Ohio Department of Development’s (ODOD) mission is to change the trajectory of Ohio’s economy by purposefully redesigning the business climate to increase the global competitiveness of Ohio’s businesses, resulting in prosperity for all Ohioans.

The Ohio Department of Development has invested $15 million to fund Rocket Ventures in Northwest Ohio through its Third Frontier Program. These funds make it possible to provide enhanced management services, financing or company investment capital, and sets Rocket Ventures apart from other options.

With this support from the State of Ohio, Rocket Ventures, in collaboration with local and state partners, is leading the initiative to help small and medium-sized technology companies grow, creating high-value jobs and a reputation for success.

The Third Frontier Project

The Third Frontier Project was initiated in February 2002. This project is the State of Ohio’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. The Third Frontier Project is managed by the Ohio Department of Development.

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, the Third Frontier Project aims to:

• 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.  (Source: Ohio Department of Development)