxes during 2018.
9
$52 million in annual state and local taxes
$87 million in annual federal taxes $850 million of annual economic output
671 companies supported by JumpStart work in Ohio responded to a survey in 2018. 386 of these
companies (58%) submitted adequate survey information for modelling. 10
Direct and indirect impacts are only calculable for modellable companies.
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JumpStart Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Total Work, Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
4,092 $ $
246,230,000 $ 2,580 24,566,000 $
2,477 160,870,000 $ 1,562 27,528,000 $
6,569 407,100,000 4,141 52,094,000
Federal Taxes
$
51,034,000 $
35,677,000 $
86,711,000
Output
$
422,109,000 $
427,426,000 $
849,535,000
Earnings Households Supported State & Local Taxes
$ $
137,719,000 $ 1,610 11,225,000 $
83,416,000 $ 819 14,286,000 $
221,135,000 2,429 25,511,000
Federal Taxes
$
28,118,000 $
18,515,000 $
46,633,000
Output
$
206,580,000 $
221,068,000 $
427,648,000
Women Owned/Led Jobs
2,554
1,299
3,853
Minority Owned/Led Jobs Earnings
1,001 $
Households Supported
37,733,000 $ 631
386 24,958,000 $ 243
1,387 62,691,000 874
State & Local Taxes Federal Taxes
$ $
3,096,000 $ 7,524,000 $
4,079,000 $ 5,488,000 $
7,175,000 13,012,000
Output
$
60,004,000 $
64,710,000 $
124,714,000
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JumpStart Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
The following map depicts the companies 11 served by JumpStart in Ohio by zip code.
JumpStart Total Work, Ohio Companies Served
11
Companies represented in the map include all companies served, not just modellable companies.
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
3. Tech ESP Total Work Economic Impacts Technology companies are served by JumpStart and 12 Partners 12 who are all part of The Northeast Ohio Startup Network, a closely connected network of support organizations, all of whom are funded in part by Ohio Third Frontier and organized under the Entrepreneurial Services Provider (ESP) Program to support the 21 counties in the Northeast Ohio region. This section analyzes the economic impact of Ohio tech companies which JumpStart and its Partners supported through funding and/or services in 2018. Tech ESP Total Work is comprised of the following five segments (companies may fall into more than one segment): •
JumpStart Serviced Companies received business advisory services directly from JumpStart staff in 2018 or earlier.
•
JumpStart Funded Companies received direct investment from one or more of the following JumpStart equity investment funds: Evergreen, Focus, and NEXT.
•
Network Serviced Companies received services from one or more of JumpStart’s Network Partners’ staff in 2018 or earlier.
•
Network Funded Companies received funding from one or more of JumpStart’s Network Partners.
•
Exited ESP Companies were serviced or funded by the ESP Network and/or JumpStart and were acquired or had an IPO in 2018.
The impacts of the JumpStart Serviced Companies, JumpStart Funded Companies, Network Serviced Companies, Network Funded Companies, and Exited ESP Companies are also estimated individually in this section for Ohio. Additional models for Northeast Ohio of all of these segments except Network Serviced Companies are included in the appendix. Tech ESP Total Work is also modelled for Northeast Ohio, Cuyahoga County, and the City of Cleveland in the Appendix. The impacts are also modelled for Minority Owned/Led and Women Owned/Led companies.
12
ESP Network Partners include BioEnterprise, Inc., BioHio Research Park, Bounce Innovation Hub,
Braintree Business Development Center, FlashStarts Inc., Great Lakes Innovation and Development Enterprise (GLIDE), The Manufacturing Advocacy & Growth Network (MAGNET), Northeast Ohio Medical University (NEOMED), Ohio Aerospace Institute (OAI), Tech Belt Energy Innovation Center (TBEIC), University of Akron Research Foundation (UARF), and Youngstown Business Incubator (YBI).
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Tech ESP Total Work – Ohio 13 In 2018, companies supported by JumpStart and its Partners’ Tech ESP services and funding directly and indirectly generated an estimated $936 million of economic output in
Tech ESP Total Work In Ohio
the State of Ohio. This output includes an estimated $444 million of economic output generated by Women Owned/Led companies and $129 million of output generated by Minority Owned/Led companies.
7,052 jobs
These ESP Tech companies supported an estimated 7,052 direct and indirect jobs 14 in Ohio, 3,885 of which were connected with the
$450 million of annual labor income
economic activity of Women Owned/Led companies and 1,154 with the economic activity of Minority Owned/Led companies. The jobs supported by the ESP programs and
4,446 households supported
funding had approximately $450 million of associated annual labor income, including benefits, and sustained an estimated 4,446
$49 million in annual state and local taxes
households in Ohio. Companies that received Tech ESP services and funding from JumpStart and its Partners generated an estimated $49 million of state and local taxes in Ohio and $93 million of federal taxes during 2018.
13
$93 million in annual federal taxes $936 million of annual economic output
535 companies supported by JumpStart + Partners Tech ESP work in Ohio responded to a survey in 2018.
316 of these companies (59%) submitted adequate survey information for modelling. 14
Direct and indirect impacts are only calculable for modellable companies.
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Tech ESP Total Work, Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
3,741 $ $
285,393,000 $ 2,358 24,290,000 $
3,311 164,467,000 $ 2,087 25,121,000 $
7,052 449,860,000 4,446 49,411,000
Federal Taxes
$
57,016,000 $
35,674,000 $
92,690,000
Output
$
447,294,000 $
488,832,000 $
936,126,000
Earnings Households Supported State & Local Taxes
$ $
159,831,000 $ 1,393 12,159,000 $
82,205,000 $ 1,056 12,671,000 $
242,036,000 2,449 24,830,000
Federal Taxes
$
31,678,000 $
17,879,000 $
49,557,000
Output
$
199,050,000 $
245,210,000 $
444,260,000
Women Owned/Led Jobs
2,210
1,675
3,885
Minority Owned/Led Jobs Earnings
675 $
Households Supported
38,326,000 $ 426
479 23,864,000 $ 302
1,154 62,190,000 728
State & Local Taxes Federal Taxes
$ $
2,590,000 $ 7,436,000 $
3,519,000 $ 5,135,000 $
6,109,000 12,571,000
Output
$
59,079,000 $
69,792,000 $
128,871,000
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
The following map depicts Tech ESP companies 15 served by JumpStart and its Partners in Ohio by zip code.
TECH ESP Total Work, Ohio Companies Served
15
Companies represented in the map include all companies served, not just modellable companies.
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Serviced Companies – Ohio 16 In 2018, companies supported by JumpStart services directly and indirectly generated an estimated $778 million of economic output in Ohio. This output includes an estimated $362
JumpStart Serviced Companies in Ohio
million of economic output generated by Women Owned/Led companies and $104 million of output generated by Minority Owned/Led companies. These
JumpStart
Serviced
Companies
5,942 jobs
supported an estimated 5,942 direct and indirect jobs 17 in the State of Ohio, 3,330 of which were connected with the economic
$376 million of annual labor income
activity of Women Owned/Led companies and 1,046 with the economic activity of Minority Owned/Led companies. The jobs supported
by
the
JumpStart
Serviced
3,746 households supported
Companies had approximately $376 million of associated annual labor income, including benefits, and sustained an estimated 3,746
$40 million in annual state and local taxes
households in the State of Ohio. Companies that received JumpStart services generated an estimated $40 million of state and local taxes in Ohio and $77 million of federal taxes during 2018.
16
$77 million in annual federal taxes $778 million of annual economic output
401 companies supported by JumpStart services in Ohio responded to a survey in 2018. 254 of these
companies (63%) submitted adequate survey information for modelling. 17
Direct and indirect impacts are only calculable for modellable companies.
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Serviced Companies, Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
3,175 $ $
238,615,000 $ 2,002 18,603,000 $
2,767 137,568,000 $ 1,744 20,984,000 $
5,942 376,183,000 3,746 39,587,000
Federal Taxes
$
47,587,000 $
29,839,000 $
77,426,000
Output
$
368,356,000 $
409,431,000 $
777,787,000
Earnings Households Supported State & Local Taxes
$ $
136,361,000 $ 1,226 8,333,000 $
67,952,000 $ 874 10,531,000 $
204,313,000 2,099 18,864,000
Federal Taxes
$
26,781,000 $
14,799,000 $
41,580,000
Output
$
158,343,000 $
203,516,000 $
361,859,000
Women Owned/Led Jobs
1,944
1,386
3,330
Minority Owned/Led Jobs Earnings
617 $
Households Supported
35,457,000 $ 389
429 21,036,000 $ 270
1,046 56,493,000 659
State & Local Taxes Federal Taxes
$ $
1,948,000 $ 6,836,000 $
3,067,000 $ 4,523,000 $
5,015,000 11,359,000
Output
$
43,171,000 $
61,104,000 $
104,275,000
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Funded Companies – Ohio 18 In 2018, companies supported by JumpStart funding directly and indirectly generated an estimated $443 million of economic output in Ohio. This output includes an estimated $251 million of economic output generated by
JumpStart Funded Companies In Ohio
Women Owned/Led companies and $69 of output generated by Minority Owned/Led companies. These
JumpStart
Funded
Companies
3,211 jobs
supported an estimated 3,211 direct and indirect jobs 19 in Ohio, 2,167 of which were connected with the economic activity of
$217 million of annual labor income
Women Owned/Led companies and 687 with the economic activity of Minority Owned/Led companies. The jobs supported by the JumpStart
Funded
Companies
had
2,024 households supported
approximately $217 million of associated annual labor income, including benefits, and sustained an estimated 2,024 households in
$22 million in annual state and local taxes
Ohio. Companies that received JumpStart funding generated an estimated $22 million of state
$45 million in annual federal taxes
and local taxes in Ohio and $45 million of federal taxes during 2018.
