Ohio voters will decide the future of Ohio Third Frontier at the polls on May 4.
The state program, which voters first approved in 2005, grows jobs in high-tech industries by investing in entrepreneurs and high-level research that can become the basis for new companies. Its goal is to help transition Ohio’s economy away from old-line manufacturing by creating business opportunities through innovation.
The ballot issue created by the Ohio Legislature would fund the program for four more years at $700 million. Independent analyses have found that Ohio Third Frontier so far had created 41,300 jobs and generated $6.6 billion in economic activity* and that the entire initial $1.35 billion investment is on track to be repaid to the state by 2014**.
CincyTech received a $14.8 million grant from the Ohio Third Frontier Entrepreneurial Signature Program, matched by $7.5 million in cash from local corporations, governments, foundations, and civic organizations. The grant period is February 2007-February 2011.
Since it began its investment activity in May 2007, CincyTech so far has invested $3.7 million in 12 portfolio companies in information technology and bioscience and helped create 211 jobs at an average salary of $58,000. It also has helped attract $45 million in co-investment for its companies.
Southwest Ohio has received nearly $100 million from the program, including $27 million for the Computational Medicine Center at Cincinnati Children’s Hospital Medical Center and $27 million for the Ohio Research Scholars Program in aerospace engineering at the University of Cincinnati.
*Read the Stanford Research Institute study:
http://cincytechventures.com/PWDA/files/469/OH_Impact_Report_SRI.pdf
**Read the Ohio Business Roundtable study:
http://cincytechventures.com/PWDA/files/469/Third%20Frontier%20Performance%20Review%20Dec%208,%202009.pdf