48,000 jobs created by Third Frontier program, says report

Examining Ohio’s Third Frontier

The Ohio Department of Development has publicly released the state-commissioned study of the Third Frontier program. It is available online at http://www.thirdfrontier.com .

Ohio’s technology-nurturing Third Frontier program has helped to create 48,000 jobs and has supported growth of industries including biomedical imaging, fuel cells and the solar cell technology of photovoltaics, according to a study that state officials released on Tuesday, Sept. 15.

The study by SRI International, a state-hired consultant, said Ohio’s investment of $681 million through Third Frontier generated $6.6 billion of economic activity and $2.4 billion in employee wages and benefits. The estimate of 48,000 jobs created dates to the program’s beginnings and runs through the first half of this year, according to the Ohio Department of Development, which administers the program.

Ohio effectively realized a return of nearly $10 on every dollar of the state’s investment, SRI International concluded. The California-based consultant partnered with the Georgia Institute of Technology’s Enterprise Innovation Institute to do the study.

Third Frontier has helped by encouraging technology entrepreneurs and increasing the availability of money during the early stages of startup technology initiatives when support is critical for growth, according to the study.

It was released as Gov. Ted Strickland and the Ohio General Assembly consider asking the voters in May 2010 to support funding for continuing the program. Created under former Gov. Bob Taft in 2002, the 10-year program is to end in 2012, unless it is extended.

The Ohio Department of Development commissioned the $325,000 study as an objective examination to assess the program’s strengths and how it might be improved, department spokesman Bob Grevey said.

SRI International’s recommendations include promoting broader awareness of Third Frontier; ensuring the continuity of programs it supports, and increased emphasis on support for entrepreneurs and attracting technology companies to Ohio.

Contact this reporter at (937) 225-2242 or jnolan@DaytonDailyNews.com.