Cincinnati rallies for Issue 1 high tech business, jobs program on May ballot

A bipartisan group of Cincinnatians are coming together to rally for renewal of the Ohio Third Frontier economic development program. The 10-year, multi-million dollar program directs bond issued funds into specific, high-tech startups and businesses identified as high-growth, high pay areas for Ohio workers.

The rally is April 7, 10 a.m. at the Taft Center at Fountain Square downtown. Organizers are expecting more than 100 to attend.

The Third Frontier initiative, Issue 1, will be on the May 4 ballot. It would extend the program through 2016 at a level of $700 million dollars. The first-phase of the program expires in 2012; voters approved it in 2005. The state didn't raise taxes to fund Third Frontier and the current phase will be repaid to the state in 2014, according to an independent study.

Funding through Ohio Third Frontier has created 571 new companies and more than 55,000 new direct and indirect jobs across Ohio, according to state economic development officials.

These companies have attracted $3.2 billion in additional investments, produced more than $6.6 billion in total economic impact, and led to an average return on investment of 22 percent per year.

Cincinnati benefited from the program through the creation of several dozen startups including Blackbook EMG, AssureRx, Akebia Therapeutics and ZipScene.

Cincinnati USA Regional Chamber president Ellen van der Horst said Third Frontier creates jobs by attracting entrepreneurs to the city and state, and helping existing companies grow through innovation.

"Third Frontier invests in promising new high-tech start ups but funds also go toward expansion for small businesses and companies in a wide variety of sectors such as manufacturing, agriculture, biotechnology and medicine. It's not only white lab coat kinds of industry," said van der Horst, who will be speaking at the rally.

Other scheduled speakers are Mayor Mark Mallory, Bob Castellini, president and CEO, The Castellini Company, UC President Greg Williams and Cincinnati Children's Hospital president Michael Fisher.

Find out more about the Issue 1 here.
Writer: Feoshia Henderson
Sources: Ellen van der Horst, Cincinnati Chamber of Commerce and Carolyn Pione, CincyTech

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