Social:Ohio Third Frontier
The Ohio Third Frontier is a technology-based economic development initiative, and a part of the larger Ohio Development Services Agency. Ohio Third Frontier is committed to transforming the state's economy through the accelerated growth of diverse startup and early stage technology companies. Businesses and entrepreneurs have access to a statewide network of resources through this nationally recognized initiative. The network provides access to business expertise, mentorship, capital and talent to help turn great ideas into thriving companies and well-paying jobs. [1]
Governance
The Ohio Third Frontier is administered by an 11-member Ohio Third Frontier Commission.[2] Legislatively, the Commission is composed of the Ohio Development Services Agency's director, the Ohio Board of Regents’ chancellor, the Governor's science and technology advisor, the JobsOhio's chief investment officer, and six regional business representatives and one public-at-large representative appointed by the Governor. The Commission is responsible for the allocation of funds appropriated by the Ohio General Assembly to support programs and activities associated with the Ohio Third Frontier.
In addition to the Commission, there is a 16-member Ohio Third Frontier Advisory Board created to provide guidance to the Ohio Third Frontier Commission.[3] The members of the Board represent leaders from industry, academia, and government who advise on strategic planning and general management and coordination of programs associated with the Ohio Third Frontier.
Third Frontier Programs
To accelerate the creation and growth of investable and scalable technology and tech-enabled companies, the Ohio Third Frontier provides access to essential business assistance, capital and talent resources. The Ohio Third Frontier is a thriving statewide community of expert people and organizations dedicated to increasing the odds of success of your entrepreneurial enterprise.
Programs (as of August 2016) [4]
- Entrepreneurial Services Program -- is a robust network of regional entrepreneurial services and capital to accelerate the growth of early stage Ohio technology companies.
- Pre-Seed/Seed Plus Fund Capitalization Program -- is a source of professionally managed capital and associated services to accelerate the growth of early stage Ohio technology companies.
- Technology Validation and Start-Up Fund -- to create greater economic growth in Ohio based on start-up companies that commercialize technologies developed by Ohio research institutions.
- Ohio Tech Internship -- to connect motivated college students with internship opportunities in early stage technology companies across Ohio.
Impact
Since 2006, Ohio Third Frontier supported organizations have provided services and investment capital to more than 1,400 companies. Of those, 315 companies received an investment of $100,000 or more. Those 315 companies have gone on to create more than 2,500 new jobs, raise more than $1.5 billion in follow-on equity, and generate more than $1.2 billion in product sales [5]
Company Stories
Visit TechOhio at https://weare.techohio.ohio.gov/ to read more about the vibrant community of Ohio entrepreneurs and innovators helping grow the state's technology economy. It shares the breakthrough technologies, cutting-edge research and innovative companies from across the state, with a particular focus on Ohio Third Frontier.
References
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