Skip to main content
  1. Life
  2. Neighborhoods
  3. Community Issues

Third Frontier Fund heads to the May ballot with goal of creating new jobs in Columbus and Ohio

Now that legislative leaders in the Ohio House and Senate have struck a compromise that seeks to extend the Third Frontier Fund for another 4 years and $700 million, proponents are busy getting ready to see that the bond issue passes the May ballot.


What’s at stake for Ohio is another critical dose of capital infusion in high-tech, alternative-energy and biomedical startups that offer the potential to develop exactly the kind of 21st century high paying jobs that Ohio in general – and Columbus in particular – need.


The first Third Frontier Fund approved in 2005 helped power local innovation centers like TechColumbus, one of the nation’s leading business incubators, as well as TechStart – which injected needed funds directly into promising entrepreneurial organizations in the area.


One change that would be coming if the bond passes is how funds will be managed and administered. In the past, awards were given directly to firms based on their merit. But tough economic times have lengthened how long it takes for startups to succeed. So an expert panel has been put in place that picks contenders for fund disbursement and helps manage the process. This includes 24 entities, mostly venture funds and a handful of others, with a proven track record running venture investments. These entities include several state universities and hospitals, as well as funds and innovation centers like BioEnterprise, Early Stage Partners, JumpStart Inc., and TechColumbus.


Local Chambers of Commerce in Cleveland, Columbus, Cincinnati and other cities around the state are expected to support passage of the bond levy, just like they did in 2005. They understand the importance of earmarking funds for new businesses that offer promising job growth down the road.
 

Comments

Advertisement

Life

  • Derek Hough
    Derek Hough brings quadruple threat talent to 'DWTS' and beyond
    Today's Buzz
  • Hookah smoking
    Young adults believe hookah smoking pose no health threat
    Camera
    7 Photos
  • Top outdoor activities
    Don't spend your summer indoors: Top outdoor activities to do with your significant other
    Camera
    10 Photos
  • Baby shower idea for men
    A new twist on baby showers is throwing a Daddy Baby-Q
    Camera
    7 Photos
  • Wedding special
    'Curvy Brides' offers a new look into every bride's pursuit for her picture perfect wedding gown
    Camera
    7 Photos
  • Morbid obesity
    Health: Morbid obesity decreases life span by up to 16 years
    Camera
    7 Photos