Ohio House of Representatives Votes to Place Third Frontier Renewal on May Ballot – Proposed Plan Represents $950M Over Five Years

After several weeks of deliberation, including testimony from startups and entrepreneurs across the state, the Ohio House of Representatives has voted to place a proposed $950 million bond issue extending the Ohio Third Frontier by five years on the upcoming May ballot.  The proposal now passes to the Senate.  

“Ohio Third Frontier investments have created more than 900 jobs in the Central Ohio region with an average salary of $62,000, says Ted Ford, president and CEO of TechColumbus.  “Compared to three years ago, Central Ohio’s tech landscape has expanded significantly because of Ohio Third Frontier investments.  Reauthorization of this initiative is crucial to the continued success of the region’s tech economy.” 

One of the key impacts of the Ohio Third Frontier is the program’s support of new company formation.  A recent report from the Kauffman Foundation cites new companies as the leading contributor to immediate jobs creation.  Legislators, such as Rep. Jay Goyal, D-Mansfield, believe continued support of the Ohio Third Frontier is essential to the continued acceleration and diversification of the state’s economy.  

The Ohio Third Frontier was established in 2002 as a 10-year, $1.6 billion initiative to fuel the growth of high-paying, high-tech jobs within the state.  The program, which is set to expire in 2012, has been credited with helping generate 41,300 jobs and $2.4 billion in employee wages and benefits, according to a recent impact study by SRI, International.

For more on the House vote to extend the Ohio Third Frontier, see the story in the Dispatch.

You can also read stories from TechWeek covering the December testimonies of three Central Ohio startup companies before the House Committee on Economic Development.

Coverage of testimony by HTP

Coverage of testimony by InsightETE

Coverage of testimony by Minimally Invasive Devices