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Ohio Third Frontier Stakeholders Hope for Nearly Full Funding for 5-year Extension

Monday, February 01, 2010

Excerpt of story provided by MedCity News
Written by Mary Vanac


Ask most people touched by Ohio Third Frontier whether the state’s largest economic development project ought to be renewed, and you’ll get a resounding “Yes!” A tougher question is: How much money should the state borrow to extend the program beyond fiscal 2012, when its term ends?..

...In the midst of a budget crisis, how much money should the state borrow from investors — and ask taxpayers to repay — to fuel its technology economy? Here are some answers from Third Frontier stakeholders:..

...Ray Leach, chief executive, JumpStart Inc.: It is our desire to maintain the level of support that has been available. Ohio has grown venture capital investment at two times the national rate over the last five years, which is a result of Ohio Third Frontier, as determined by an independent report. In Northeast Ohio, companies have raised over $1.1 billion in the last five years, in part due to Ohio Third Frontier programs. A Third Frontier program of less than $160 million per year ($800 million over five years) would put this momentum in jeopardy...

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