Ohio Third Frontier
is enhancing its commitment to innovation, adding three new programs that identify methods to move technology products to the marketplace more quickly, resulting in more jobs and a stronger tech-based economy in Ohio.
“Each one of the new programs introduced by Ohio Third Frontier has a specific focus on advancing technologies to a place where they can be profitable in the market, creating companies and job opportunities in the process,” explains Katie Sabatino, Senior Media Strategist at the Ohio Development Services Agency’s Office of Communications. “By designing results-driven programs, Ohio’s economy will benefit and improve our foothold as a leader in innovation and advanced technology industries, which are key to our long-term success."
Requests for proposals were released in May for the following:
The Commercial Acceleration Loan Fund
offers Ohio tech companies loans to assist in developing products and services where they may otherwise have difficulty securing funding due to the risks associated with developing technologies. Loans range from $500,000 to $2.5 million.
The Technology 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 and advance the technology into the marketplace. The program offers up to $25 million to create a center with the expectation that after four years it will be self-sustaining.
The Technology Asset Grant
supports shared infrastructure projects needed to develop new technologies. Program funding can go towards facilities and/or equipment when a federal procurement agency or at least two Ohio companies believe it is critical to commercialize technology. The grant program offers up to $5 million per project for up to three years.
These programs, the state agency believes, will better streamline the flow of new technology products to the market.
“When developing and commercializing new products, roadblocks can slow the process, creating a gap where generating funding can be difficult,” Sabatino explains, adding that the new programs will help bridge the gap between funding and commercialization with the goal of impacting the Ohio economy.
Never one to rest, Sabatino says Ohio Third Frontier is always looking for new opportunities. “We are focused on continually evaluating Ohio’s strengths and growth opportunities and creating programs that benefit the state’s tech-based economy and create jobs.”
Source: Katie Sabatino
Writer: Joe Baur