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Third Frontier Adds Programs, Eyes More Jobs
COLUMBUS, Ohio -- Ohio Third Frontier has added three programs focused on moving technology products to the marketplace faster, creating jobs and strengthening the state's tech-based economy, says David Goodman.
Goodman is director of the Ohio Development Services Agency and chairman of the Ohio Third Frontier Commission.
The programs are:
The Commercial Acceleration Loan Fund offers technology companies in Ohio funds to help them finance the development of products and services they otherwise would have difficulty securing funding because of the risks associated with developing technologies. Loan amounts range from $500,000 to $2.5 million.
The Technology Commercialization Center program invests in new technologies with the goal of creating companies and jobs while helping businesses attract capital. Centers will commercialize research from universities, medical centers or nonprofit institutions and advance the technology into the marketplace where it can be profitable. The program offers up to $25 million to create a center with the expectation that after four years the center will be self-sustaining.
The Technology Asset Grant supports shared infrastructure projects needed to develop new technologies. Program funding can go towards physical plant and/or equipment when at least two Ohio companies or a federal procurement agency believes it is critical to commercialize technology. The grant program offers up to $5 million per project for up to three years.
Published by The Business Journal, Youngstown, Ohio.
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