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The state must transform its economy. The Third Frontier project has proved critical to the effort
Published on Monday, Sep 21, 2009
The Third Frontier alone won't transform an economy grappling with a profound transition. Yet, as Eric Fingerhut, the chancellor of the state Board of Regents, emphasized, ''Clearly, we need to build on these efforts if we are to accelerate the economic rebirth of the state of Ohio.''
With that in mind, Ohio voters soon must renew the bonding authority of the Third Frontier. Gov. Ted Strickland and state legislative leaders rightly have placed priority on acting this fall on a ballot issue for next spring.
What has the Third Frontier achieved, precisely? Consider venture capital, critical to innovation and company formation. Elements of the Third Frontier, including the technology investment tax credit, helped in expanding seed and early-stage capital by 18.5 percent per year from 2004 to 2008. Total venture capital grew annually by 13.2 percent, the report noting that the pace more than doubled the country's yearly growth rate.
A critical obstacle facing entrepreneurs involves making the leap from promising commercial concept to viable business. The Third Frontier includes six regional organizations (Entrepreneurial Signature Program) and 13 Edison Technology Incubators aiding entrepreneurs in making the transition. The incubators supported 270 startup companies in 2008.
The importance of such startups cannot be overstated. The federal Small Business Administration indicates that by increasing the number of startups 5 percent, a state can boost its annual growth rate 0.456 percent, bringing similar results to job and personal income growth. Recall that the Ohio economy expanded a mere 1.9 percent from 2007 to 2008.
Essential to developing such economic activity is close collaboration among industries, universities and other research organizations. The Third Frontier also has contributed in this realm, for example, through the Wright Centers and the Ohio Research Scholars Program. In strengthening linkages, the project aims to keep good ideas in the state, avoiding what has happened too often in the past, universities having little choice but to license technology to overseas companies.
Bob Taft and the lawmakers of his time as governor deserve much credit for pushing to reality the Third Frontier project. As it is, the $681 million represents just part of the initial $1.6 billion approved for investment. Ohioans should know that the remainder is in the works, and they can build on the momentum by renewing and adding to the program's profile.
In this state, the discussion always returns to jobs, and understandably so. Know that, according to Nortech and Cleveland State University, employment in the state's high-technology industries expanded 4 percent while all other industry sectors declined in total. Know, too, that the Third Frontier made an important difference.
Get the full article here.
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