2022 By the Numbers: Celebrating Startup Milestones
How Ohio companies have made their mark on a year of record-breaking growth
This year, startups across the state have continued to make Ohio a benchmark of entrepreneurial growth. Ohio companies are thriving, so as we turn the corner toward 2023, we’re looking back on and celebrating a year of innovation, talent, and entrepreneurial excellence.
We’ve already showcased some record-breaking growth from the Ohio startup scene this year, but we have many more company milestones to highlight.
Here are just a few measurable examples of major accomplishments from Ohio companies and innovators that have made a lasting impact here and around the world.
Ohio startups have brought in $3.39 billion in total capital
The Ohio startup scene isn’t just ending the year on a high note. 2022 debuted with record-breaking numbers from the beginning, with a report from The State of Startups: Ohio announcing that $3.39 billion in total capital was brought in to Ohio startups from 2016 – 2020. The publication further boasted that “Ohio’s innovation economy is thriving,” highlighting research that shows that every $1 invested in the startup scene creates a $66 economic impact for the state.
With such an auspicious start to the year, it’s no wonder that entrepreneurial epicenters such as Columbus are being called the Midwest’s tech hub. As of June, TechCrunch reported that $110 million in 2022 alone had been invested in Ohio startups, a number that only increased in the second half of the year and will continue to grow in 2023.
OnStation’s technology was deployed on 750 roadway projects
Roadway construction app OnStation brought innovation to infrastructure in 2022, working alongside roadway projects across the country. Of the 750 projects that used OnStation this year, users opened the platform more than 227,000 times and dropped 2,500 flags to mark locations on site. CEO Patrick Russo estimates that the app’s ease of use and efficiency has saved their users more than $1 million in 2022 and plans to continue to grow that number into 2023 and beyond.
“Our customer base has more than doubled, and our conversations are shifting towards an enterprise level as opposed to a small pilot level,” he said. “2022 was a great set-up year, and in 2023, we are planning on significant jumps in our services.”
Mad Rabbit has taken care of 1 million customers and counting
2022 couldn’t have been a better year for Mad Rabbit. Last year, the health tech startup focused on tattoo aftercare accepted a deal for $7 million on Shark Tank. Since then, revenue is expected to top $16 million by the end of this year, and the company is anticipating hitting its 1 millionth customer. But things didn’t slow down there for Mad Rabbit. After starting the business in the kitchen of their college apartment while attending Miami University, Co-Founders Oliver Zak and Selom Agbitor were just named on the 2022 Forbes 30 Under 30 list, placing them at the forefront of the tattoo aftercare industry.
“We are soon to hit our 1 millionth customer, which is a really exciting milestone for us,” CEO and Co-Founder Oliver Zak said. “Our average customer has six tattoos, so technically, we’re approaching 6 million tattoos taken care of by Mad Rabbit. We’ve taken in a ton of capital, and most of that is going towards creating a great brand experience not only with our core consumer but also to appeal to tattoo artists and to work on education efforts within tattoo care.”
Park Place Technologies hit its 1 millionth service ticket
Since its current tracking system was implemented in 2014, Park Place Technologies hit its 1 millionth service ticket in October 2022. And the company shows no signs of slowing down. Park Place is already positioned as a global leader in third-party maintenance. Its presence extends to Europe, South America, and Asia and the company is continuing to expand its impact to even more countries around the world, with sights set on the second millionth ticket.
“From our initial start in North America, Park Place has grown globally at a remarkable pace to offer services in 194 countries,” Chief Marketing Officer Jennifer Deutsch said. “When you expand around the globe, data centers become more complex to maintain, but our services are individualized and personalized to each country. With over 21,000 clients who trust Park Place with more than 1 million assets, our second millionth service ticket will not take anywhere near as long to reach.”
Virteom grew its company by 30% this year
Virteom saw its best year of growth yet in 2022, scaling its business by 30%. Founder and CEO Dan Carbone credits a big part of the upward trajectory to the company’s ability to pivot as the corporate landscape has changed. Today’s office looks a lot different from before the pandemic, and Carbone focused on growing the company through an emphasis on flexibility.
“It’s been an interesting year of bringing on new team members as fast as we can while sustaining our growth,” he said. “We went from being 100% in office to a hybrid staff model, and that has started to create a different paradigm for how Virteom manages our employees and contractor force.”
Miami University and University of Dayton rank among the top undergraduate programs for entrepreneurs
According to the Princeton Review and Entrepreneur.com, Miami University and the University of Dayton are ranked in the top 50 best undergraduate programs for entrepreneurs. According to an article on Entrepreneur.com, students who attend schools on the list will experience an education focused on innovation and development, with interdisciplinary programs that focus on the current economy.
Miami University, ranked ninth, offers 59 entrepreneurship courses, and over the past five years, graduates of the school have started 181 companies. The university is highlighted for its practice-based, immersive approach to entrepreneurship, with an emphasis on social innovation.
The University of Dayton, ranked 37th, offers 37 entrepreneurship courses, and over the past five years, graduates of the school have started 199 companies. The interdisciplinary programs at the university provide students with firsthand entrepreneurial experience and pair them with students of other majors to work with startups.
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