Third Frontier Project : About
The Third Frontier Project
The Third Frontier Project was initiated in February 2002. This project is the state's largest-ever
commitment to expanding Ohio's high-tech research capabilities and promoting innovation and company formation
that will create high-paying jobs for generations to come. The 10-year, $1.6 billion initiative is designed to:
- Build world-class research capacity
- Support early stage capital formation and the development of new products
- Finance advanced manufacturing technologies to help existing industries become more productive
Through the Third Frontier Project, additional federal and private sector support can boost the total investment
to more than $6 billion.
Governance
The Third Frontier Project is administered by the Third Frontier Commission, which was legislatively created in 2003.
The Commission is responsible for the allocation of funds appropriated by the General Assembly to support programs and
activities associated with the Third Frontier.
In accordance with Am. Sub. S.B. 236, the membership of the Third Frontier
Commission consists of the Director of the Ohio Department of Development, the Chancellor of the Ohio Board of Regents,
the Governor's science and technology advisor, and six regional commissioners appointed by the Governor.
In addition, a
16-member Third Frontier Advisory Board was created to provide guidance to the Third Frontier Commission. The members of
the Board represent leaders from industry, academia and government. The
Board advises on strategic planning and general
management and coordination of programs administered by the
Commission.
Strategy
In March 2006, the Third Frontier Commission adopted the following Vision and Strategies for the Third Frontier Project:
In targeted areas of technology, Ohio has established regional and statewide clusters of excellence that sustain our
global competitive advantage in company and product formation, job creation and economic growth.
Guided by a focus on Ohio research and industry strengths:
- Increase the quantity of high quality research that has commercial relevance for Ohio.
- Expand the availability of investment capital needed to form and grow new companies.
- Grow and nurture an increasingly experienced pool of entrepreneurial management talent supported by organized systems of services and networking.
- Expand the availability of capital and assistance to support product innovation in established companies.
- Attract new-to-Ohio company activity that grows and strengthens the function of specific clusters of excellence.
Programs
Through the Third Frontier Project and related initiatives, the state offers a comprehensive
set of programs that support
world-class research, commercialization, training, and information technology infrastructure designed to accelerate company
growth and job creation throughout Ohio.