$443 million of annual economic output
65 companies supported by JumpStart funding in Ohio responded to a survey in 2018. 60 of these companies (92%) submitted adequate survey information for modelling. 18
19
Direct and indirect impacts are only calculable for modellable companies.
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Funded Companies, Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
1,602 $ $
136,629,000 $ 1,010 9,604,000 $
1,609 80,221,000 $ 1,014 12,176,000 $
3,211 216,850,000 2,024 21,780,000
Federal Taxes
$
27,300,000 $
17,415,000 $
44,715,000
Output
$
203,331,000 $
239,315,000 $
442,646,000
Earnings Households Supported State & Local Taxes
$ $
92,465,000 $ 758 5,949,000 $
47,320,000 $ 608 7,269,000 $
139,785,000 1,366 13,218,000
Federal Taxes
$
18,483,000 $
10,310,000 $
28,793,000
Output
$
109,173,000 $
141,962,000 $
251,135,000
Women Owned/Led Jobs
1,203
964
2,167
Minority Owned/Led Jobs Earnings
396 $
Households Supported
24,002,000 $ 250
291 14,362,000 $ 183
687 38,364,000 433
State & Local Taxes Federal Taxes
$ $
1,250,000 $ 4,612,000 $
2,080,000 $ 3,082,000 $
3,330,000 7,694,000
Output
$
27,274,000 $
41,836,000 $
69,110,000
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Network Serviced Companies – Ohio 20 In 2018, companies supported by ESP Network services
directly
and
indirectly
generated an estimated $733 million of economic output in Ohio. This output includes
Network Serviced Companies in Ohio
an estimated $311 million of economic output generated by Women Owned/Led companies and $92 million of output generated by Minority Owned/Led companies. These
Network
Serviced
Companies
5,015 jobs
supported an estimated 5,015 direct and indirect jobs 21 in the State of Ohio, 2,512 of which were connected with the economic
$336 million of annual labor income
activity of Women Owned/Led companies and 489 with the economic activity of Minority Owned/Led companies. The jobs supported by the Network Serviced Companies had
3,162 households supported
approximately $336 million of associated annual labor income, including benefits, and sustained an estimated 3,162 households in
$47 million in annual state and local taxes
the State of Ohio. Companies
that
received
ESP
Network
services generated an estimated $47 million of state and local taxes in Ohio and $72 million of federal taxes during 2018.
$72 million in annual federal taxes $733 million of annual economic output
480 companies supported by ESP Network Services in Ohio responded to a survey in 2018. 274 of these companies (57%) submitted adequate survey information for modelling. 20
21
Direct and indirect impacts are only calculable for modellable companies.
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Network Serviced Companies, Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
2,949 $ $
201,260,000 $ 1,859 23,822,000 $
2,066 134,931,000 $ 1,302 23,261,000 $
5,015 336,191,000 3,162 47,083,000
Federal Taxes
$
41,962,000 $
29,901,000 $
71,863,000
Output
$
374,414,000 $
358,611,000 $
733,025,000
Earnings Households Supported State & Local Taxes
$ $
109,573,000 $ 977 10,681,000 $
61,181,000 $ 607 10,741,000 $
170,754,000 1,584 21,422,000
Federal Taxes
$
22,261,000 $
13,587,000 $
35,848,000
Output
$
148,297,000 $
162,317,000 $
310,614,000
Women Owned/Led Jobs
1,549
963
2,512
Minority Owned/Led Jobs Earnings
252 $
Households Supported
15,850,000 $ 159
237 16,340,000 $ 149
489 32,190,000 308
State & Local Taxes Federal Taxes
$ $
1,930,000 $ 3,303,000 $
2,571,000 $ 3,557,000 $
4,501,000 6,860,000
Output
$
49,953,000 $
41,882,000 $
91,835,000
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Network Funded Companies – Ohio 22 In 2018, companies funded by ESP Network directly and indirectly generated an estimated $586 million of economic output in Ohio. This output includes an estimated $259 million of economic
output
Network Funded Companies in Ohio
generated by Women
Owned/Led companies and $75 million of output generated by Minority Owned/Led companies.
3,863 jobs
These Network Funded Companies supported an estimated 3,863 direct and indirect jobs 23 in the State of Ohio, 2,055 of which were connected with the economic activity of
$262 million of annual labor income
Women Owned/Led companies and 467 with the economic activity of Minority Owned/Led companies. The jobs supported by the Network
Funded
Companies
2,435 households supported
had
approximately $262 million of associated annual labor income, including benefits, and sustained an estimated 2,435 households in
$30 million in annual state and local taxes
the State of Ohio. Companies
that
received
ESP
Network
funding generated an estimated $30 million of state and local taxes in Ohio and $55 million of federal taxes during 2018.
$55 million in annual federal taxes $586 million of annual economic output
165 companies supported by ESP Network Funding in Ohio responded to a survey in 2018. 130 of these companies (79%) submitted adequate survey information for modelling. 22
23
Direct and indirect impacts are only calculable for modellable companies.
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Network Funded Companies, Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
1,875 $ $
161,694,000 $ 1,182 14,594,000 $
1,988 99,994,000 $ 1,253 15,134,000 $
3,863 261,688,000 2,435 29,728,000
Federal Taxes
$
33,088,000 $
21,671,000 $
54,759,000
Output
$
288,057,000 $
297,691,000 $
585,748,000
Earnings Households Supported State & Local Taxes
$ $
90,369,000 $ 691 6,293,000 $
47,206,000 $ 605 7,247,000 $
137,575,000 1,296 13,540,000
Federal Taxes
$
18,238,000 $
10,287,000 $
28,525,000
Output
$
117,348,000 $
141,801,000 $
259,149,000
Women Owned/Led Jobs
1,096
959
2,055
Minority Owned/Led Jobs Earnings
191 $
Households Supported
18,679,000 $ 120
276 14,012,000 $ 174
467 32,691,000 294
State & Local Taxes Federal Taxes
$ $
1,221,000 $ 3,681,000 $
1,975,000 $ 2,992,000 $
3,196,000 6,673,000
Output
$
34,219,000 $
40,487,000 $
74,706,000
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Exited ESP Companies – Ohio 24 Exited companies are companies that were serviced or funded by the ESP Network and/or JumpStart and that were acquired or had an IPO in 2018. In 2018, Exited ESP Companies directly and indirectly generated an estimated
Exited ESP Companies In Ohio
$71 million of economic output in Ohio. These Exited ESP Companies supported an estimated 403 direct and indirect jobs 25 in Ohio. The jobs supported by the exited
403 jobs
companies had approximately $26 million of associated annual labor income, including benefits, and sustained an estimated 254
$26 million of annual labor income
households in Ohio. ESP companies that exited generated an estimated $3 million of state and local taxes
254 households supported
in Ohio and $6 million of federal taxes during 2018.
$3 million in annual state and local taxes
$6 million in annual federal taxes
$71 million of annual economic output
4 Exited companies in Ohio responded to a survey in 2018. 4 of these companies (100%) submitted adequate survey information for modelling. 24
25
Direct and indirect impacts are only calculable for modellable companies.
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Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Exited ESP Companies, Ohio Level Impact Details Direct
Indirect & Induced
Total
Total Jobs Earnings Households Supported State & Local Taxes
194 $ $
15,061,000 $ 122 1,640,000 $
209 10,767,000 $ 132 1,524,000 $
403 25,828,000 254 3,164,000
Federal Taxes
$
3,410,000 $
2,360,000 $
5,770,000
Output
$
36,848,000 $
33,758,000 $
70,606,000
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
4. Non-Tech Total Work Economic Impacts This section analyzes the economic impact of non-tech companies in Ohio and New York which JumpStart supported through funding and/or services in 2018. Non-Tech Total Work is comprised of the following three programs in the specified sub-geographies: •
Core City: Cleveland (Cuyahoga County)
•
KeyBank Business Boost & Build: New York (the State of New York)
•
The KeyBank Center for Technology, Innovation and Inclusive Growth (the State of Ohio)
This impact is also modelled for Minority Owned/Led and Women Owned/Led companies for all programs and geographies and the impact of Core City: Cleveland is modelled for the Impact Program. The impact of Core City: Cleveland in the City of Cleveland is modeled in the Appendix.
