(Source: PRNewswire)CLEVELAND, April 23 /PRNewswire/ -- The investments and activities of JumpStart Inc., the Northeast Ohio venture development organization that accelerates the progress of high growth early-stage businesses, generated $75.7 million in economic output impact in 2008 in Northeast Ohio, according to a recent study conducted by the Center for Economic Development at Cleveland State University. This is a 29 percent increase from JumpStart's 2007 impact of $58.5 million. The report also highlighted $8.3 million in taxes generated, 502 jobs created or retained, and $20.9 million in household income generated in 2008 due to the activities of the organization.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060209/CLJUMPSTARTLOGO )

Economic impact is the estimate of the economic benefits an organization creates in a given region. JumpStart's impact was calculated by using the jobs and operating budgets of Northeast Ohio companies receiving investment from JumpStart and North Coast Angel Fund, and those companies JumpStart critically supported in generating investment. JumpStart's staff and operating budget were also included in the numbers. The report tallied three types of impact (direct, indirect and induced) to reach the final impact numbers. Direct impact refers to the initial value of the goods and services, including labor, purchased by a company. Indirect and induced impacts estimate the "ripple effect" that takes place throughout the economy as a result of the direct impact.

Of JumpStart's $75.7 million economic output impact, $49.1 million was a direct impact of JumpStart investments and activities; JumpStart itself represented just six percent of the total impact.

This third annual report was the first to calculate and include JumpStart's tax impact. Findings showed its investments and services to entrepreneurs resulted in state and local tax revenues of $3.3 million and federal tax revenues of $5.0 million in 2008.

"This statistic is a vital addition to JumpStart's economic impact report," said Dr. Ziona Austrian, Director of the Center of Economic Development at CSU and co-author of the study. "The work of JumpStart, which receives almost half of its funding from Federal and State government, is resulting in tax revenues going back to those sources." JumpStart receives a significant portion of its government funding from Ohio Third Frontier, a statewide program committed to expanding Ohio's technological strengths and promoting commercialization that leads to economic prosperity throughout Ohio.

According to the report, JumpStart's activities created household earnings (labor impact) of $20.9 million, a 10 percent increase from 2007.