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OHIO Innovation Center reports rise in economic impact in 2016

From staff reports | May 17, 2017

The Innovation Center, Ohio University’s small business incubator, supported 227 jobs that generated an estimated $10.1 million in employee income in Athens County in 2016, according to a new economic impact report. The startup companies also generated $1.1 million in state and local tax revenues last year.

The figures represent jobs and income created directly, indirectly or induced by the Innovation Center businesses. The analysis was conducted by the Ohio University Voinovich School of Leadership and Public Affairs.

The new economic impact report shows a significant increase in activity from 2015 to 2016: job creation rose 29 percent, labor income increased by 37 percent, and tax revenues climbed by 31 percent.

The Innovation Center has reported a steady increase in job creation and economic impact since 2013.

“We are very proud to report an 85 percent increase in total job creation over the past three years and credit the talented startup founders and their staffs for their hard work,” said Stacy Strauss, director of the Innovation Center. “This type of tangible economic impact would not be possible without the resources and dedication of our region’s entrepreneurial ecosystem. We are fortunate to be one partner within a uniquely well-connected web of vibrant service providers who collectively support entrepreneurial education and the work of regional entrepreneurs.”

The Innovation Center offers business coaching and space for startups at its facility at 340 W. State St., Athens. It also provides business support and networking services to additional university and regional entrepreneurs.

The incubator currently is home to 10 companies in the areas of life sciences and biotechnology, software and other technology products, as well as four anchor tenants. This summer, the Innovation Center is adding more laboratory space to accommodate a growing demand from biotechnology startup companies.

The full economic impact report is available online on the Innovation Center website: www.ohio.edu/innovation.