The Ohio Third Frontier has launched three new programs intended to create jobs and strengthen the state’s economy by moving technology products to the commercial market faster.
“These new programs support innovation and commercialization of technology products, creating companies and jobs for Ohio,” said Katie Sabatino, senior media strategist for the Ohio Development Services Agency, on Friday.
The Third Frontier is a $2.3 billion initiative to boost Ohio’s economy through investments in innovation and technology. The Dayton Daily News reported in June 2012 that the Third Frontier was planning to install new programs that include a greater emphasis on loans and short-term results.
“These align with the Ohio Third Frontier strategy emphasizing near-term results, leveraging our strengths and driving sustainability,” Sabatino said. “Ohio Third Frontier is a catalyst for economic growth and is dedicated to the accountability of taxpayer dollars.”
The new programs:
- The Commercial Acceleration Loan Fund offers Ohio technology companies loans to assist in developing products and services where they may otherwise have difficulty securing funding because of risks associated with developing those technologies. Loan amounts range from $500,000 to $2.5 million.
- The Technology and Commercialization Center program invests in new technologies with the goal of creating companies and jobs while helping businesses attract capital. Centers will commercialize research from universities, medical centers or nonprofit institutions. The program offers up to $25 million to create a center with the expectation that it will be self-sustaining after four years.
- The Technology Asset Grant supports shared infrastructure projects needed to develop new technologies. Program funding can go toward facilities and/or equipment when at least two Ohio companies or a federal procurement agency believes it is critical to commercialize technology. The program offers up to $5 million per project for up to three years.