Ohio Third Frontier Initiative: What it Means for Business

Business ownerThird Frontier is helping Ohio tech businesses grow

Founded in 2002, the Third Frontier project is an economic development initiative put into place by Ohio to expand research and technology in the state. The project has more than two billion dollars in funding and implements a long list of programs as part of its plan to supply capital for business ventures and develop new products. It is working to change the course of Ohio’s economy by supporting existing ventures, as well. The Third Frontier initiative looks for new, globally competitive products to support while also fostering the creation of new emerging companies in sectors of the technological industry. Ohio Third Frontier provides funding to companies in Ohio with a tech focus, as well as nonprofit research institutions, universities and other organizations, with the overarching goal of creating new tech-based products, companies and jobs.

Because Third Frontier is so tech-focused, its initiatives and goals are in line with what Notre Dame College’s online programs are all about. Especially in the case of NDC’s online business programs, tech expansion in Ohio and business education go hand in hand. With that in mind, we have put together a profile on the exciting work that the Third Frontier Initiative is doing in the Ohio business community. Below is a list of their current programs, which are all accepting applications:

Incubation Program

The Incubation Program supports top Ohio tech incubators and those that provide entrepreneurial assistance, access to capital, resources and modern incubation facilities. This program’s goal is to accelerate the growth of Ohio tech companies while allowing entrepreneurs to focus their resources on developing their products and services.

Ohio’s New Entrepreneurs (ONE) Fund

This program is a way for Ohio to retain and attract impressive business talent. The ONE Fund emphasizes both mentoring and providing an environment in which young entrepreneurs can develop their skill sets. Its primary goal is to connect new Ohio business ventures with early stage investment capital.

Industrial Research and Development Center Program (IRDCP)

The IRDCP focuses on attracting and building high-quality research in the state of Ohio. These facilities or laboratories can exist in a corporate, nonprofit or federal capacity and must meet one or more of the following requirements:

  • Conducts value-added applied research at the direction of or in collaboration with Ohio industry
  • Performs industry-directed and industry-oriented problem solving
  • Develops technology that can be commercialized by or in partnership with an Ohio for-profit company

Technology Asset Grant Program (TAG)

TAG supports the conception and development of specialized facilities and/or technical equipment that is viewed as essential to realizing the commercial or government usage of new technologies or products by Ohio companies or federal procurement agencies.

Technology Commercialization Center Program (TCC)

This program invests in new technology areas to foster company formation, capital attraction and job creation. It is designed to support commercialization of technologies in existing research areas that are:

  • Focused in a targeted industry sector
  • Able to easily be commercialized
  • Concentrated with in one or more Ohio universities, medical centers or other nonprofit research institutions

Pre-Seed Fund Capitalization Program (PFCP)

The PFCP aims to increase the availability of professionally managed capital and associated services to accelerate the growth of early-stage Ohio tech companies. It provides loans to capitalize both for-profit and nonprofit funds that are supported by other non-state investors.

Commercial Acceleration Loan Fund (CALF)

This program’s goal is to accelerate development and growth in key tech industries in Ohio. CALF aims to do this by supporting the move of products and services into meaningful market entry through various methods.

Business Services

Ohio Third Frontier is actually one of the programs offered through the Ohio Development Services Agency (ODSA), which supports Ohio’s businesses in the global economy. ODSA has the resources to assist both large and small businesses as they grow. Resources include the Minority Business Development Centers, Small Business Development Centers and International Trade Assistance Centers. It also has Small and Minority Business Financial Incentive Programs. For companies that are exploring the possibility of relocating or expanding into Ohio, ODSA works with JobsOhio to offer comprehensive packages of tech and financial assistance resources for job creation. For more information about these exciting Ohio business support programs, visit development.ohio.gov or thirdfrontier.com.

Business at NDC

The business and tech industries in Ohio are as active as ever, so now is a great time to begin or continue your business education with the online programs at NDC. Resources like Ohio’s Third Frontier offer business professionals a wide variety of resources to advance their ideas and ventures. Another way to help advance your business career is through education. Our online associate and bachelor’s degrees in business management and administration prepare you for the challenges of the modern business world. For more information about NDC’s business degrees, visit our Business Academics page.