Ohio Third Frontier Plays Key Role in State's Purposeful Business Redesign to Better Compete in 21st Century Global Economy

COLUMBUS, Ohio, May 24 /PRNewswire/ -- In a state well known for its long history of traditional jobs in manufacturing and agriculture, Ohio Third Frontier is credited for Ohio's redesigned business climate. Created in 2002 as an unprecedented and bipartisan $1.4 billion commitment to create new technology-based products, companies, industries and jobs, Ohio Third Frontier has now been extended through 2015 with the proceeds of a $700 million bond issue, a result of overwhelming support of Ohio's voters this May.

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"Ohio Third Frontier is an important part of our plan to make Ohio more competitive for business growth and investment. Together with the lowest taxes in the Midwest and our commitment to a 21st century system of education, Ohio Third Frontier is helping our state develop a highly-skilled, globally-competitive workforce," said Governor Ted Strickland. "Ohio Third Frontier has helped create companies and careers that didn't exist in Ohio, or anywhere, just a few years ago. Ohio's workforce, from recent college graduates to former manufacturing workers, is finding new, innovative opportunities in growing fields because of Ohio Third Frontier."

Just one example of Ohio Third Frontier's success in helping the state to transform its economy is found in the creation of Northwest Ohio's photovoltaic cluster. As Ohio's glass industry began to decline in the 1980s, two relatively small investments by the State of Ohio's Thomas Edison Program to the University of Toledo and two industrial partners were made to investigate the potential of photovoltaic manufacturing. Since that time, Ohio Third Frontier has invested more than $33 million to transform the region's traditional manufacturing base into what is now a successful photovoltaic cluster. Through the Photovoltaics Innovation Center - a Wright Center of Innovation, an Ohio Research Scholar and direct grants to small companies, Ohio Third Frontier investments have stimulated the growth of an industrial cluster that symbolizes how historic Ohio strengths can be converted into new, innovative and successful opportunities for economic growth.

Since its inception, the Ohio Third Frontier has created, capitalized or attracted more than 600 companies, created nearly 55,000 direct and indirect jobs and helped create $6.6 billion in economic impact in Ohio – a 9:1 return on investment. The renewal of Ohio Third Frontier allows the momentum of job and company creation to continue in Ohio, helping to propel the state into the future and solidify Ohio's role as a technology leader in the United States.

"Ohio's economic development and job growth strategies are creating a healthy business climate in the state and are further proof that Ohio should be on every CEO's and entrepreneur's list of location options," said Lisa Patt-McDaniel, Director of the Ohio Department of Development. "Executives are realizing in Ohio, they're able to find the perfect balance between successfully growing a business and enjoying life without having to sacrifice one for the other."

"Over the last eight years, the Ohio Third Frontier has created a strategic framework in which industry, the nonprofit research community, government and local economic development entities can collaborate to accelerate and amplify the positive transformative effects of technology and innovation on the state's economy," said Norm Chagnon, executive director of the Ohio Third Frontier Commission. "The growth of Ohio's technology-based companies is creating employment opportunities for young people and existing workers to fill the jobs of the future and enabling them to remain in Ohio."

Additional information about Ohio Third Frontier can be found at www.OhioThirdFrontier.com.

SOURCE Ohio Business Development Coalition

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