Innovation Creating Opportunity
JumpStart is able to support entrepreneurs and their early-stage ventures, due to the generous support of its funders, including Ohio Third Frontier. Ohio Third Frontier catalyzes innovation that is transforming Ohio's economy for future generations by creating new technology-based products, companies, industries and jobs.
One of Ohio Third Frontier's areas of focus is "Building New Businesses and Investing in Entrepreneurialism." In their quest to do this, Ohio Third Frontier is nurturing promising early-stage technology businesses by helping them access capital and by providing critical support services, thus improving the commercial viability of their emerging products and services. At the core of this effort is the relationship between Ohio Third Frontier and JumpStart.
Ohio is a leader in the formation and attraction of capital to support technology-based companies. The Ohio Third Frontier has helped capitalize 46 early-stage funds. These investments have resulted in an additional $1.4 billion being invested in Ohio's most promising technology startup companies. In addition, the formation of these funds have sparked a new entrepreneurial era in Ohio, and the quality of their portfolio's deal flow is attracting significant investment from national and international venture firms.
Other areas of focus for Ohio Third Frontier include:
- Bringing industry and academia together to accelerate the development of new innovations and breakthrough technologies.
- Building sustainable and competitive industries.
- Creating new employment opportunities for Ohioans.
For more information about Ohio Third Frontier, visit their website. While you are there, make sure you read about their programs. Also, take a look at the Ohio Third Frontier Annual Report and read the national attention it has received from Forbes.com.
Personal Impact
Bonnie Schmidt, ECHOGEN
Watch the video to hear a personal story of how Ohio Third Frontier has impacted a self proclaimed 'average Ohioan.'
Phil Brennan, President of ECHOGEN Power Systems
"From the support we've received from organizations such as the Akron Global Business Accelerator and JumpStart, to the direct funds we were awarded from the Research Commercialization Program, Ohio Third Frontier has had an incredible impact on ECHOGEN Power Systems. This support can make the difference between success and failure for a new enterprise."
Proven Results
- OTF has created 48,000 jobs (through June 2009) and is on track to achieve job-creation projections. In particular, employment in high-tech sectors in Ohio grew significantly from 2004 through 2008 and at a faster rate than in almost all other Midwestern states.
- OTF has created, attracted or capitalized 571 start-up companies (through June 2009).
- OTF has attracted $3.2 billion in follow-on dollars (federal, state, local, private and foundation funds) on top of the $473 million it has expended (through June 2009) on technology-based programs.
- OTF has produced more than $6.6 billion in total economic impact in Ohio (through Dec. 2008).
- OTF’s total return on investment has averaged 22 percent per year over the life of the initiative.
- Product sales from OTF-funded projects have grown to $440 million per year (through June 2009) and are estimated to total at least $900 million by 2013.
- Licensing income earned by Ohio’s leading research institutions more than doubled from 2002 to 2007, rising from $16 million to $40 million.
- From 2002 through 2008, Ohio’s research base increased more than 60 percent, from $1.1 billion to $1.8 billion.
- From 2003 through 2008, venture capital investment in Ohio grew almost 2.5 times faster than in the U.S. – 20.4 percent per year compared to 8.6 percent per year.
- 50 percent of the State’s OTF investment to date (through Dec. 2008) has been repaid through tax receipts. The original investment, now projected to be $1.35 billion, is forecast to be fully repaid by 2014.
Data sources derived from recent independent analyses by SRI International and the Ohio Business Roundtable The Case for Renewal.