economic impact report

JumpStart reports $1.6 billion in economic impact on Ohio in 2023

The recently released annual impact report from JumpStart, a Northeast Ohio-based venture development organization celebrating its 20th anniversary this year provides one of the latest examples of the out-sized economic and social benefits states and regions receive by making sustained investments in well-designed nonprofit, public-private TBED initiatives supporting innovation-driven entrepreneurs.

Rev1 Ventures reports $5.4B impact over last 10 years

Rev1 Ventures, an investor startup studio in Columbus, Ohio, that combines capital and strategic services to help startups scale and corporations innovate, recently released its 2023 Startup Impact Report. The report notes the entrepreneurs they supported last year raised $390 million in capital with 34 raising pre-seed capital, 16 seed capital, and 19 early-stage capital. The clients generated $192 million in revenue and created or retained 1,013 jobs.  Rev1 invested $6.4 million in 17 companies in 2023 and supported a variety of startups, “including enterprise SaaS technology creating efficiencies in insurance and real estate, advanced technologies in green energy and life science disruptors with novel therapeutics for genetic diseases with no current cure.” Additionally, Rev1 reports the companies it has supported over the last 10 years have surpassed $5 billion in total economic impact in Ohio.

Pennsylvania economy gets big boost from Ben Franklin Technology Partners

Despite being hit with a recession brought on by the COVID-19 pandemic, the latest 5-year impact report from Ben Franklin Technology Partners (BFTP) shows even higher growth than the previous five years. The most recent analysis, The Economic Impact of Ben Franklin Technology Partners, reveals that BFTP generated $400 million in tax receipts for the state and boosted Pennsylvania’s overall economy by $6.1 billion between 2017 and 2021, contributing to an overall boost of more than $30 billion since the program began more than 40 years ago.

SCRA reports over $1.15B in economic impact to state’s economy

The South Carolina Research Authority (SCRA) had an economic impact of over $1.15 billion in FY 2022, through follow-on funding, grants awarded, investments made by affiliate SC Launch Inc, job support and more,  according to their annual report. This total is an increase of almost 15% from their economic impact in FY 2021. The report was compiled by SCRA with assistance on the economic impacts provided by the University of South Carolina Darla Moore School of Business. 

Federal Reserve Bank of Philadelphia releases the Anchor Economy Report, dashboard

In an effort to help to determine the economic impact of higher education institutions and hospitals within their regions and how reliant these regions are on these “anchor institutions” to drive their economy, the Federal Reserve Bank of Philadelphia developed an Anchor Economy Initiative. It recently published an Anchor Economy Report and created the Anchor Economy Dashboard, a new data set and website that measures employment, income, and gross value added from the institutions and hospitals, along with a new reliance index tool, for all 524 multicounty U.S. regions (394 metropolitan and 130 nonmetropolitan).

BioCrossroads, BioSTL, JumpStart, LaunchNY 2021 report on economic and fiscal impact

The venture development organizations BioCrossroadsBioSTLJumpStart, and LaunchNY recently published their economic impact reports for 2021. These organizations primarily assist businesses from Indiana, Missouri, Ohio, and New York respectively.

Ben Franklin Technology Partners and Rev1 Venture report 2021 economic impact of more than 16,000 jobs

Venture development organizations in Pennsylvania and Columbus recently released their economic impact reports for 2021. The reports from Ben Franklin Technology Partners (BFTP) and Rev1 Ventures show creation and retention of more than 16,000 jobs, $2.1 billion in client revenue, and almost $1.2 billion in capital raised.

Maryland and Indiana see growth from TBED investments

With a 20-year history, the Maryland Technology Development Corporation (TEDCO) is reporting an economic impact in 2021 four times greater than what they experienced in 2013. A new independent study found that its six core programs have provided “significant value” to the state’s start-up community, supporting over 10,000 jobs and more than $2 billion in statewide economic activity as of 2021. Meanwhile, BioCrossroads, a non-profit based in Indianapolis, has reported growth in its life sciences initiatives over the past 15 years. BioCrossroads conducts market research and promotes business and technological innovation in life sciences across Indiana. Both TEDCO and BioCrossroads have utilized public capital to develop industry within their respective target states.

Sustained Commitment Results in Significant Impact

State and regional innovation programs continue to encourage significant economic growth across the country. The most recent example of the impact programs are having comes from JumpStart, a Cleveland-based venture development organization, which recently released its 2018 economic impact report. It found that companies in Ohio and New York fostered by JumpStart generated more than $1 billion in economic impact. This increased the cumulative JumpStart total to $6.6 billion since 2010.

Evaluation finds TEDCO programs have strong economic benefit

TEDCO’s current portfolio of assisted companies has grown to 326 companies and more than 3,100 jobs, according to an economic impact report by the University of Baltimore’s Jacob France Institute and TEConomy Partners. TEDCO was created by the Maryland State Legislature in 1998 to facilitate the transfer and commercialization of technology from Maryland’s research universities and federal labs into the marketplace. The direct Maryland economic activity generated by these core programs totaled nearly $900 million in 2018, a considerable increase from the $572.3 million in economic activity reported in 2015. Of all TEDCO programs, the Seed Investment Fund has the largest direct impact, accounting for more than half of all employment and direct economic activity.


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