TechColumbus Board Passes Resolution in Support of State Issue 1 for Jobs

The Board of Directors of TechColumbus – Central Ohio’s leader in technology based economic development – has adopted a resolution in support of State Issue 1. With strong bipartisan support in the legislature a bipartisan campaign committee, named United for Jobs and Ohio’s Future, has been established to raise awareness of the importance of State Issue 1 for Ohio Jobs now and in the future.  State Issue 1, which will authorize an additional $700 million for the Ohio’s Third Frontier initiative, will appear on the statewide ballot this May 4.

“Passage of State Issue 1 is vital to the continued growth of our economy in Central Ohio,” said Dr. Steve Allen, CEO of Nationwide Children’s Hospital and chairman of the TechColumbus Board of Directors.  “Since its inception in 2002, the Ohio Third Frontier has contributed to the advancement of Central Ohio as an innovation-driven, competitive 21st Century economy.”

The Ohio Third Frontier has created in excess of 48,000 jobs and accelerated 571 companies statewide.  Central Ohio companies and programs have received $250 million in Third Frontier investments; and these dollars have helped attract more than $1.5 billion in follow-on funding.  A recent study by the Ohio Business Roundtable indicates that by 2014, the tax revenues generated from companies supported by Ohio Third Frontier initiatives will repay the state’s total current investment in the program.  In fact, independent researchers reported that through 2008, Third Frontier expenditures of $681 million generated $6.6 billion in economic activity – representing a nearly $10 return on every dollar of the state’s investment.

“This is not a stimulus – it is a solid investment in Central Ohio’s future with proven results,” said Ted Ford, president and CEO of TechColumbus.  “The Third Frontier has helped create an entrepreneurial ecosystem that supports the growth of young technology companies.  We are proud to announce our support of this program whose renewal is so critical to the continued growth of our region and state.”