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Non-Tech Total Work – Ohio and New York 26 In 2018, companies supported by JumpStart’s and its Partners Non-Tech work directly and indirectly generated an estimated $127 million of economic output in the States of
Non-Tech Total Work in Ohio and New York
Ohio and New York. This output includes an estimated $105 million of economic output generated by Women Owned/Led companies and $36 million of output generated by Minority Owned/Led companies.
1,311 jobs
These Non-Tech companies supported an estimated 1,311 direct and indirect jobs 27 in Ohio and New York, 963 of which were
$44 million of annual labor income
connected with the economic activity of Women Owned/Led companies and 642 with the economic activity of Minority Owned/Led companies. JumpStart’s
The and
jobs its
supported
Partners
by
827 households supported
Non-Tech
programs and funding had approximately $44 million of associated annual labor
$7 million in annual state and local taxes
income, including benefits, and sustained an estimated 827 households in Ohio and New York. Companies that received Non-Tech services and funding from JumpStart and its Partners generated an estimated $7 million of state and local taxes in Ohio and New York and $9
$9 million in annual federal taxes $127 million of annual economic output
million of federal taxes during 2018.
26
787 companies supported by JumpStart and its Partners Non-Tech work in Ohio and New York responded
to a survey in 2018. 212 of these companies (27%) submitted adequate survey information for modelling. 27
Direct and indirect impacts are only calculable for modellable companies.
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Non-Tech Total Work, Ohio and New York Level Impact Details Indirect & Induced
Direct
Total
Total 960
Jobs
351
1,311
$
21,034,000 $ 605 3,051,000 $
23,251,000 $ 221 3,709,000 $
44,285,000 827 6,760,000
Federal Taxes
$
4,297,000 $
5,076,000 $
9,373,000
Output
$
67,241,000 $
59,635,000 $
126,876,000
Earnings Households Supported State & Local Taxes
$
Women Owned/Led Jobs
677
Earnings Households Supported State & Local Taxes
$
Federal Taxes Output
286
963
$
14,365,000 $ 427 2,456,000 $
19,217,000 $ 180 3,002,000 $
33,582,000 607 5,458,000
$
2,988,000 $
4,179,000 $
7,167,000
$
56,772,000 $
48,716,000 $
105,488,000
$
9,827,000 $
State & Local Taxes Federal Taxes
$ $
1,071,000 $ 1,889,000 $
1,097,000 $ 1,441,000 $
2,168,000 3,330,000
Output
$
18,303,000 $
17,256,000 $
35,559,000
Minority Owned/Led Jobs Earnings
538
Households Supported
339
104 6,502,000 $ 66
642 16,329,000 405
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
The following maps depict Non-Tech companies 28 served by JumpStart and its Partners in Ohio and New York by zip code.
Non-TECH Total Work, Ohio Companies Served
Non-TECH Total Work, New York Companies Served
28
Companies represented in the maps include all companies served, not just modellable companies.
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Core City: Cleveland Programs Core City: Cleveland offers free, one-on-one business advising services to any entrepreneur or small business owner who lives in the City of Cleveland or owns a business making an impact on the City of Cleveland. The program is supported by KeyBank Foundation, the Cleveland Foundation, and the City of Cleveland. Core City: Cleveland offers five primary types of technical assistance to companies, the majority of which are non-tech companies, as described below: •
One on One Client Meetings – JumpStart offers direct business advisory services including establishment of development milestones and plans for accessing resources and capital.
•
Core City Impact program – JumpStart offers a 12-week intensive business assistance course two times per year for revenue generating businesses. The program focuses on helping entrepreneurs develop financial projections, collaborate with peer companies, and craft a capital pitch. The Impact program culminates in an Entrepreneur Showcase Event which serves as a pitch competition for cash prizes.
•
Events – JumpStart hosts numerous events for non-tech entrepreneurs including a variety of workshops on business strategies and tips and open mic pitch nights.
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Core City: Cleveland – Cuyahoga County 29 In 2018, companies supported by Core City: Cleveland’s services and funding directly and indirectly generated an estimated $93 million of economic output in Cuyahoga County. This
Core City: Cleveland In Cuyahoga County
output includes an estimated $83 million of economic output generated by Women Owned/Led companies, $21 million of output generated
by
Minority
Owned/Led
companies, and $15 million generated by
835 jobs
Impact Program Participants. These
Core
City:
Cleveland
companies
supported an estimated 835 direct and
$33 million of annual labor income
indirect jobs 30 in Cuyahoga County, 667 of which were connected with the economic activity of Women Owned/Led companies, 440 with the economic activity of Minority
526 households supported
Owned/Led companies, and 186 with the economic
activity
of
Impact
Program
Participants. The jobs supported by Core City:
$3 million in annual state and local taxes
Cleveland’s programs had approximately $33 million of associated annual labor income, including
benefits,
and
sustained
an
estimated 526 households in Cuyahoga County. Cuyahoga County companies that received Core City: Cleveland services and funding
$6 million in annual federal taxes $93 million of annual economic output
from JumpStart generated an estimated $3 million of state and local taxes in Ohio and $6 million of federal taxes during 2018.
29
233 companies supported by Core City: Cleveland’s work in Cuyahoga County responded to a survey in
2018. 114 of these companies (49%) submitted adequate survey information for modelling. 30
Direct and indirect impacts are only calculable for modellable companies.
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Core City: Cleveland, Cuyahoga County Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
558 $ $
16,778,000 $ 352 1,219,000 $
277 16,530,000 $ 175 1,813,000 $
835 33,308,000 526 3,032,000
Federal Taxes
$
3,047,000 $
3,233,000 $
6,280,000
Output
$
49,436,000 $
43,537,000 $
92,973,000
Women Owned/Led Jobs
425
Earnings Households Supported State & Local Taxes
$
Federal Taxes Output
242
667
$
11,324,000 $ 268 971,000 $
14,650,000 $ 153 1,545,000 $
25,974,000 421 2,516,000
$
2,109,000 $
2,852,000 $
4,961,000
$
44,905,000 $
38,281,000 $
83,186,000
Minority Owned/Led Jobs Earnings
373
67
$
7,128,000 $
State & Local Taxes Federal Taxes
$ $
548,000 $ 1,244,000 $
472,000 $ 729,000 $
1,020,000 1,973,000
Output
$
10,974,000 $
10,059,000 $
21,033,000
Households Supported
235
3,619,000 $
440
42
10,747,000 277
Impact Program Jobs Earnings
142
44
$
4,569,000 $
State & Local Taxes Federal Taxes
$ $
488,000 $ 844,000 $
319,000 $ 487,000 $
807,000 1,331,000
Output
$
8,171,000 $
6,819,000 $
14,990,000
Households Supported
90
2,403,000 $
186
28
6,972,000 117
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
KeyBank Business Boost & Build Program In 2017, KeyBank Foundation partnered with JumpStart to launch the KeyBank Business Boost & Build program in Ohio and New York. The program was funded by a four-year $24M grant—the largest single financial award the foundation has ever made and the largest single grant ever received by JumpStart. The program is designed to stimulate economic growth and workforce development by fostering small business success in communities throughout Ohio and upstate New York. The funding was not available until the Spring of 2018, so the estimated 2018 annual outputs of $33 million in New York and $8 million in Ohio are reflective of only a partial year of program activity. In 2018, the first year of the program, 1,531 entrepreneurs and small business owners received assistance from the program. 100% of the KeyBank Business Boost & Build money is dedicated for non-profit grantmaking and technical assistance for clients. Beyond the economic and fiscal impacts of the KeyBank Business Boost & Build program, the program is providing access to capital for entrepreneurs of color. 70% of people serviced by the program are of color.
KeyBank Business Boost & Build: New York The KeyBank Business Boost & Build program currently operates in four regions in New York: Albany, Buffalo, Rochester, and Syracuse. The survey response data for the individual regions was not significant enough to model for 2018. As such, only an impact analysis at the State of New York level was completed for this report.
The KeyBank Center for Technology, Innovation and Inclusive Growth Funded by the KeyBank Business Boost & Build program, The KeyBank Center for Technology, Innovation and Inclusive Growth provides a variety of workforce and entrepreneurship resources to communities throughout Ohio. In 2018, survey data was gathered for the center’s operation in Dayton and Cincinnati regions. The survey response data for these individual regions was modeled for 2018. As such, only an impact analysis at the State of Ohio level was completed for this report.
