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Stimulus could benefit energy and biomedicine
By Paula Schleis
Beacon Journal business writer
Published on Friday, Feb 08, 2008
Two industries that would benefit from Gov. Ted Strickland's ''Building Ohio Jobs'' plan are central to Northeast Ohio's own economic development goals.
BioEnterprise and the Ohio Fuel Cell Coalition were among those cheering Strickland's State of the State address Wednesday, which called for borrowing $1.7 billion to stimulate a stalled economy and create 80,000 jobs.
If his ideas win enough support to become reality, some funds raised by issuing bonds would be spent on advanced energy technologies and biomedicine.
The Akron area is a hub for
development of alternative energies, ranging from companies like Catacel Corp. in Garrettsville to Rolls-Royce Fuel Cell Systems in Jackson Township.
And the University of Akron, which is building a new research center supported by FirstEnergy Corp., was chosen to host this year's industry gathering at a two-day symposium in May.
The state has already been supporting such efforts through its Third Frontier Fuel Cell Initiative, and the investment is paying off, said Ken Alfred, director of the Cleveland-based Ohio Fuel Cell Coalition, which represents nearly 100 fuel cell organizations in the state.
Third Frontier ''is an example of an advanced energy sector program leading the way to new jobs in this emerging industry,'' he said.
Meanwhile, those involved in Northeast Ohio's renowned medical sector were applauding Strickland's call for a $300 million investment to grow biocompanies and the jobs they provide.
''We are pleased that the governor recognizes the impact this sector has on Ohio,'' said BioEnterprise President Baiju Shah. BioEnterprise works to find capital for bioscience companies in the region.
According to a recent study, the Ohio bioscience industry is responsible for $146 billion of the state's economic output (about 18 percent of the state's total) and 1.2 million jobs in the state.
Last year, Northeast Ohio bioscience companies attracted the second most venture capital of any region in the Midwest, second only to Minneapolis.
''The bioscience industry is quickly becoming the state's largest economic sector and is already its primary new job creator,'' Shah said.
And as with fuel cells, a Third Frontier program that has been supporting development of medical technology is showing the value of the state's investment.
''Ohio has made a long-term commitment to the bioscience industry that has already catalyzed thousands of new jobs and billions of investment dollars flowing into the state,'' Shah said.
Paula Schleis can be reached at 330-996-3741 or pschleis@thebeaconjournal.com.
Two industries that would benefit from Gov. Ted Strickland's ''Building Ohio Jobs'' plan are central to Northeast Ohio's own economic development goals.
Get the full article here.
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