In 2002, the State of Ohio planted the seeds to grow a statewide entrepreneurial ecosystem, and over the past nine years the State has invested $1.1 billion through the Ohio Third Frontier to help efficiently and seamlessly move great ideas from the lab to the marketplace. Ohio is realizing the beginning of a high tech renaissance, and State support for entrepreneurs is stronger than ever. In fact, officials are doubling-down on their support of entrepreneurial ventures, increasing funding and assistance to innovative startups that they hope will drive Ohio’s economic revitalization. At the beginning of this month, the Ohio Third Frontier Commission approved a portion of the investment plan for fiscal year 2012, which includes approximately $184 million of investments in technology-based economic development efforts this year, of which $76 million is expected to be directed toward entrepreneurial support programs. This proposed plan represents a shift in Ohio Third Frontier’s past investment activity. In a discussion with Norm Chagnon, Executive Director of the Ohio Third Frontier Commission, I learned why the State has decided to make some changes to this highly effective program.
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Author:Leah Yomtovian
