Two Ohio cities are among the list of those that have undergone the biggest growth in entrepreneurship between 2015 and 2016, according to the Kauffman Index of Growth Entrepreneurship. As the only state with more than one metro area on this list, Ohio showed some impressive results, and also boasted some of the largest growth as a whole during this time.
The Index compared individual data from 40 of the largest cities with the national benchmark, and also looked at the way these cities measured against each other. Columbus, Ohio, was one of the five highest ranked metros in the country, with the others being Washington, D.C., Austin, Texas, San Jose, California, and Nashville, Tennessee.
In a press release on the findings, Kauffman Foundation senior research analyst Arnobio Morelix put the overall statistics from the Index into perspective.
"Growth entrepreneurship directly contributes to the economy through creating jobs, innovation and wealth," Morelix said in the statement. "The fact that 39 states and 34 of the United States' largest metro areas experienced an increase in growth entrepreneurship holds promise for a return to economic vibrancy after the long-lasting impact of the Great Recession."
"Both Cincinnati and Columbus improved in their rankings."
Where Ohio's cities rank
Both Cincinnati and Columbus improved in the rankings within the last year, the former climbing 19 places higher and the latter eight. Ohio itself rose from the No. 16 place to No.12 during this time. The four other members of the 25 largest states singled out for improving their rank include Alabama, Arizona, North Carolina and Tennessee.
None of the five metro areas that experienced major drops were in Ohio, and the release said that Columbus is taking its place among more expected contenders, including tech hubs like Boston and San Francisco. IT saw the highest shares of high growth companies in general.
Local business owners may feel excited at seeing Ohio grouped with other major areas, or take it as a sign that it's time for new business initiatives to expand their company. The Columbus Dispatch spoke to Bill Lafayette of Regionomics, who said that the existing startups in the state "ought to encourage more" to form and develop similar businesses.
Alternative financing for business owners
Ohio businesses may need creative solutions for achieving and maintaining proper capital. Growth Capital Corporation contributes to local businesses as a way of promoting better commerce and a stronger economy.
In 2015, we saw clients from a variety of industries, including manufacturing, professional services and retail. What's more, 79 percent of our clients were from the Small Business Administration's Underserved Markets last year. We also maintained 336 active borrowers and 53 loans.
Owners can get Ohio small business loans for their specific plans and start being a part of this growth. Contact us to learn more today.