Since starting my role at JumpStart earlier this year, I’ve engaged with many regional civic leaders about elevating our technology and growth sectors while carving out our unique place in the national startup market. I encountered significant enthusiasm and desire but also a few common threads of skepticism. I am now more convinced than ever that Cleveland can harness the power of our regional assets, along with an entrepreneurial spirit, to mark our place on the map.
The incredible economic impact of startups
Leaders see the profound economic impact of our startup ecosystem. Last year alone, startups supported by JumpStart and its partners generated $1.6 billion in economic impact and attracted $478 million in investment. Additionally, the region recently received $100 million from the State Small Business Credit Initiative (SSBCI). These funds, which must be invested in Ohio-based companies, are being leveraged against additional capital sources to fuel the growth of new tech startups and expand opportunities across the state. Combined with the unique programs Ohio offers to early stage companies, there is a compelling pathway for tech founders to have an advantage to start and scale here.
Challenging the unicorn metric
Tech communities are too often measured by the number of unicorns a region produces, but the fixation is misguided. Some habitats are best for young development and others for mature life. Instead of measuring the health of tech communities by the presence of billion-dollar companies, should we not look at the number of companies forming and scaling as an indication of our potential as a destination for startups to launch and grow?
Failure drives success
Innovation is, by nature, a risky endeavor, and it is through failure that success emerges. A founder who has failed and is on their second or third attempt will be more agile as they learn from their experiences. Some skeptics point to the failures of individual companies to argue that our ecosystem is faltering. This perspective misses the bigger picture. When a company faces challenges, the talent and resources often get reabsorbed into the ecosystem, enriching it and fostering new ventures. This cycle of creation and re-creation is essential for a vibrant startup culture.
Dynamic partnership between startups and corporations
Our tech economy thrives on the symbiotic relationship between startups and established companies. Major corporations like KeyBank and Progressive, and our health care systems, actively engage with the startup sector to tap into disruptive ideas and drive innovation. This interaction benefits the startups and invigorates the business community, creating a dynamic, forward-thinking environment.
I urge local businesses to look within our region for innovative solutions and disruptive ideas. Don’t assume that the best opportunities are only found in Silicon Valley. Our local startups are producing groundbreaking solutions and innovations.
Cleveland has the right to win
Northeast Ohio’s startup ecosystem is becoming stronger and more competitive every day. With billions of dollars in economic impact, a high rate of sustainability and a strong network of corporate partnerships, we are building a bright and innovative future. Let’s focus on the real, tangible successes happening in our backyard. Cleveland has the right to win, and we are just getting started.
Julie is a visionary leader with over 25 years of experience in health care and innovation. As CEO, she steers the organization’s strategic direction, leveraging JumpStart’s 20-year legacy and powerful community partnerships to drive meaningful change across Northern Ohio.
