[**** UPDATED 12/16/14 ****]
During its meeting on December 10, 2014, the Ohio Third Frontier’s Commission and Advisory Board adopted a 2015 program and budget plan. As reported by staff back in September, 2014 approximately $350M of the original $700M bond initiative approved by Ohio’s voters in 2010 remains to be spent. The Third Frontier Commission outlined a $95M funding plan for 2015 with a larger focus on technology entrepreneurship, venture capital funding and early stage company funding.
So, what is ahead for 2015? Third Frontier will continue to place a heavy focus on start-up and early-stage companies, with the majority of program funds planned to be awarded to benefit these entities. Major return on investment (ROI) metrics collected earlier in 2014 show that start-up and early-stage company investments have provided a high value return and clearly indicate that Third Frontier’s funding has been transformational for these companies. According to the 2015 program funding plan, a total of $95M will be made available through the following Third Frontier programs.
2015 Ohio Third Frontier Planned Programs and Budgets
A number of other Third Frontier Programs will not be funded in 2015. The Technology Commercialization Center, Innovation Platform Program, Industrial Research and Development Center, Targeted Industries Attraction Program and Targeted Asset Grant Program will NOT be funded in 2015. The defunding of these programs illustrates the lack of focus on larger, corporate research projects and in university connected projects which were past major award winners. This is a major course change for the Third Frontier program. Third Frontier program Requests for Proposals (RFP) will be released throughout 2015.