Ohio Third Frontier recommends investments in NW OhioWritten by Duane Ramsey | | email@example.com
Ohio Third Frontier continues to focus on investing in the state’s economy, recommending funding for its regional partners and advancement in technologies across the state including multiple sources in Northwest Ohio.
On Dec. 13, the Ohio Third Frontier Commission recommended funding for the JobsOhio Network Program, Technology Validation and Start-up Fund, and the Pre-Seed Fund Capitalization Program. The recommended awards are contingent upon approval by the state’s controlling board.
“These investments support Ohio’s economic development strategy through local partnerships and help move technologies from research and development to commercialization,” Christiane Schmenk, director of the Ohio Development Services Agency and chair of the Ohio Third Frontier Commission, stated in the press release announcing the recommendations.
“Ohio Third Frontier is supporting the development of cutting-edge technologies and early-stage companies to ensure Ohio’s tech-based economy thrives,” Schmenk stated.
The JobsOhio Network is a partnership with six regionally-based economic development groups around the state working with the Ohio Development Services Agency and Jobs Ohio to aggressively pursue the retention, expansion and recruitment of businesses with high potential for job and wealth creation in strategic industry sectors in Ohio.
The Regional Growth Partnership (RGP) of Toledo was awarded $1,171,947 for the JobsOhio Network Program in Northwest Ohio. RGP serves as the region’s network partner for JobsOhio, a nonprofit organization established by the State of Ohio to promote job growth and economic expansion in the state.
RGP, JobsOhio and local economic development officials helped three Northwest Ohio companies to bring nearly 100 new jobs and $21 million in capital investment with state incentives approved by the Ohio Tax Credit Authority at its Dec. 11 meeting.
Taiho Corporation of America in Tiffin plans to create 35 new jobs with a capital investment of $13 million for development of a new production line at its facility there. The automotive manufacturer received a Jobs Creation Tax Credit and a Business Investment Grant from the state.
RGP worked closely with the Seneca Industrial and Economic Development Corporation in facilitating that project with Taiho Corp.
Eagle Railcar Services in Cairo will create 28 new jobs and invest more than $5 million to expand its railcar maintenance repair operations in that Allen County community. It received a Job Creation Tax Credit and Workforce Training Grant from the state.
RGP worked in collaboration with the Allen County economic Development Group on that project.
NRI Industrial Sales will invest $3.6 million to establish a new distribution center for electrical equipment and components in Delta that will create 30 new jobs. The company was awarded a Job Creation Tax Credit and low-interest financing for the project.
The Village of Delta, Fulton County Economic Development, and RGP worked together on that project.
“This is more good news for Northwest Ohio and the state as we continue landing successful projects which have made Ohio the top state in the Midwest for job growth over the past year,” Gary Thompson, vice president at RGP and director of JobsOhio northwest region, stated in a press release about the projects.
The goal of Ohio Third Frontier’s Technology Validation and Start-up Fund is to create greater economic growth in Ohio-based start-up companies that commercialize technologies developed by Ohio institutions of higher education and other not-for-profit research institutions.
The University of Toledo received two awards from the Technology Validation and Start-up Fund, according to the announcement by the Ohio Development Services Agency.
UT is set to receive a $35,500 award for its Facet Screw System project that will develop a facet fixation screw to stabilize vertebrae during surgery of the spine.
Another award of $50,000 was recommended for the Percutaneous Mechanical Thrombectomy Device project at UT. It will develop a device for mechanically removing a blood clot that has blocked an artery or vein.
Ohio Third Frontier has helped establish the state as a leading location for early-stage risk capital investment through the Pre-Seed Fund Capitalization Program. Nearly $25 million was recommended for distribution to nine different funds and institutions through this program.
No individual fund or institution in Northwest Ohio received a recommendation for an award from the Pre-Seed Fund, but one organization could benefit from one of the awards.
A $3 million award was recommended for Ohio TechAngel Fund IV LLC in Columbus. The fund collaborators include Rocket Ventures, a joint venture between the UT Innovation Enterprise and RGP of Toledo.
In September, Rocket Ventures received $1.25 million from Ohio Third Frontier to provide commercialization services to early-stage, tech-based companies in Northwest Ohio through its Ignite Development Fund.
Rocket Venture plans to use that money to support some success stories with early stage funding that would be repaid to the organization, according to Dan Slifko, director of Rocket Ventures and president of Rocket Ventures LLC.