State Announces Updated Ohio Third Frontier Impact Numbers

The Ohio Department of Development has released the latest results of the Ohio Third Frontier program.  The numbers show the continued impact the program is having on Ohio’s innovation economy.  Since its inception in 2002 through December 2009, the Ohio Third Frontier is credited with helping create nearly 55,000 jobs and launch, attract or capitalize 637 companies within the State of Ohio.

The program has expended $547.9 million which it has leveraged into more than $4.7 billion.  This represents a leverage ratio of 8.7:1 – meaning that for every $1 the state has spent, it has leveraged a nearly $9 return.  This compares to the original goal of the program which was to have a leverage ratio of 3.5:1. 

In Central Ohio, the Ohio Third Frontier has invested $247.7 million.  These investments have been in sectors deemed key to the economic growth of the region including advanced materials ($89 million), biomedical ($82 million), advanced energy ($34 million), advanced propulsion ($11 million) and investments in IT and instruments, controls and electronics (combined $4.6 million).  Another $26 million was invested in regional funds to support startup funding and angel investments. 

“The benefits of the Ohio Third Frontier continue to compound year after year,” says Ted Ford, president and CEO of TechColumbus.  “Its impact, not only on the state but on our region, will be felt for decades.” 

For more, download the presentation from ODOD