State of Startups in Ohio
For the last several months, we have been diligently working alongside our peer venture development organizations in Ohio—CincyTech, Entrepreneurs’ Center, JumpStart, and TechGROWTH Ohio—to create the “State of Startups in Ohio 2022” report. That report was released today.
As I read over the unique story of our state’s decades-long collaboration to build an innovation economy, I am filled with appreciation—appreciation to Ohio’s innovators, Ohio Third Frontier, Third Frontier Commission, and to Ohio’s elected officials, especially to Governor DeWine’s administration and to those administrations that came before. Special appreciation goes to the more than 100 private and public sector partners across the state who have been part of making Ohio a force in the national startup story.
“State of Startups” shows the lasting impact that all these organizations, together with our entrepreneurs, have had on our state, our region, and beyond. Here are a few of the many highlights in this report:
2021 marked the third consecutive year that Ohio companies received over $1B in venture capital investment.
Ohio’s startup ecosystem has created 10,570 jobs with 167 companies funded and $10B in economic impact including $2.87B in exits.
Ohio venture development organizations have delivered an astonishing $66 return for every $1 of public funds.
Ohio’s remarkable success is the result of an all-in approach in the state, from venture development firms, public and private partners, corporations, investors, and entrepreneurs who align to build thriving companies. Our Backyard Effect is a playbook for what is possible when key constituents align to support the startup ecosystem.