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
KeyBank Business Boost & Build: New York 31 In 2018, companies supported by KeyBank Business Boost & Build: New York directly and indirectly generated an estimated $33 million of economic output in the State of New York. This output includes an estimated $23 million of economic
output
generated
by
KeyBank Business Boost & Build: New York In New York
Women
Owned/Led companies and $11 million of output generated by Minority Owned/Led companies. These companies supported an estimated
499 jobs
499 direct and indirect jobs 32 in New York, 349 of which were connected with the economic activity of Women Owned/Led
$18 million of annual labor income
companies and 167 with the economic activity of Minority Owned/Led companies. The jobs supported by KeyBank Business Boost & Build: New York’s programs and
315 households supported
funding had approximately $18 million of associated annual labor income, including benefits, and sustained an estimated 315
$3 million in annual state and local taxes
households in New York. Companies that received Boost and Build services and funding generated an estimated $3 million of state and local taxes in New York and $4 million of federal taxes during 2018.
$4 million in annual federal taxes
$33 million of annual economic output
410 companies supported by KeyBank Business Boost & Build: New York’s work in New York responded to a survey in 2018. 87 of these companies (21%) submitted adequate survey information for modelling.
31
32
Direct and indirect impacts are only calculable for modellable companies.
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
KeyBank Business Boost & Build: New York, New York Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
406 $ $
12,090,000 $ 256 1,428,000 $
93 6,250,000 $ 59 1,166,000 $
499 18,340,000 315 2,594,000
Federal Taxes
$
2,435,000 $
1,408,000 $
3,843,000
Output
$
16,947,000 $
16,162,000 $
33,109,000
Earnings Households Supported State & Local Taxes
$ $
9,797,000 $ 177 1,127,000 $
4,542,000 $ 43 869,000 $
14,339,000 220 1,996,000
Federal Taxes
$
1,978,000 $
1,028,000 $
3,006,000
Output
$
11,119,000 $
11,862,000 $
22,981,000
Women Owned/Led Jobs
281
68
349
Minority Owned/Led Jobs Earnings
138 $
Households Supported
2,768,000 $ 87
29 1,990,000 $ 18
167 4,758,000 105
State & Local Taxes Federal Taxes
$ $
352,000 $ 548,000 $
344,000 $ 442,000 $
696,000 990,000
Output
$
6,485,000 $
4,994,000 $
11,479,000
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
The KeyBank Center for Technology, Innovation and Inclusive Growth – Ohio 33 In 2018, companies supported by The KeyBank Center for Technology, Innovation and Inclusive
The KeyBank Center for Technology, Innovation and inclusive Growth in Ohio
Growth services and funding directly and indirectly generated an estimated $8 million of economic output in the State of Ohio. This output includes an estimated $7 million of economic
57 jobs
output generated by Women Owned/Led companies and $3 million of output generated by Minority Owned/Led companies. These KeyBank Center companies supported an
$3 million of annual labor income
estimated 57 direct and indirect jobs34 in Ohio, 39 of which were connected with the economic activity of Women Owned/Led companies and
36 households supported
37 with the economic activity of Minority Owned/Led companies. The jobs supported by the KeyBank Center’s programs and funding had approximately $3 million of associated
$600,000 in annual state and local taxes
annual labor income, including benefits, and sustained an estimated 36 households in Ohio. Ohio companies that received services and
$700,000 in annual federal taxes
funding from the KeyBank Center generated an estimated $600,000 of state and local taxes in Ohio and $700,000 of federal taxes during 2018.
$8 million of annual economic output
123 companies supported by The KeyBank Center for Technology, Innovation and Inclusive Growth’s work in Ohio responded to a survey in 2018. 10 of these companies (8%) submitted adequate survey information for modelling. 33
34
Direct and indirect impacts are only calculable for modellable companies.
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Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
The KeyBank Center for Technology, Innovation and Inclusive Growth, Ohio Level Impact Details Indirect & Induced
Direct
Total
Total 30
Jobs $
1,900,000 $ 19 406,000 $
27 1,368,000 $ 17 200,000 $
57 3,268,000 36 606,000
Earnings Households Supported State & Local Taxes
$
Federal Taxes
$
401,000 $
295,000 $
696,000
Output
$
4,371,000 $
3,971,000 $
8,342,000
Women Owned/Led Jobs Earnings Households Supported State & Local Taxes Federal Taxes Output
15 $
24
39
$
1,685,000 $ 9 379,000 $
1,194,000 $ 15 174,000 $
2,879,000 25 553,000
$
361,000 $
257,000 $
618,000
$
3,880,000 $
3,458,000 $
7,338,000
$
816,000 $
State & Local Taxes Federal Taxes
$ $
77,000 $ 150,000 $
75,000 $ 105,000 $
152,000 255,000
Output
$
1,359,000 $
1,463,000 $
2,822,000
Minority Owned/Led Jobs Earnings
27
Households Supported
17
10 498,000 $ 6
37 1,314,000 23
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JumpStart Intermediary Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
5. JumpStart Intermediary Partners Total Work Economic Impacts This section summarizes the estimated economic impact of companies (both tech and nontech focused) that have received funding and/or business assistance from one of the many partner organizations JumpStart works with through its intermediary work. JumpStart Intermediary Partners Total Work is comprised of the following: •
KeyBank Business Boost & Build: New York (the State of New York)
•
The KeyBank Center for Technology, Innovation and Inclusive Growth (the State of Ohio)
•
Network Serviced Companies (the State of Ohio)
See section 4. Non-Tech Total Work Economic Impacts for program details on KeyBank Business Boost & Build: New York and the KeyBank Center for Technology, Innovation and Inclusive Growth. See section 3. Tech ESP Total Work Economic Impacts for program details on Network Serviced Companies.
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JumpStart Intermediary Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Intermediary Partners Total Work 35 In 2018, companies supported by JumpStart Intermediary Partners directly and indirectly generated an estimated $757 million of economic output in the States of Ohio and New York. This output includes an estimated $329
JumpStart Intermediary Partners Total Work in Ohio and New York
million of economic output generated by Women Owned/Led companies and $105 million of output generated by Minority Owned/Led companies.
5,475 jobs
These companies supported an estimated 5,475 direct and indirect jobs 36 in Ohio and New York, 2,805 of which were connected with the economic activity
$344 million of annual labor income
of Women
Owned/Led companies and 691 with the economic activity of Minority Owned/Led companies. The jobs supported by JumpStart Intermediary Partners’ programs and funding had approximately $344 million of associated annual labor income, including benefits, and
3,452 households supported
$49 million in annual state and local taxes
sustained an estimated 3,452 households in Ohio
and
New
York.
Companies
that
JumpStart Intermediary Partners’ services
$74 million in annual federal taxes
and funding generated an estimated $49 million of state and local taxes in New York and $74 million of federal taxes during 2018.
$757 million of annual economic output
1,029 companies supported by JumpStart Intermediary Partners in Ohio and New York responded to a survey in 2018. 371 of these companies (36%) submitted adequate survey information for modelling.
35
36
Direct and indirect impacts are only calculable for modellable companies.
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JumpStart Intermediary Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Intermediary Partners Work: New York, Ohio and New York Level Impact Details Indirect & Induced
Direct
Total
Total 3,350
Jobs Earnings Households Supported State & Local Taxes
$ $
205,651,000 $ 2,112 25,036,000 $
2,125 138,609,000 $ 1,340 23,901,000 $
5,475 344,260,000 3,452 48,937,000
Federal Taxes
$
42,918,000 $
30,726,000 $
73,644,000
Output
$
388,641,000 $
368,721,000 $
757,362,000
Women Owned/Led Jobs
1,800
Earnings Households Supported State & Local Taxes
$
Federal Taxes Output
1,005
2,805
$
112,524,000 $ 1,135 11,713,000 $
63,859,000 $ 634 11,202,000 $
176,383,000 1,768 22,915,000
$
22,918,000 $
14,185,000 $
37,103,000
$
159,088,000 $
169,577,000 $
328,665,000
$
18,927,000 $
State & Local Taxes Federal Taxes
$ $
2,314,000 $ 3,893,000 $
2,962,000 $ 4,078,000 $
5,276,000 7,971,000
Output
$
57,165,000 $
48,120,000 $
105,285,000
Minority Owned/Led Jobs Earnings
416
Households Supported
262
275 18,701,000 $ 173
691 37,628,000 436
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JumpStart Intermediary Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
The following maps depict companies 37 served by JumpStart Intermediary Partners in Ohio and New York by zip code.
JumpStart Intermediary Partners Work, Ohio Companies Served
JumpStart Intermediary Partners Work, New York Companies Served
37
Companies represented in the maps include all companies served, not just modellable companies.
