Study Shows Impact of Ohio Third Frontier on State’s Economy - Program Credited With Creating $6.6B and 41,300 Jobs

Results of a recent report commissioned by the Ohio Third Frontier indicate that the program is estimated to have generated $6.6 billion in economic activity and 41,300 jobs which represent $2.4 billion in wages and benefits for Ohioans.  This signifies a 10:1 return on investment for the program in the first five years of its 10-year initial phase.   

Since its inception in 2003 the program has had tremendous impact on the state’s technology sector especially with regard to high tech startups and entrepreneurial activity.   Highlights of the program’s economic impact include: an increase from $32 million to $298 million from 2003-2008 in early stage and seed capital for Ohio technology companies, the launch of more than 350 technology startups, an increase in high tech employment in the state, increased recruitment of high tech companies to Ohio and the development of world-class technology clusters.

There were some challenges in completing the study.  For instance, new technology clusters — such as medical imaging – are relatively immature. That means it’s early to be measuring the economic impact of these developing clusters. Most industry development is measured in decades, not years. “That the impact is already being seen so well, so quickly is an important story to tell,” said Brad Whitehead, president of the Fund for Our Economic Future.

 For full details on the report, see the release from the Ohio Department of Development.