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young companies and startups aid both local and state economies

In a Techli story titled “Greater Cleveland Startups Improve Ohio With Jobs, Tax Dollars and Impact,” writer Annie Zaleski explores how important startups and young companies are to the success of a region’s economy.
 
In a study from Cleveland State University, a report found that 127 young companies generated $270 million in economic benefits for Ohio in 2012 alone.
 
“The companies in the report -- a group comprised of businesses that successfully leveraged things such as business assistance or seed capital -- helped create and retain 1,100 in-state direct jobs (with a total Ohio employment impact of 2,140). In the last three years, these very young companies are already contributing significantly -- more than $688 million -- to Ohio’s economy.”
 
The story goes on to discuss that the figures only represent a small portion of development in the region and do not encompass all of Northeast Ohio. Taking that into account, the importance of startups and young companies on the economy becomes even more significant.
 
Enjoy the full piece here.
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