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Leadership Participation │ JumpStart 2018 Economic Impact Report
Leadership Participation This study was made possible by the participation of JumpStart leadership, whose participation is sincerely appreciated. The names of some of the people who contributed to this report appear below. Name
Title
Cathy Haley Kara Liz
Belk
Laura Jerry Kendra Patricia Ray Lamont Lorne Tamika Gayle Nicole Gloria Nick
Desmond Frantz Gardiner Grospiron Leach Mackley
Burk Carter Crowe
Novick Otis Pekkola Sims Ware Worner
President Manager, Advancement Senior Partner, Corporate & Community Relations Data Analytics Manager Senior Partner, Advancement Senior Managing Partner, Entrepreneurial Services & Investing Chief of Staff Senior Partner, Network Management Chief Executive Officer Partner, Core City Services & Outreach Senior Partner, Services & Deal Flow Management Program Manager for KeyBank Business Boost & Build Program Senior Partner, Marketing & Communications Partner, Inclusion Initiatives Director, KeyBank Center for Technology, Innovation & Inclusive Growth Senior Manager, Communications
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Study Methodology │ JumpStart 2018 Economic Impact Report
Study Methodology Terminology A Direct effect describes an initial, or first-round 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. A positive Direct effect causes increased purchases within the economy being modeled, as well as “leakage” of economic activity out of the economy being studied in the form of imports into the economy from other areas outside the economy. Generally speaking, Direct describes activity attributable to the economic activity being modeled (in this case the operations of companies served by JumpStart and its Partners). In this report, direct jobs include both those employed and employed as contractors by the companies served by JumpStart and its Partners. Direct jobs are quantified based on survey response data provided by companies. Indirect effects represent changes in the industries that provide goods and services to the economic activity being modeled (e.g. suppliers, service providers, etc.). Indirect effects occur in a repeating cycle but diminish in each round as economic activity “leaks” from the region being modeled. Indirect effects cease when the last dollar of economic activity leaks from the economy being studied. Indirect effects are estimated using IMPLAN. Induced effects represent the impact of changes in household spending resulting from the Direct and Indirect effects. Like Indirect effects, Induced effects occur in repeating cycles, but diminish in each round as economic activity “leaks” from the region being modeled. Induced effects cease when the last dollar of economic activity leaks from the economy being studied. Induced effects are estimated using IMPLAN. For ease of presentation, in this report, Induced effects are combined with Indirect effects and referred to simply as Indirect. Total Impact refers to the final cumulative result of all rounds of Direct, Indirect and Induced economic activity.
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Study Methodology │ JumpStart 2018 Economic Impact Report
About IMPLAN Portions of this analysis were completed using the IMPLAN (IMpact Analysis for PLANning) economic impact modeling system. IMPLAN is a general input-output model that was originally developed by the U.S. Forest Service in the 1970’s and is now one of the most respected and widely used approaches to regional economic impact analysis. IMPLAN is used by more than 1,000 universities, government agencies, and consultants to estimate the economic and fiscal impacts of investments and/or changes in one or more industries. Data underlying the IMPLAN model is derived from industry surveys conducted periodically by the U.S. Bureau of Economic Analysis (BEA), as well as other sources.
About Silverlode Consulting Silverlode Consulting was founded in 2002 by two leaders of Ernst & Young’s and Pricewaterhouse Coopers’ consulting practices. As a national leader in the field of economic impact analysis, we have helped hundreds of organizations, ranging from non-profit arts groups to multi-national corporations, to measure their impacts on their communities and communicate those impacts to their stakeholders. By meticulously estimating and effectively communicating the direct, indirect, and induced jobs, earnings, taxes and other impacts of projects, the presence of an organization, or an investment in a community, our work has helped clients to gain approvals, secure funding, and positively shift public opinion. More information about our firm and our work in the area of economic impact analysis can be found on our website at www.silverlodeconsulting.com.
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Study Methodology │ JumpStart 2018 Economic Impact Report
The table below provides a reference of definitions for the items included in the summary tables and infographics of this report.
Direct
Indirect and Induced
Jobs
Jobs directly engaged in the activity being analyzed.
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).
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.
Output
IMPLAN estimate of the total value of goods and services produced by the activity being modeled. Output often represents sales or revenue associated with this activity.
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.
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.
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Study Methodology │ JumpStart 2018 Economic Impact Report
Appendix – Additional Geographies
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APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
APPENDIX 1: JumpStart + Partners Total Work Economic Impacts
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APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work – Ohio 38 In 2018, companies supported by JumpStart and its Partners’ services and funding directly and indirectly generated an estimated $953 million of economic output in the State of
JumpStart + Partners Total Work in Ohio
Ohio. This output includes an estimated $446 million of economic output generated by Women Owned/Led companies and $135 million
of
output
generated
by
Minority
Owned/Led companies.
7,199 jobs
These JumpStart + Partners Total Work companies supported an estimated 7,199 direct and indirect jobs
39
in Ohio, 3,939 of
$458 million of annual labor income
which were connected with the economic activity of Women Owned/Led companies and 1,213 with the economic activity of Minority Owned/Led companies. The jobs
4,539 households supported
supported by JumpStart and its Partners’ programs and funding had approximately $458 million of associated annual labor
$50 million in annual state and local taxes
income, including benefits, and sustained an estimated 4,539 households in Ohio. Companies
that
received
services
and
funding from JumpStart and its Partners generated an estimated $50 million of state and local taxes in Ohio and $94 million of federal taxes during 2018.
38
$94 million in annual federal taxes $953 million of annual economic output
912 companies supported by JumpStart + Partners work in Ohio responded to a survey in 2018. 323 of
these companies (35%) submitted adequate survey information for modelling. 39
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work, Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
3,825 $ $
290,415,000 $ 2,411 24,573,000 $
3,374 167,558,000 $ 2,127 25,552,000 $
7,199 457,973,000 4,539 50,125,000
Federal Taxes
$
57,854,000 $
36,330,000 $
94,184,000
Output
$
454,944,000 $
497,675,000 $
952,619,000
Earnings Households Supported State & Local Taxes
$ $
161,201,000 $ 1,420 12,161,000 $
82,731,000 $ 1,064 12,753,000 $
243,932,000 2,483 24,914,000
Federal Taxes
$
31,872,000 $
17,995,000 $
49,867,000
Output
$
199,383,000 $
246,759,000 $
446,142,000
Women Owned/Led Jobs
2,252
1,687
3,939
Minority Owned/Led Jobs Earnings
713 $
Households Supported
39,540,000 $ 450
500 24,967,000 $ 315
1,213 64,507,000 765
State & Local Taxes Federal Taxes
$ $
2,674,000 $ 7,641,000 $
3,665,000 $ 5,368,000 $
6,339,000 13,009,000
Output
$
62,253,000 $
72,914,000 $
135,167,000
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APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work – Northeast Ohio 40 In 2018, companies supported by JumpStart and its Partners’ services and funding directly and indirectly generated an estimated $860 million of economic output in Northeast Ohio.
JumpStart + Partners Total Work in Northeast Ohio
This output includes an estimated $406 million of economic output generated by Women Owned/Led companies and $105 million
of
output
generated
by
Minority
Owned/Led companies.
6,216 jobs
These JumpStart + Partners Total Work companies supported an estimated 6,216 direct and indirect jobs
41
in Northeast Ohio,
$388 million of annual labor income
3,351 of which were connected with the economic activity of Women Owned/Led companies and 715 with the economic activity of Minority Owned/Led companies. The jobs supported by JumpStart and its Partners’
programs
and
funding
had
approximately $388 million of associated
3,919 households supported $45 million in annual state and local taxes
annual labor income, including benefits, and sustained an estimated 3,919 households in Northeast Ohio. Northeast Ohio companies that received services and funding from JumpStart and its Partners generated an estimated $45 million of state and local taxes in Ohio and $81
$81 million in annual federal taxes $860 million of annual economic output
million of federal taxes during 2018.
40
761 companies supported by JumpStart + Partners work in Northeast Ohio responded to a survey in
2018. 296 of these companies (39%) submitted adequate survey information for modelling. 41
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work, Northeast Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
3,222 $ $
242,214,000 $ 2,031 22,735,000 $
2,994 145,445,000 $ 1,888 22,598,000 $
6,216 387,659,000 3,919 45,333,000
Federal Taxes
$
49,436,000 $
31,873,000 $
81,309,000
Output
$
425,748,000 $
434,131,000 $
859,879,000
Earnings Households Supported State & Local Taxes
$ $
133,725,000 $ 1,164 11,317,000 $
72,252,000 $ 948 11,275,000 $
205,977,000 2,113 22,592,000
Federal Taxes
$
26,981,000 $
15,883,000 $
42,864,000
Output
$
188,829,000 $
216,720,000 $
405,549,000
Women Owned/Led Jobs
1,847
1,504
3,351
Minority Owned/Led Jobs Earnings
361 $
Households Supported
20,592,000 $ 228
354 17,526,000 $ 223
715 38,118,000 451
State & Local Taxes Federal Taxes
$ $
1,917,000 $ 4,049,000 $
2,523,000 $ 3,785,000 $
4,440,000 7,834,000
Output
$
54,176,000 $
50,836,000 $
105,012,000
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APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work – Cuyahoga County 42 In 2018, companies supported by JumpStart and its Partners’ services and funding directly and indirectly generated an estimated $493 million of economic output in Cuyahoga County. This
JumpStart + Partners Total Work in Cuyahoga County
output includes an estimated $279 million of economic
output
generated
by
Women
Owned/Led companies and $26 million of output generated by Minority Owned/Led companies. These JumpStart + Partners Total Work
3,683 jobs
companies supported an estimated 3,683 direct and indirect jobs 43 in Cuyahoga County, 2,301 of which were connected with the
$261 million of annual labor income
economic activity of Women Owned/Led companies and 295 with the economic activity of Minority Owned/Led companies. The jobs supported by JumpStart and its Partners’
programs
and
funding
2,322 households supported
had
approximately $261 million of associated annual labor income, including benefits, and
$27 million in annual state and local taxes
sustained an estimated 2,322 households in Cuyahoga
County.
