Monday, August 24, 2009

Ohio Third Frontier Drives RFID Technology Investment and Business Development in Dayton

COLUMBUS, Ohio, Aug. 18 /PRNewswire/ -- The Ohio Third Frontier is a main driver supporting new technology investment, innovation and business development in the Dayton's emerging radio frequency identification (RFID) technology field. Since its inception, the program has created or commercialized more-than 500 companies and has attracted $3.5 billion in private investment to Ohio, a 9:1 return on investment.

Dayton's RFID business boom is the result of significant funding from the Ohio Third Frontier. Dayton's recent 30-acre Tech Town development is anchored by the Dayton RFID Convergence Center business incubator and the Institute for the Development and Commercialization of Advanced Sensor Technology (IDCAST). The convergence center, which opened last month in Tech Town's $6 million, 35,000-square-foot Creative Technology Accelerator building, is being called the world's first business incubator for start-ups in the field of radio frequency identification technology (RFID). IDCAST was born out of an Ohio Third Frontier award for $28 million to the University of Dayton and partner organizations in academia, industry and the military to create Ohio jobs and technology innovation in the sensors industry.

Additionally, IDCAST received $3 million in Ohio Third Frontier funding in May to create the Center for Unmanned Aerial Vehicles Exploitation to be located at the Air Force Center for Rapid Product Development in Dayton. The project will account for at least 45 new jobs this year alone, and a steady stream of new investment and technological innovation is expected as the incubator program takes flight.

"Business development opportunities like those found at Dayton's Tech Town, the RFID Convergence Center and IDCAST would simply not be possible without the support that Ohio provides through the Ohio Third Frontier," said Larrell Walters, director of IDCAST. "It's this kind of innovation that is helping to make the Dayton region a global hub for the development of technologies in the RFID industry."

"Our goal is to help make incredible dreams a reality," said Norm Chagnon, executive director of the Ohio Third Frontier Commission. "Business owners have access to a variety of programs that nurture business development, growth and innovation. The state's culture of collaboration between entrepreneurs, businesses, large companies and individual workers really makes any ambition achievable."

Later this summer Ohio Third Frontier will release additional Sensors Program Requests for Proposals that will continue to support the expansion of this growing cluster in Ohio.

About Ohio Third Frontier

Established in 2002, The Ohio Third Frontier represents an unprecedented and bipartisan commitment to expand Ohio's technological strengths and promote commercialization that leads to economic prosperity throughout Ohio. Since its inception, the program has created or capitalized more than 500 companies and has attracted $3.5 billion in private investment to Ohio, a 9:1 return on investment.

For more information, visit www.thirdfrontier.com.

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