| Small Businesses Supported through Investment in Innovation & Entrepreneurship- Our businesses are growing and profitable |
Strategic Priorities |
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2.3 Promote and invest in entrepreneurship and inclusive innovation
- Our businesses are growing and profitable
About this measure |
This measure shows the number of small businesses supported and the total amount of County dollars invested in innovation and entrepreneurship.
Data reported on the County’s investment in innovation and entrepreneurship are provided by the Cuyahoga County Department of Development on a quarterly basis.
Why is this important? |
Innovation is the life blood of a healthy economy. The ability to create better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments, and society is a direct indicator of an economy’s ability to add value and grow. It is vital for the County to facilitate and accelerate innovation development, technology transfer, and commercialization activity to create an environment conducive for economic growth. Channeling capital to promising companies with a pipeline of inventive products and services adds critical funding to the creative mixture of concepts, employees, and management.
Supporting entrepreneurship not only helps drive economic growth, but is an effective way to generate economic opportunity for low-income individuals or groups that have traditionally been economically isolated. Entrepreneurial development creates opportunities to achieve economic self-sufficiency, create wealth, and transform underserved neighborhoods.
How are we making an impact? | |
Cuyahoga County's partner organizations continued to support small businesses with both technical assistance and funding during the third quarter of 2019. Types of businesses assisted ranged from small retail establishments to technology startups. Through partners such as the Business Growth Collaborative and the Economic and Community Development Institute, Cuyahoga County provided focused assistance to minority-owned businesses as part of its overall strategy to support entrepreneurship.
During the third quarter of 2019, the Department of Development supported fewer small businesses than in the second quarter, but invested 3.5 times more funding. This demonstrates that the average dollar amount of financial assistance per company will change from quarter to quarter because each company needs a different amount of assistance. A very small one person startup may need as little as a $500 micro loan, while a growing manufacturer may need hundreds of thousands of dollars for a large machine or an expansion of its facility.
Number of Small Businesses Supported - Quarterly Performance |
Funding Invested - Quarterly Performance |
Small Businesses Supported & Funding Invested - Annual Performance |
Data Source |
Cuyahoga County Department of Development
Measure Data |
| Period | | Status | Small Businesses Supported - Actual | Small Businesses Supported - YTD | Funding Invested - Actual | Funding Invested - YTD |
|---|---|---|---|---|---|---|
| 2016 | | Not Defined | ||||
| 2017 | | Not Defined | ||||
| Q1-18 | | In Progress | 48 | 48 | $ 643,019.00 | $ 643,019.00 |
| Q2-18 | | In Progress | 51 | 99 | $ 396,275.00 | $ 1,039,294.00 |
| Q3-18 | | In Progress | 44 | 143 | $ 497,696.00 | $ 1,536,990.00 |
| Q4-18 | | In Progress | 49 | 192 | $ 690,543.00 | $ 2,227,533.00 |
| Q1-19 | | In Progress | 27 | 27 | $ 569,245.76 | $ 569,245.76 |
| Q2-19 | | In Progress | 44 | 71 | $ 205,340.00 | $ 774,585.76 |
| Q3-19 | | In Progress | 24 | 95 | $ 740,574.00 | $ 1,515,159.76 |
| Q4-19 | | Not Defined | 95 | $ 1,515,159.76 |