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Ohio Department of Development Technology Division

Ohio Department of Development Technology Division. WRIGHT STATE UNIVERSITY. APRIL 1, 2004. THIRD FRONTIER OPPORTUNITIES. The Third Frontier A Vision for Ohio’s Future. Vision.

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Ohio Department of Development Technology Division

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  1. Ohio Department of DevelopmentTechnology Division WRIGHT STATE UNIVERSITY APRIL 1, 2004 THIRD FRONTIER OPPORTUNITIES

  2. The Third FrontierA Vision for Ohio’s Future

  3. Vision “Our goals are simple: we’ll invest in our strengths, we’ll build dynamic new businesses, and we’ll create an explosion of high-paying jobs in Ohio . . .” Governor Bob Taft State of the State Address February 5,2002

  4. The Problem • Loss of manufacturing jobs • Children and grandchildren are leaving the state • Per capita income continues to lag • New technology business formation rates are low • Other states are making significant investments to diversify and modernize their economies around technology

  5. The Solution • Transition Ohio’s economy from aging manufacturing base to a more dynamic economy based on research and innovation • Build on Ohio’s strengths (as identified by Battelle): • Advanced materials • Biosciences • Instruments, Controls and Electronics • Information Technology • Power and Propulsion

  6. The Program – Ohio 3rd Frontier Project • $1.1 billion economic development initiative to strengthen Ohio’s economy • State investment will leverage private and federal support for a total investment of $4.5 billion • Represents Ohio’s largest-ever investment in expanding research capabilities and promoting start-up companies

  7. The 3rd Frontier Project • Designed to encourage collaboration among and between industry, government and universities • The return on investment? A vibrant, diverse economy providing high-paying jobs and an enhanced quality of life for all Ohioans

  8. Biomedical Research & Technology Transfer Partnership Awards Wright Centers of Innovation Wright Capital Project Fund Third Frontier Action Fund Fuel Cells The 3rd Frontier Project

  9. BRTT Partnership Awards • To enhance “biomedical research and biotechnology in this state that would be likely to produce jobs and business opportunities and produce the most beneficial long-term improvements to the public health of Ohioans. One area of focus…shall be biomedical technology initiatives that address tobacco-related illnesses.”

  10. Wright Centers of Innovation Wright Centers of Innovation were designed to be collaborations in which world-class research and new technology development platforms are closely associated with robust commercialization systems designed to maximize the economic impact in Ohio of the state’s research investment. The program was intended to accelerate the pace of technology research in Ohio and enhance the efficiency with which it is commercialized.

  11. Third Frontier Action Fund • Since 2000 there have been 85 awards made totaling $65 million. The awards can be categorized into four broad areas: • 1) Supporting commercialization of a near-term technology, • 2) Early-stage capital formation, • 3) The Governor’s fuel cell initiative, • 4) Entrepreneurial enhancement efforts that assist technology-based companies, technology transfer, or technology commercialization.

  12. Third Frontier ProjectStrategic Guidance • Continue to focus on the five core competency areas: • power and propulsion; • bioscience; • advanced materials; • information technology; and • instruments, controls and electronics. • Context of forward-looking market opportunities. • Investment at the intersections of core competency.

  13. Third Frontier ProjectStrategic Guidance • World-class activities having the strong involvement of industry, including the commitment of real resources (i.e., funding, people, and other tangible contributions), should be required for TFP investments. • Greater consideration for TFP proposals that will attract and retain world-class talent and high growth companies that forge or add to the early stages of a “cluster.”

  14. Third Frontier ProjectStrategic Guidance • Regional agendas: inter-connectivity of activities and organizations to support state goals. • Regional leadership groups inform the TFP process with formal feedback. • Regional leadership groups responsible for local service delivery related to TFP programs • Encourage use of “alignment programs”

  15. Third Frontier ProjectPriority Areas For Action • Build world-class applied research capacity. • Increase the statewide coordination and level of entrepreneurial training and assistance to accelerate the formation and attraction of technology-based businesses • Develop a comprehensive capacity to support product innovation • Market Ohio’s competitiveness

  16. Programmatic Timeline • TFAF RFP Spring 2004 • Innovest May 13 & 14 • BRTT/WCI RFP May • TFAF Proposals Due Summer • BRTT/WCI Proposals Due Sep • Edison Awards Oct • TFAF 2004 Awards Fall • BRTT/WCI Awards Feb 2005

  17. QUESTIONS & ANSWERS

  18. Technology Division CONTACT: Patrick Valente Deputy Director (614) 466-3887 pvalente@odod.state.oh.us www.odod.state.oh.us

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