High-Growth Startups = Higher Pay in 2015 and Beyond
Last year, Rev1 Ventures client companies added 160 new jobs. That’s a record to celebrate.
Want another reason to ring the bell? The average annual salary of those jobs was $75,000, significantly greater than the state average of about $43,000.
It’s a fact. High growth companies create high paying jobs that require technical skills.
A flair for technology runs through our client companies.
Rev1 Ventures clients are creating advanced products and services for diverse industries—IT, advance manufacturing, healthcare, media, and consumer products to name just a few.
There’s always a technology component—from original patents held by the company founder, to intellectual property licenses spun out of a research environment in a university or medical institution, to a new solution that combines existing technologies or processes in a new and unique way.
Jobs in STEM (science, technology, engineering, and math) ARE PROJECTED TO GROW 45% IN THE DECADE ENDING IN 2018. -US BUREAU OF LABOR STATISTICS
Businesses built on technology require deep technical experts—engineers, software programmers, and chemists. And there’s something we’ve noticed about the people in our portfolio companies whose jobs aren’t as directly related to building technology.
They like technology. They can describe their company’s technical solutions in terms that their customers understand. They like using it in their jobs. And whether they have engineering degrees or some other expertise, they are problem-solvers. The embrace trial and error. They aren’t afraid to fail on the path to getting it right.
We informally asked nine of our clients—companies with paying customers of their own– about their anticipated hiring plans for 2015.
Here’s what they said:
- Software developers, programmers 12+
- Customer service +5-7
- Marketing/Business development +3-5
- Sales/sales management +3-5
- Business Analyst +3
- Quality +1
- CFO +1
- Data Scientist +1
Total: 29-35 new full-time jobs from just 9 new Central Ohio companies.
Add to this, these firm’s outlook for internships–10 to 15 positions in graphic design, research, photography, and sales and marketing—and the case for the economic impact of innovation and entrepreneurship grows.
Hiring by startups is cause for optimism.
When a startup starts adding people, it’s a big deal.
Well-managed startups, even those that are chalking up revenue, are very deliberate and careful before they post an opening and begin interviewing for the next critical hire.
First, all young companies are strapped for resources from budgets for salaries to hours in the day to hire and train, to the startup’s pool of early stage options, often such a key element to the hiring strategy.
Second, taking on employees is a big responsibility. It’s one thing for a founding entrepreneur to risk his or her personal savings, salary, and career advancement.
It’s even weightier when that entrepreneur hires people who will then be contributing to and depending on the company as a way to earn a living for themselves and their families.
So when growing startup companies start adding jobs, we celebrate it as a positive indication that innovation ecosystem here in Central Ohio is taking hold in a very strategic way.
This is what the innovation economy is all about. It’s why we do what we do—job and wealth creation.