New Brookings Institution Report Suggests Ohio Third Frontier is Critical to the State’s Prosperity Agenda

A newly published report from the non-profit organization Greater Ohio and the Brookings Institution, suggests that innovation is one of the key assets needed to restore Ohio to the prosperity level the state enjoyed for much of the 19th and 20th centuries.  The “Restoring Prosperity” agenda calls for a new era of innovation and a re-energizing of Ohio’s entrepreneurial culture.  Specifically the report recommends the state:

• Preserve Ohio Third Frontier funding.
• Find creative sources of funding for innovation-based economic development.
• Significantly expand the state’s advanced manufacturing network.
•  Create micro-investment funds. 

Contending that the next economy will be driven by innovation -- particularly in the area of advanced energy – the report indicates that Ohio has a strong innovation base upon which to build.  The state is among the top 10 states in battery technology, hybrid system technology and fuel cell technology patents.  According to the National Science Foundation, the state is also ranked in the top ten nationally in terms of a) science and engineering doctorates awarded, b) academic R&D spending and c) small business innovation research awards.  Further, the state ranks fifth in the amount of funding state agencies spend on R&D.

According to the Brookings report, “The state’s marquee innovation-based economic investment program, the Third Frontier, has yielded $6.6 billion in economic activity including 41,300 jobs [through December 2008].  An independent analysis of Third Frontier suggests that many of its benefits are yet to come, and one reason is that it is likely that new products and processes being commercialized by Ohio companies and new industries which are emerging will be in a position of strength during the next global expansion.”

Read the full report entitled:  “Restoring Prosperity: Transforming Ohio’s Communities for the Next Economy”