Sunday, May 9, 2010

Issue 1 Passes Resoundingly – Renews Ohio Third Frontier for Four More Years | TechColumbus

Issue 1 Passes Resoundingly – Renews Ohio Third Frontier for Four More Years | TechColumbus

The voters of Ohio voted resoundingly (62 percent) in favor of State Issue 1. The bond measure extends the Ohio Third Frontier for four years (through 2015) and provides an additional $700 million in funding for the program which has been hailed as the most successful economic development program in the state’s history.

“Ohio should be proud tonight,” said Campaign Co-Chair David Wilhelm. “Republicans and Democrats came together; labor and management came together; rural and metropolitan areas came together to secure Ohio’s future.”

In Central Ohio the measure passed by 71 percent, thus confirming the commitment the region has to its high tech future. TechColumbus would like to thank everyone who came out and voted for Issue 1 and who encouraged their colleagues to do so as well.

“We are exceptionally pleased that Ohioans have endorsed the Ohio Third Frontier and its ability to shape our state’s future,” said Lisa Patt-McDaniel, director of the Ohio Department of Development. “Some of the best new ideas and technologies are being created here in Ohio, by Ohio companies, which result in good-paying jobs for our citizens. The support of Ohioans has given us an important boost as we move forward in this new era of opportunity.”

Earlier this week, the Third Frontier was cited by Forbes as one of 11 top state programs it refers to as serious small business funding programs. The list was put together by CB Insights, a firm that tracks private-company funding trends including venture capital, private equity and government-backed investments.

“These programs take different forms but generally represent a great way to spur local economic development and bring and retain high-tech jobs to the area," says Anand Sanwal, a CB Insights founding partner. "Over time, their efforts will likely attract angel and venture investment which serves to strengthen their area's entrepreneurial ecosystem further.”

For more on the Forbes story, click here


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