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State Senator Bill Beagle
Has Ohio
Conquered The Third Frontier?
Transforming Ohio's Economy for the 21st Century: What's Possible?
Initially authorized by Ohio voters in 2002 with a $1.6 billion state
investment and reauthorized in 2010 with an additional $700 million,
the Ohio Third Frontier continues to foster an "innovation ecosystem"
that allows companies to transition great ideas from the laboratory to
the marketplace.
Ohio Third Frontier is an ambitious, innovative program, which supports
applied research and commercialization, entrepreneurial assistance,
early-stage capital formation and the development of a skilled talent
pool to help drive technology-based economic growth. Funding for this
innovative program has been a driving force in the effort to transform
Ohio’s manufacturing based economy to one driven by technology and the
spirit of innovation. The program enables entrepreneurs from all walks
of life to bring their products to market, purchase equipment, create
jobs and expand their companies.
Just like any successful business, Ohio Third Frontier has evolved by
building on both its success and failures. As Ohio's economy has
changed, so has the Third Frontier program's focus. When I joined the
Third Frontier Advisory Board in 2011, the program had reevaluated and
shifted the ways it determined the success of its investments. In
addition to profits and business growth, a new emphasis was placed on
the number of jobs created. Another shift has been from providing
grants to offering loans to companies in their early stages. This
ensures that taxpayer investments are being returned and reinvested.
Governor Kasich's Administration deserves credit for its efforts to
increase accountability in our taxpayer-supported entrepreneurial
investments by bringing all of Ohio’s entrepreneurial activities under
one roof at the Development Services Agency.
Most companies encounter the Third Frontier through one of the
Entrepreneurial Services Programs (ESPs) across the state. ESPs provide
services ranging from technical expertise and consulting to providing
the capital necessary for success. Statewide access to ESPs is critical
as they provide services ranging from technical expertise and
consulting to providing the capital necessary for success. Several
companies here in the Dayton region have experienced significant growth
as a result of these investments and support.
Assistance in research and development has allowed Renegade Materials
Corporation in Miamisburg to expedite the commercialization of products
that help increase fuel efficiency in commercial and military aircraft.
X-spine Systems, Inc. was able to secure FDA approval to sell its
reliable state-of-the-art implant devices to enhance patients' recovery
when undergoing spinal surgery.
EnviroFlight, a Yellow Springs company, received an investment from the
Ohio Third Frontier and services from regional economic development
partners, allowing the company to harness the power of the black
soldier fly to process food waste and create meal for livestock.
Ohio Third frontier is helping to transform our regional and state
economy by creating an ecosystem that supports innovation and
entrepreneurship. Building on Ohio's history of invention and
creativity, businesses are revolutionizing everything from information
technology to healthcare to advanced manufacturing. This month, Third
Frontier Commissioners and the Administration will meet to begin
considering what lies ahead of the program. The questions before
Ohioans and its policymakers is not simply "what's next?", but rather
"what's possible?"
To learn more about Ohio Third Frontier and how its investments are
helping to transform our economy, check out the TechOhio website for
the latest updates.
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