Ohio University’s Innovation Center supported 249 positions that produced an believed $18 million in employee payment and $49.7 million in economic output in Athens County in 2021, according to a new financial effect report.
Over the last seven many years, the small business incubator’s position creation numbers have amplified 78 %, and worker payment generated from its shopper businesses is up 211 p.c.
“The Innovation Center’s endeavours to develop and support new business is important to Southeast Ohio, and we’re happy of the team’s attempts to proceed to provide this important assist, significantly in the course of difficult situations,” Ohio College President Hugh Sherman explained.
The Innovation Center’s Financial Affect Report, carried out by way of a third-party assessment via Athens County Economic Improvement Council, identifies the variety of work, yearly wages, and economic output right involved with companies supported by the Innovation Center. The report also estimates these businesses’ indirect and induced consequences on the Athens County economic system.
“Despite the problems of a continuing pandemic alongside with offer chain disruptions, our present and graduate customers proceed to grow and make a sizeable impression all through the region,” Innovation Center Director Stacy Strauss reported. “We applaud their attempts and search ahead to continuing to guidance them as they construct and scale. Despite the fact that the business people and their staffs deserve all of the credit history, it is heartening to see the aggregated optimistic success of our do the job just about every yr as a result of our annual report.”
The Innovation Centre, part of Ohio University’s technologies commercialization and entrepreneurial ecosystem, has supported business people in southeastern Ohio given that 1983 by furnishing small business coaching and house, such as laboratories, for startups at its facility at 340 W. State St., Athens. It also offers virtual enterprise assistance and networking companies to College and regional business people.
The require for laboratory areas has been on the rise, especially in the course of the pandemic. In 2021 the Innovation Centre acquired several grants to assistance lifestyle sciences and biotech start off-ups, including a $1.2 million CARES Act Restoration Help grant from the U.S. Department of Commerce’s Financial Improvement Administration that enabled the centre to add a few biotech laboratory spaces. The center also acquired grants past calendar year totaling $350,000 from the Appalachian Regional Fee and the U.S. Section of Agriculture to extend company support provided to technological know-how startups in the science sector sectors.
The 2021 economic affect assessment was designed by Athens County Financial Progress Council employing JobsEQ, a application for computing economic impact.