Cuyahoga
County
companies that received services and funding from JumpStart and its Partners generated an estimated $27 million of state and local taxes in Cuyahoga County and $49 million of federal taxes during 2018.
42
$49 million in annual federal taxes $493 million of annual economic output
483 companies supported by JumpStart + Partners work in Cuyahoga County responded to a survey in
2018. 151 of these companies (31%) submitted adequate survey information for modelling. 43
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work, Cuyahoga County Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
2,205 $ $
177,693,000 $ 1,390 15,394,000 $
1,478 82,843,000 $ 932 11,120,000 $
3,683 260,536,000 2,322 26,514,000
Federal Taxes
$
32,594,000 $
16,623,000 $
49,217,000
Output
$
265,386,000 $
227,842,000 $
493,228,000
Earnings Households Supported State & Local Taxes
$ $
107,212,000 $ 897 8,918,000 $
48,823,000 $ 554 6,480,000 $
156,035,000 1,451 15,398,000
Federal Taxes
$
19,935,000 $
9,831,000 $
29,766,000
Output
$
144,040,000 $
135,448,000 $
279,488,000
Women Owned/Led Jobs
1,423
878
2,301
Minority Owned/Led Jobs Earnings
206 $
Households Supported
7,637,000 $ 130
89 4,829,000 $ 56
295 12,466,000 186
State & Local Taxes Federal Taxes
$ $
443,000 $ 1,331,000 $
575,000 $ 951,000 $
1,018,000 2,282,000
Output
$
13,720,000 $
12,627,000 $
26,347,000
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APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work – Cleveland 44 In 2018, companies supported by JumpStart and its Partners’ services and funding directly and indirectly generated an estimated $165 million of economic output in the City of
JumpStart + Partners Total Work in Cleveland
Cleveland. This output includes an estimated $94 million of economic output generated by Women Owned/Led companies and $9 million of output generated by Minority Owned/Led companies.
1,537 jobs
These JumpStart + Partners Total Work companies supported an estimated 1,537 direct and indirect jobs
45
in Cleveland, 984 of
$105 million of annual labor income
which were connected with the economic activity of Women Owned/Led companies and 176 with the economic activity of Minority Owned/Led companies. The jobs supported by JumpStart and its Partners’ programs and funding had approximately $105 million of associated annual labor income, including
969 households supported $9 million in annual state and local taxes
benefits, and sustained an estimated 969 households in Cleveland. Cleveland companies that received services and funding from JumpStart and its Partners generated an estimated $9 million of state and local taxes in Ohio and $16 million of federal taxes during 2018.
44
$16 million in annual federal taxes $165 million of annual economic output
249 companies supported by JumpStart + Partners work in Cleveland responded to a survey in 2018. 76
of these companies (31%) submitted adequate survey information for modelling. 45
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work, Cleveland Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
1,217 $ $
87,415,000 $ 767 7,173,000 $
320 17,739,000 $ 202 1,846,000 $
1,537 105,154,000 969 9,019,000
Federal Taxes
$
12,713,000 $
2,825,000 $
15,538,000
Output
$
115,474,000 $
49,945,000 $
165,419,000
Earnings Households Supported State & Local Taxes
$ $
58,723,000 $ 501 3,250,000 $
10,247,000 $ 120 1,088,000 $
68,970,000 620 4,338,000
Federal Taxes
$
8,398,000 $
1,651,000 $
10,049,000
Output
$
64,445,000 $
29,237,000 $
93,682,000
Women Owned/Led Jobs
794
190
984
Minority Owned/Led Jobs Earnings
155 $
Households Supported
3,989,000 $ 98
21 1,139,000 $ 13
176 5,128,000 111
State & Local Taxes Federal Taxes
$ $
166,000 $ 531,000 $
104,000 $ 178,000 $
270,000 709,000
Output
$
5,818,000 $
3,024,000 $
8,842,000
70 | P a g e
APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work – New York 46 In 2018, companies supported by JumpStart and its Partners’ services and funding (all of which was attributable to KeyBank Business Boost & Build:
New
York)
directly
and
indirectly
JumpStart + Partners Total Work In New York
generated an estimated $33 million of economic output in the State of New York. This output includes an estimated $23 million of economic output generated by Women Owned/Led companies and $11 million of output generated
499 jobs
by Minority Owned/Led companies. These JumpStart + Partners Total Work companies supported an estimated 499 direct
$18 million of annual labor income
and indirect jobs47 in New York, 349 of which were connected with the economic activity of Women Owned/Led companies and 167 with the economic activity of Minority Owned/Led companies. The jobs supported by JumpStart and its Partners’ programs and funding had approximately $18 million of associated annual
315 households supported $3 million in annual state and local taxes
labor income, including benefits, and sustained an estimated 315 households in New York. Companies that received services and funding
$4 million in annual federal taxes
from JumpStart and its Partners generated an estimated $3 million of state and local taxes in New York and $4 million of federal taxes during 2018.
46
$33 million of annual economic output
410 companies supported by JumpStart + Partners work in New York responded to a survey in 2018. 87
of these companies (21%) submitted adequate survey information for modelling. 47
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 1: JumpStart + Partners Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart + Partners Total Work, New York Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
406 $ $
12,090,000 $ 256 1,428,000 $
93 6,250,000 $ 59 1,166,000 $
499 18,340,000 315 2,594,000
Federal Taxes
$
2,435,000 $
1,408,000 $
3,843,000
Output
$
16,947,000 $
16,162,000 $
33,109,000
Earnings Households Supported State & Local Taxes
$ $
9,797,000 $ 177 1,127,000 $
4,542,000 $ 43 869,000 $
14,339,000 220 1,996,000
Federal Taxes
$
1,978,000 $
1,028,000 $
3,006,000
Output
$
11,119,000 $
11,862,000 $
22,981,000
Women Owned/Led Jobs
281
68
349
Minority Owned/Led Jobs Earnings
138 $
Households Supported
2,768,000 $ 87
29 1,990,000 $ 18
167 4,758,000 105
State & Local Taxes Federal Taxes
$ $
352,000 $ 548,000 $
344,000 $ 442,000 $
696,000 990,000
Output
$
6,485,000 $
4,994,000 $
11,479,000
72 | P a g e
APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
APPENDIX 2: Tech ESP Total Work Economic Impacts
73 | P a g e
APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Tech ESP Total Work – Northeast Ohio 48 In 2018, companies supported by JumpStart and its Partners’ Tech ESP services and funding directly and indirectly generated an estimated $841 million of economic output in Northeast
Tech ESP Total Work In Northeast Ohio
Ohio. This output includes an estimated $398 million of economic output generated by Women Owned/Led companies and $99 million of output generated by Minority Owned/Led companies. These ESP Tech companies supported an
6,032 jobs
estimated 6,032 direct and indirect jobs49 in Northeast Ohio, 3,261 of which were connected with
the
economic
activity
of
Women
$378 million of annual labor income
Owned/Led companies and 655 with the economic
activity
of
Minority
Owned/Led
companies. The jobs supported by the ESP programs and funding had approximately $378
3,803 households supported
million of associated annual labor income, including benefits, and sustained an estimated 3,803 households in Northeast Ohio.
$45 million in annual state and local taxes
Northeast Ohio companies that received Tech ESP services and funding from JumpStart and its Partners generated an estimated $45 million of
$79 million in annual federal taxes
state and local taxes in Ohio and $79 million of federal taxes during 2018.
