Ohio’s 3rd Frontier Program (part 3) – statewide impact

This is the third of a series on the Third Frontier Program (see part 1 and part 2 here)

A recent independent study showed that the Ohio Third Frontier has:

  • Generated $6.6 billion in economic activity in Ohio;
  • Created 41,300 total jobs through December 2008;
  • Significantly impacted the diversity and competitiveness of Ohio’s manufacturers;
  • Assisted in the formation, attraction, or initial capitalization of more than 570 companies; and
  • Leveraged a $10 return for every dollar invested during 2003 – 2008, with the expectation of increased impacts in the years to come.
  • Contributed (with related initiatives) to the major growth of venture capital investment in Ohio, from $243 million in 2004 to $446 million in 2008.

The Ohio Third Frontier offers 20 innovative programs for emerging and established high-tech companies, including grants for pre-seed funding, research initiatives, product development and commercialization.

The Ohio Third Frontier 2009 annual report outlines the performance metrics as measured by the Technology and Innovation Division at the Ohio Department of Development. The division is charged with administering the Ohio Third Frontier, the state’s largest ever initiative to grow Ohio’s innovative assets. On program expenditures from Ohio Third Frontier of slightly more than $400 million, the program has leveraged more than $3.5 billion in funding from outside sources, sustaining an investment leverage ratio of nearly nine additional dollars for every one Ohio Third Frontier dollar to date.

About Ohio Third Frontier
The Ohio Third Frontier is a visionary initiative created in 2002 within the Department of Development to firmly establish the state as an innovation leader. With a 10-year initial life and a bipartisan commitment of $1.6 billion, the Ohio Third Frontier expands the state’s high-tech research capabilities that are designed to accelerate the pace of commercialization within Ohio. The focused investments seek to sustain the development of new, innovative products by addressing technical and cost barriers hindering market adoption. As a result, the Ohio Third Frontier has a significant and sustained role in building on the state’s strengths in technology and innovation to create high-wage jobs, new growth companies, and globally competitive products.

The Ohio Third Frontier was founded on the commitment to shape the future economy of the state through a balanced portfolio of programs to support research and commercialization, entrepreneurial assistance, cluster development, and expansion of the talent pool. In its seventh year of operation, the Ohio Third Frontier is living up to its commitment, delivering measurable results through a clear and comprehensive strategy and a focus on Ohio’s research and industrial strengths.

>> Ohio Third Frontier Web site

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