Trustees endorse Third Frontier extension
The Ohio State University Board of Trustees today (2/5) passed a resolution endorsing the passage of State Issue 1, which will authorize the State of Ohio to extend the Third Frontier funding by $700 million over four years.
Issue 1 will appear on the May ballot for approval by Ohio voters.
The board commended the Ohio General Assembly for its strong bipartisan support of the Third Frontier program and its placement of the constitutional amendment on the ballot.
The Third Frontier initiative was created in 2002 to preserve and create jobs, enhance educational opportunities, and improve the quality of life of Ohio’s citizens and businesses by expanding the state’s research capabilities and enhancing Ohio’s economic competitiveness.
As one of the nation’s top-ranked public research universities and second largest in industry-sponsored research, Ohio State is an integral partner in advancing scientific knowledge and developing new products and applications that benefit Ohio’s economy.
Since 2003, the university has won more than $173 million in direct awards as the lead researcher on Third Frontier projects.
During the past seven years, Ohio State has teamed with more than 200 business and industry partners and a number of Ohio universities to undertake 60 separate projects; helped launch or attract 26 companies and secure or file 125 patents; created an estimated 5400 direct and indirect jobs; and generated more than $325 million in additional federal and industry funding.
Statewide, the Third Frontier initiative has delivered measurable results by investing $681 million since 2002 and yielding $6.6 billion in economic activity. The most up-to-date figures estimate the program’s job creation results at more than 48,000.
“The facts are clear; the investment is working,” said University President E. Gordon Gee. “The Third Frontier program has become a national model for public-private partnerships that transform research into results and enterprise into employment.”