48
$841 million of annual economic output
496 companies supported by JumpStart + Partners Tech ESP work in Northeast Ohio responded to a survey in
2018. 285 of these companies (57%) submitted adequate survey information for modelling. 49
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Tech ESP Total Work, Northeast Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
3,114 $ $
235,969,000 $ 1,963 22,429,000 $
2,918 141,905,000 $ 1,840 22,074,000 $
6,032 377,874,000 3,803 44,503,000
Federal Taxes
$
48,330,000 $
31,103,000 $
79,433,000
Output
$
416,932,000 $
423,803,000 $
840,735,000
Earnings Households Supported State & Local Taxes
$ $
131,154,000 $ 1,126 11,163,000 $
70,915,000 $ 930 11,066,000 $
202,069,000 2,056 22,229,000
Federal Taxes
$
26,508,000 $
15,588,000 $
42,096,000
Output
$
185,134,000 $
212,726,000 $
397,860,000
Women Owned/Led Jobs
1,786
1,475
3,261
Minority Owned/Led Jobs Earnings
323 $
Households Supported
19,491,000 $ 204
332 16,466,000 $ 209
655 35,957,000 413
State & Local Taxes Federal Taxes
$ $
1,835,000 $ 3,854,000 $
2,380,000 $ 3,558,000 $
4,215,000 7,412,000
Output
$
50,999,000 $
47,816,000 $
98,815,000
75 | P a g e
APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Tech ESP Total Work – Cuyahoga County 50 In 2018, companies supported by JumpStart and its Partners’ Tech ESP services and funding directly and indirectly generated an estimated $479 million of economic output in Cuyahoga County. This output includes an
Tech ESP Total Work In Cuyahoga County
estimated $275 million of economic output generated by Women Owned/Led companies and $21 million of output generated by Minority Owned/Led companies.
3,541 jobs
These ESP Tech companies supported an estimated 3,541 direct and indirect jobs 51 in Cuyahoga County, 2,240 of which were connected with the economic activity of
$252 million of annual labor income
Women Owned/Led companies and 240 with the economic activity of Minority Owned/Led companies. The jobs supported by the ESP
2,232 households supported
programs and funding had approximately $252 million of associated annual labor income, including benefits, and sustained an estimated 2,232 households in Cuyahoga
$26 million in annual state and local taxes
County. Cuyahoga County companies that received Tech
ESP
services
and
funding
from
JumpStart and its Partners generated an estimated $26 million of state and local taxes in Ohio and $48 million of federal taxes during
$48 million in annual federal taxes $479 million of annual economic output
2018.
50
239 companies supported by JumpStart + Partners Tech ESP work in Cuyahoga County responded to a survey
in 2018. 146 of these companies (61%) submitted adequate survey information for modelling. 51
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Tech ESP Total Work, Cuyahoga County Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
2,112 $ $
172,028,000 $ 1,331 15,135,000 $
1,429 80,208,000 $ 901 10,788,000 $
3,541 252,236,000 2,232 25,923,000
Federal Taxes
$
31,679,000 $
16,099,000 $
47,778,000
Output
$
257,917,000 $
220,714,000 $
478,631,000
Earnings Households Supported State & Local Taxes
$ $
105,056,000 $ 868 8,799,000 $
48,026,000 $ 544 6,366,000 $
153,082,000 1,412 15,165,000
Federal Taxes
$
19,573,000 $
9,668,000 $
29,241,000
Output
$
141,526,000 $
133,163,000 $
274,689,000
Women Owned/Led Jobs
1,377
863
2,240
Minority Owned/Led Jobs Earnings
168 $
Households Supported
6,785,000 $ 106
72 3,868,000 $ 45
240 10,653,000 151
State & Local Taxes Federal Taxes
$ $
364,000 $ 1,176,000 $
472,000 $ 764,000 $
836,000 1,940,000
Output
$
10,521,000 $
10,120,000 $
20,641,000
77 | P a g e
APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Tech ESP Total Work – Cleveland 52 In 2018, companies supported by JumpStart and its Partners’ Tech ESP services and funding directly and indirectly generated an estimated $156 million of economic output in the City of Cleveland. This output includes an
Tech ESP Total Work In Cleveland
estimated $92 million of economic output generated by Women Owned/Led companies and $4 million of output generated by Minority Owned/Led companies.
1,443 jobs
These ESP Tech companies supported an estimated 1,443 direct and indirect jobs 53 in the City of Cleveland, 950 of which were
$100 million of annual labor income
connected with the economic activity of Women Owned/Led companies and 129 with the economic activity of Minority Owned/Led companies. The jobs supported by the ESP
910 households supported
programs and funding had approximately $100 million of associated annual labor income, including benefits, and sustained an estimated 910 households. Cleveland companies that received Tech ESP services and funding from JumpStart and its Partners generated an estimated $9 million of state and local taxes in Ohio and $15 million of federal taxes during 2018.
52
$9 million in annual state and local taxes
$15 million in annual federal taxes $156 million of annual economic output
113 companies supported by JumpStart + Partners Tech ESP work in Cleveland responded to a survey in
2018. 72 of these companies (64%) submitted adequate survey information for modelling. 53
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Tech ESP Total Work, Cleveland Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
1,143 $ $
83,399,000 $ 721 7,031,000 $
300 16,647,000 $ 189 1,742,000 $
1,443 100,046,000 910 8,773,000
Federal Taxes
$
12,204,000 $
2,655,000 $
14,859,000
Output
$
109,340,000 $
47,012,000 $
156,352,000
Earnings Households Supported State & Local Taxes
$ $
58,291,000 $ 481 3,210,000 $
10,101,000 $ 118 1,072,000 $
68,392,000 599 4,282,000
Federal Taxes
$
8,337,000 $
1,626,000 $
9,963,000
Output
$
63,267,000 $
28,794,000 $
92,061,000
Women Owned/Led Jobs
763
187
950
Minority Owned/Led Jobs Earnings
117 $
Households Supported
3,137,000 $ 74
12 632,000 $ 8
129 3,769,000 81
State & Local Taxes Federal Taxes
$ $
98,000 $ 409,000 $
63,000 $ 100,000 $
161,000 509,000
Output
$
2,619,000 $
1,670,000 $
4,289,000
79 | P a g e
APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Serviced Companies – Northeast Ohio 54 In 2018, companies supported by JumpStart services directly and indirectly generated an estimated $689 million of economic output in Northeast Ohio. This output includes an estimated $322 million of economic output
JumpStart Serviced Companies In Northeast Ohio
generated by Women Owned/Led companies and $75 million of output generated by Minority Owned/Led companies. These
JumpStart
Serviced
Companies
4,987 jobs
supported an estimated 4,987 direct and indirect jobs 55 in Northeast Ohio, 2,726 of which were connected with the economic
$309 million of annual labor income
activity of Women Owned/Led companies and 546 with the economic activity of Minority Owned/Led companies. The jobs supported by the JumpStart Serviced Companies had
3,144 households supported
approximately $309 million of associated annual labor income, including benefits, and sustained an estimated 3,144 households in
$35 million in annual state and local taxes
Northeast Ohio. Northeast Ohio companies that received JumpStart services generated an estimated
$65 million in annual federal taxes
$35 million of state and local taxes in Ohio and $65 million of federal taxes during 2018.
$689 million of annual economic output
371 companies supported by JumpStart services in Northeast Ohio responded to a survey in 2018. 228 of these companies (61%) submitted adequate survey information for modelling.
54
55
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Serviced Companies, Northeast Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
2,590 $ $
192,114,000 $ 1,633 16,671,000 $
2,397 116,787,000 $ 1,511 18,113,000 $
4,987 308,901,000 3,144 34,784,000
Federal Taxes
$
39,417,000 $
25,595,000 $
65,012,000
Output
$
339,907,000 $
349,351,000 $
689,258,000
Earnings Households Supported State & Local Taxes
$ $
108,577,000 $ 961 7,392,000 $
57,782,000 $ 757 9,028,000 $
166,359,000 1,719 16,420,000
Federal Taxes
$
21,781,000 $
12,712,000 $
34,493,000
Output
$
147,606,000 $
173,971,000 $
321,577,000
Women Owned/Led Jobs
1,525
1,201
2,726
Minority Owned/Led Jobs Earnings
265 $
Households Supported
16,329,000 $ 167
281 13,658,000 $ 177
546 29,987,000 344
State & Local Taxes Federal Taxes
$ $
1,183,000 $ 3,223,000 $
1,920,000 $ 2,943,000 $
3,103,000 6,166,000
Output
$
35,304,000 $
39,297,000 $
74,601,000
81 | P a g e
APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Funded Companies – Northeast Ohio 56 In 2018, companies supported by JumpStart funding directly and indirectly generated an estimated $398 million of economic output in Northeast Ohio. This output includes an estimated $227 million of economic output
JumpStart Funded Companies In Northeast Ohio
generated by Women Owned/Led companies and $47 million of output generated by Minority Owned/Led companies. These
JumpStart
Funded
Companies
2,577 jobs
supported an estimated 2,577 direct and indirect jobs 57 in Northeast Ohio, 1,675 of which were connected with the economic
$176 million of annual labor income
activity of Women Owned/Led companies and 250 with the economic activity of Minority Owned/Led companies. The jobs supported by the JumpStart Funded Companies had
1,625 households supported
approximately $176 million of associated annual labor income, including benefits, and sustained an estimated 1,625 households in
$19 million in annual state and local taxes
Northeast Ohio. Northeast Ohio companies that received JumpStart funding generated an estimated $19 million of state and local taxes in Ohio and $37 million of federal taxes during 2018.
