Posted on March - 28 - 2010
Third Frontier Commission awards $4.3 million to five NE Ohio tech companies
The Ohio Third Frontier Commission on Wednesday awarded $4.3 million in grants to five Northeast Ohio technology companies, while also releasing updated statistics on the performance of the Ohio Third Frontier Project.
The Third Frontier program, which was created in 2002 to stimulate Ohio’s economy through investments in technology, had created 55,000 jobs as of Dec. 31, 2009, according to commission statistics based on a formula created by Silicon Valley consulting firm SRI International. That same formula indicated the program had created 41,000 jobs as of December 2008.
The figure includes direct job numbers submitted by Third Frontier grant recipients as well as an estimate of indirect jobs created by the companies as they and their employees spend money in the state. That estimate is based on the SRI formula.
Ohio Department of Development director Lisa Patt-McDaniel said in a statement that the numbers indicate the program – which could be continued for another five years beyond 2012 if voters pass a $700 million bond issue this May – is succeeding.
“Our latest results show the program works and is making a difference in the lives of Ohioans as we continue to help bring Ohio and the rest of the country out of the clutches of one of the worst economic downtowns in 70 years,” Ms. Patt-McDaniel said.
The metrics also indicated that grant recipients have generated $1.1 billion in sales and attracted another $3.7 billion in investments and grants on top of the $548 million in Third Frontier funds spent so far.
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