Ohio’s Startups Continue to Pay Off in the State

Innovation in Ohio

Since 2016, Ohio startups have generated $10 billion in economic impact, creating more than 10,500 jobs.

While Cincinnati will have to wait another year for a chance at the Lombardi Trophy, our city with its big-shouldered skyline showed well before millions of fans world-wide. In Los Angeles, Ohio Gov. Mike DeWine and Mayor Aftab Pureval marketed the state and the city with class and enthusiasm, and at the perfect time.

There is irony here. “The Big Game” pitted our smaller-market NFL team from the “Queen City” vs. the NFL team that played in their home stadium in the “City of Angels.” And let’s face it: California is a state that is synonymous with tech innovation.

But we’ve got our own story to tell when it comes to innovation-based start-ups, thanks to the foresight of the state legislature and business leaders who are building a tech infrastructure and a culture of innovation.

Recently, Ohio Venture Development Organization leaders and entrepreneurs spoke about the state’s progress. Listen to the webinar here.

Since 2016, Ohio startups have generated $10 billion in economic impact, creating more than 10,500 jobs. These innovation-based startups that are spawning all around the state create jobs at 5-times the rate as traditional companies, according to the recent State of Startups: Ohio report.

The strong startup culture that has grown here in Ohio is also a magnet for talent and suppliers. In turn, the talent and suppliers attract private investments, which keeps our innovation economy growing. The growth is evident in the numbers, as Ohio’s venture capital industry has grown 800 percent from 2013-2020, according to the report.

Why Ohio? There are four key aspects.

1. Core Innovation Assets. “The institutions and programs that provide the R&D, investment, and advisory capabilities required for innovation-based companies to thrive.”
2. Active Partnerships and National Reach. “Partnerships that increase collective capacity and connections to mentors, markets, and money outside the state that amplifies and accelerates a startups trajectory.”
3. Structured Venture Development Organizations. “Ohio’s model for providing seamless support and investment to high impact startups.”
4. Inclusiveness. “The commitment and ongoing work to help women and entrepreneurs of color succeed.”

With a $2 billion economic impact from 2016-2020, Southwest Ohio is still growing, and continuing to be a major contributor to Ohio’s overall economy.