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Renewal of Third Frontier program urged by business group

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Staff Report Updated 11:31 PM Friday, December 11, 2009

COLUMBUS — An organization of prominent Ohio business executives is praising the accomplishments of the state’s technology-supporting Third Frontier program and is endorsing renewal of the program.

“The Ohio Third Frontier delivers results,” leaders of the Ohio Business Roundtable said in a joint statement this week. “It has proven itself and must be renewed in as robust and timely fashion as possible.”

They said the program’s support for development and commercialization of new technologies has helped create jobs and encourage additional investment. The program has attracted $3.2 billion in additional funding beyond the $473 million it had invested in technology projects through June 30, 2009, the executives said.

The Columbus-based organization includes senior executives of Soin International, American Electric Power, Limited Brands, Marathon Petroleum Co., Procter & Gamble Co., Western & Southern Financial Group and Ohio State University among other Ohio-based organizations.

Voters in 2005 approved a bond issue that included $500 million for the Third Frontier program during Gov. Bob Taft’s administration. The program expires in 2012, but legislative leaders in Columbus are discussing whether to ask voters on the May 2010 primary election ballot to authorize new bond issuances for renewal and expansion of Third Frontier.

Including money from other sources, Ohio’s Third Frontier commitment eventually reached $1.6 billion, but some money was diverted and the statewide total is now about $1.35 billion, officials have said. The Dayton area has received about $120 million in grants, according to officials.

The Dayton Development Coalition and officials of startup businesses that the coalition has assisted have praised Third Frontier for helping entrepreneurs to shape business strategies, find funding for product development, or identify business partners or customers.

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