of Ohio University innovation center It created 158 jobs that generated an estimated $26.4 million in employee compensation and $66.6 million in economic output in Athens County in 2022, according to a new economic impact report.
Over the past seven years, the business incubator has generated a 267 percent increase in employee compensation and a 722 percent increase in economic output from its client companies.
Ohio University President Hugh Sherman said, “The Innovation Center is a great resource for our region and we are very proud of the success the center continues to support the growth and development of new businesses in Southeast Ohio. I will,” he said. “Innovation Center activities are essential for local businesses and for stimulating economic growth in the community.”
The Innovation Center’s Economic Impact Report, conducted by a third-party analysis through the Athens County Economic Development Council, identifies the number of jobs, annual wages and economic output directly associated with businesses supported by the Innovation Center. The report also estimates the indirect and induced impacts of these companies on the Athens County economy.
“We congratulate our current and alumni clients on their success in building and growing their businesses,” said Stacey Strauss, Director of the Innovation Center. “We applaud their efforts and look forward to continuing to support them in building and expanding. It is heartening to see the aggregate positive results of our work.”
Part of Ohio University’s Technology Commercialization and Entrepreneurial Ecosystem, the Innovation Center has been supporting Ohio State We have supported entrepreneurs in the Southeast. We specialize in supporting technology or technology-enabled businesses in any sector. We also provide virtual business support and networking services to universities and local entrepreneurs.
The Innovation Center is one of the few business incubators in Ohio that offers an adaptable wet lab space. New state-of-the-art laboratory equipment was purchased to advance customer research and development, thanks to funding from the US Economic Development Administration (EDA). This upgraded instrument includes a plate reader, gel imager, microtome and large autoclave, offering significant benefits to clients working in a variety of fields. With all of the $1M+ lab equipment available to clients, plus a fully secure lab space with state-of-the-art monitoring systems and keycard entry from Sonicu, Innovation Center clients drive research and research We have excellent lab equipment to Ensure compliance with multiple regulatory pathways.
The Economic Impact Analysis for 2022 was developed by the Athens County Economic Development Council utilizing the software JobsEQ for calculating economic impact.
https://www.ohio.edu/news/2023/06/innovation-centers-2022-economic-impact-report-highlights-continued-success Innovation Center’s 2022 Economic Impact Report reveals continued success