CincyTech and Spineform are the latest local recipients of grants from the Ohio Third Frontier aimed at growing jobs in high-tech industries here.
CincyTech has received a $2 million grant; Spineform received nearly $1 million, at the Ohio Third Frontier Commission meeting on June 23.
Ohioans voted by overwhelming margins on May 4 to renew the Ohio Third Frontier program. Sixty-two percent of Ohio voters said yes to renewing Issue 1, which keeps the jobs growth program funded by a $700 million bond issue through 2016.
Ohio Third Frontier was first approved by voters in 2005 to create jobs in information technology, advanced manufacturing, energy and life sciences by supporting entrepreneurs and commercialization out of research institutions.
Nearly $1 billion in grants has been awarded so far, including now $115 million to Southwest Ohio.
CincyTech, which makes equity investments in high-tech startup companies here, was launched through a $14.8 million grant from Third Frontier in 2005 as well as significant ongoing support from the Cincinnati USA Regional Chamber, the University of Cincinnati and Cincinnati Children’s Hospital Medical Center. About 20 local corporations, foundations and municipalities also provide support. This is its second grant.
The commission also awarded $999,250 to Spineform, a Blue Ash-based company that is developing a device for scoliosis. The technology was developed by a team of researchers at Cincinnati Children's Hospital Medical Center, led by Dr. Eric Wall. Spineform has been approved by the FDA to begin clinical testing this summer.
Third Frontier offers programs for grants and other funding in four main areas: high-tech startup companies; research institutions; existing companies that want to grow jobs in a high-tech area; and nonprofit service organizations.
The Ohio Third Frontier Commission awarded another $12 million to Southwest Ohio projects at its meeting on May 26. The awards were:
- $7 million to the University of Cincinnati for a partnership that will create research and development on energy efficiency and help bring innovative energy-efficient technology for buildings to the marketplace. A number of Southwest Ohio institutions and companies are partnering with UC on the project, which will total $122 million: Miami University, EMTEC, Greater Cincinnati Workforce Network and the Greater Cincinnati Foundation, Duke Energy, GE Global Research, LSI Industries, Melink and Woolpert.
The Third Frontier grant is contingent on the project receiving a federal award in August. - $3 million for the University of Cincinnati, in collaboration with local companies Siloam Biosciences, Gamma Dynamics, Sun Chemical and EnMonT, for a project focusing on research, manufacturing, and commercialization of microfluidics technology. Microfluidics can be used for more valuable, in-depth test results using a smaller fluid sample than currently used.
- $2 million for General Nano, a company founded with technology developed by two University of Cincinnati scientists. General Nano manufactures conductive, strong, lightweight yarn from long carbon nanotubes for the aerospace and defense industries. The company will match the funding with an additional $2.5 million.