On Friday, April 16, the COSE Board of Directors voted to endorse Issue 1, a statewide initiative that will be on the ballot for the Primary Election on May 4. If passed, Issue 1 will provide the Ohio Third Frontier program with continued funding in the amount of $700 million through at least 2016.
“The Ohio Third Frontier program is critical for small business and economic development in this state,” notes COSE Chairman, Eric Tolbert of Eric Tolbert & Associates. “And, with over 44% of the awards granted to the Northeast Ohio region, we cannot afford to let this program cease to continue.”
Designed to establish Ohio as a leader in innovation, the Ohio Third Frontier program has exceeded expectations. Since its inception in 2002, this program has created over 48,000 jobs and has been widely heralded as the most successful job creation and economic development initiative in the state. In addition, the Ohio Third Frontier program has generated over $6.6 billion in total economic impact and has created, attracted, or capitalized over 570 start-up companies.
The Ohio Third Frontier program provides funding to small businesses, start-up companies, organizations and universities engaging in high-tech and innovative projects. To date, this program has awarded over $1 billion to projects and has worked to lay the foundation for the creation and growth of technology-based jobs and businesses in Ohio.
Issue 1 is a renewal of the Ohio Third Frontier program and will not increase taxes for Ohioans. In addition, the Ohio Third Frontier program boasts an impressive return on investment of almost 22%. Beyond this, it is important to note that 50% of the state’s investment in this program has been repaid through tax receipts and the total projected investment in this program [expected to reach $1.35 billion] is forecast to be repaid by 2014. Ultimately, the Ohio Third Frontier is a highly successful program that essentially pays for itself.
“The Ohio Third Frontier program is highly beneficial for small businesses,” notes Steve Millard, COSE President and Executive Director. “Over 40% of the awards are given directly to small businesses in Ohio - which doesn’t include the awards given to small businesses through partnerships with universities and other organizations. Renewal of this program is critical for small business,” Millard concluded.
COSE encourages its small business members to vote “Yes” on Issue 1.
Additional information about the Ohio Third Frontier program can be found at www.cose.org/otf.