Lorain County Community College’s Board of Trustees today (Thursday, March 25) approved a resolution in support of State Issue 1 and Ohio’s Third Frontier Program.
State Issue 1 represents an opportunity for the State of Ohio to authorize the renewal and continuation of the highly successful Ohio Third Frontier economic development and jobs program. The Ohio Third Frontier program has enabled Ohio to invest in technology, research and entrepreneurship resulting in the creation of 571 new companies, the expansion of existing companies, and more than 48,000 new jobs for Ohioans.
“The Ohio Third Frontier Program is the largest investment ever made in Ohio’s economic future and is a national model for fostering technology-based economic development,” said LCCC President Dr. Roy A. Church.
The Ohio Third Frontier program has produced more than $6.6 billion in total economic impact for Ohio, and attracted an additional $3.2 billion in investments from public and private sources. In May, voters will be asked to renew support to continue Ohio’s Third Frontier program.
“State Issue 1 is Ohio’s chance to keep growing technology-based businesses and jobs while keeping Ohio competitive nationally and globally. We support this important initiative as it is critical to Ohio’s economic future,” Church added.
The Ohio Third Frontier program is directly responsible for the vast success of the Lorain County Community College Foundation’s Innovation Fund, GLIDE (an Edison Technology Incubator), and the Third Frontier Internship Program by providing critical support to each of these initiatives
The Ohio Third Frontier program provided critical funding during the early years of the Innovation Fund, enabling Lorain County Community College to leverage this state funding locally to create jobs and help individuals start businesses.
The Innovation Fund has received three awards from the Ohio Third Frontier program totaling $2.4 million, and leveraged an additional $3 million in support specifically designated to the Fund.
The Innovation Fund has provided more than $3 million in awards to 46 promising start-up technology companies—a direct result of the funding received from the Third Frontier program.
The Innovation Fund award recipients have created more than 85 internships and 40 new jobs, and secured nearly $20 million in follow-on investments, adding to the statewide impact of the Third Frontier program.