$37 million in annual federal taxes $398 million of annual economic output
47 companies supported by JumpStart funding in Northeast Ohio responded to a survey in 2018. 44 of these companies (94%) submitted adequate survey information for modelling.
56
57
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
JumpStart Funded Companies, Northeast Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
1,172 $ $
107,006,000 $ 739 8,822,000 $
1,405 68,877,000 $ 886 10,591,000 $
2,577 175,883,000 1,625 19,413,000
Federal Taxes
$
22,120,000 $
15,109,000 $
37,229,000
Output
$
191,111,000 $
206,858,000 $
397,969,000
Earnings Households Supported State & Local Taxes
$ $
71,552,000 $ 528 5,429,000 $
40,459,000 $ 528 6,225,000 $
112,011,000 1,056 11,654,000
Federal Taxes
$
14,706,000 $
8,904,000 $
23,610,000
Output
$
105,092,000 $
122,117,000 $
227,209,000
Women Owned/Led Jobs
838
837
1,675
Minority Owned/Led Jobs Earnings
75 $
Households Supported
8,617,000 $ 47
175 8,647,000 $ 110
250 17,264,000 158
State & Local Taxes Federal Taxes
$ $
713,000 $ 1,726,000 $
1,180,000 $ 1,853,000 $
1,893,000 3,579,000
Output
$
22,498,000 $
24,889,000 $
47,387,000
83 | P a g e
APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Network Funded Companies – Northeast Ohio 58 In 2018, companies funded by ESP Network directly and indirectly generated an estimated $516 million of economic output in Northeast Ohio. This output includes an estimated $237 million of economic output generated by
Network Funded Companies In Northeast Ohio
Women Owned/Led companies and $58 million of output generated by Minority Owned/Led companies. These Network Funded Companies supported
3,353 jobs
an estimated 3,353 direct and indirect jobs 59 in Northeast Ohio, 1,911 of which were connected with the economic activity of
$219 million of annual labor income
Women Owned/Led companies and 312 with the economic activity of Minority Owned/Led companies. The jobs supported by the Network
Funded
Companies
had
2,114 households supported
approximately $219 million of associated annual labor income, including benefits, and sustained an estimated 2,114 households in
$26 million in annual state and local taxes
Northeast Ohio. Companies
that
received
ESP
Network
funding generated an estimated $26 million of state and local taxes in Ohio and $47 million of federal taxes during 2018.
$47 million in annual federal taxes $516 million of annual economic output
148 companies supported by Network ESP funding in Northeast Ohio responded to a survey in 2018. 114 of these companies (77%) submitted adequate survey information for modelling.
58
59
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Network Funded Companies, Northeast Ohio Level Impact Details Indirect & Induced
Direct
Total
Total Jobs Earnings Households Supported State & Local Taxes
1,618 $ $
133,172,000 $ 1,020 13,092,000 $
1,735 85,438,000 $ 1,094 13,194,000 $
3,353 218,610,000 2,114 26,286,000
Federal Taxes
$
28,033,000 $
18,720,000 $
46,753,000
Output
$
259,621,000 $
256,108,000 $
515,729,000
Earnings Households Supported State & Local Taxes
$ $
81,188,000 $ 640 5,844,000 $
43,033,000 $ 565 6,709,000 $
124,221,000 1,205 12,553,000
Federal Taxes
$
16,532,000 $
9,483,000 $
26,015,000
Output
$
106,871,000 $
130,313,000 $
237,184,000
Women Owned/Led Jobs
1,015
896
1,911
Minority Owned/Led Jobs Earnings
108 $
Households Supported
10,267,000 $ 68
204 10,205,000 $ 129
312 20,472,000 197
State & Local Taxes Federal Taxes
$ $
833,000 $ 2,067,000 $
1,422,000 $ 2,190,000 $
2,255,000 4,257,000
Output
$
28,211,000 $
29,441,000 $
57,652,000
85 | P a g e
APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Exited ESP Companies – Northeast Ohio 60 Exited ESP companies are companies that were acquired or had an IPO. In 2018, Exited Companies directly and indirectly generated an estimated $63 million of economic output in Northeast Ohio. These
Exited
Companies
supported
Exited ESP Companies In Northeast Ohio
an
estimated 341 direct and indirect jobs in Northeast Ohio. The jobs supported by the exited companies had approximately $21
341 jobs
million of associated annual labor income, including
benefits,
and
sustained
an
estimated 215 households in Northeast Ohio. Northeast
Ohio
companies
that
$21 million of annual labor income
exited
generated an estimated $3 million of state and local taxes in Ohio and $5 million of
215 households supported
federal taxes during 2018.
$3 million in annual state and local taxes
$5 million in annual federal taxes
$63 million of annual economic output
3 Exited ESP companies in Northeast Ohio responded to a survey in 2018. 3 of these companies (100%) submitted adequate survey information for modelling.
60
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APPENDIX 2: Tech ESP Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Exited JumpStart Portfolio Companies, Northeast Ohio Level Impact Details Direct
Indirect & Induced
Total
Total Jobs Earnings Households Supported State & Local Taxes
153 $ $
11,436,000 $ 96 1,370,000 $
188 9,643,000 $ 119 1,326,000 $
341 21,079,000 215 2,696,000
Federal Taxes
$
2,691,000 $
2,143,000 $
4,834,000
Output
$
32,038,000 $
30,804,000 $
62,842,000
87 | P a g e
APPENDIX 3: Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
APPENDIX 3: Non-Tech Total Work Economic Impacts
88 | P a g e
APPENDIX 3: Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Core City: Cleveland – Cleveland 61 In 2018, companies supported by Core City: Cleveland’s services and funding directly and indirectly generated an estimated $66 million of economic output in the City of Cleveland. This
Core City Cleveland In Cleveland
output includes an estimated $57 million of economic
output
generated
by
Women
Owned/Led companies, $10 million of output generated by Minority Owned/Led companies, and $5 million generated by Impact Program
560 jobs
Participants. These
Core
City:
Cleveland
companies
supported an estimated 560 direct and indirect
$22 million of annual labor income
jobs62 in Cleveland, 433 of which were connected with the economic activity of Women Owned/Led companies, 317 with the economic activity of Minority Owned/Led companies, and
353 households supported
121 with the economic activity of Impact Program Participants. The jobs supported by Core
City:
Cleveland’s
programs
had
$2 million in annual state and local taxes
approximately $22 million of associated annual labor income, including benefits, and sustained an estimated 353 households in Cleveland. Cleveland companies that received Core City: Cleveland services and funding from JumpStart generated an estimated $2 million of state and local taxes in Ohio and $3 million of federal taxes
$3 million in annual federal taxes
$66 million of annual economic output
during 2018.
135 companies supported by Core City: Cleveland’s work in Cleveland responded to a survey in 2018. 68 of these companies (50%) submitted adequate survey information for modelling. 61
62
Direct and indirect impacts are only calculable for modellable companies.
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APPENDIX 3: Non-Tech Total Work Economic Impacts │ JumpStart 2018 Economic Impact Report
Core City: Cleveland, Cleveland Level Impact Details Indirect & Induced
Direct
Total
Total Jobs
428
Earnings Households Supported State & Local Taxes
$
132
560
$
13,712,000 $ 270 911,000 $
8,351,000 $ 83 675,000 $
22,063,000 353 1,586,000
Federal Taxes
$
1,995,000 $
1,292,000 $
3,287,000
Output
$
45,043,000 $
21,351,000 $
66,394,000
Women Owned/Led Jobs
319
Earnings Households Supported State & Local Taxes
$
Federal Taxes Output
114
433
$
8,618,000 $ 201 625,000 $
7,300,000 $ 72 564,000 $
15,918,000 273 1,189,000
$
1,300,000 $
1,127,000 $
2,427,000
$
38,701,000 $
18,370,000 $
57,071,000
$
5,289,000 $
State & Local Taxes Federal Taxes
$ $
328,000 $ 709,000 $
127,000 $ 194,000 $
455,000 903,000
Output
$
6,761,000 $
3,367,000 $
10,128,000
$
3,595,000 $
State & Local Taxes Federal Taxes
$ $
230,000 $ 494,000 $
70,000 $ 93,000 $
300,000 587,000
Output
$
3,014,000 $
1,688,000 $
4,702,000
Minority Owned/Led Jobs Earnings
295
Households Supported
186
22 1,208,000 $ 14
317 6,497,000 200
Impact Program Jobs Earnings
110
Households Supported
69
11 555,000 $ 7
121 4,150,000 76
90 | P a g e