Ohio’s Public-Private VC Programs Offer Key to Growth

Experts in venture capital and early stage investing say Ohio’s 2010 venture capital success is dependent on the combination of public programs such as Ohio Third Frontier, coupled with private venture capital investments throughout the state.

A recent report issued by the Brookings Institution cites programs such as the Ohio Third Frontier, an unprecedented and bipartisan commitment to create new technology-based products, companies, industries, and jobs, as successful complements to private venture capital funding to encourage innovative start-up companies, entrepreneurship, and business development.

Read more about Ohio's formula for entrepreneurial and growth success.

Ohio Ranks Number One For Fourth Consecutive Year

It's not surprising to executives who live and work in Ohio that Site Selection magazine has awarded Ohio with the annual Governor's Cup Award for the fourth year in a row.

The Governor's Cup Award is based on the number of private capital investments for new or expanded facilities that involved an investment of at least $1 million, created a minimum of 50 new jobs or added at least 20,000 square feet of new floor area. Ohio came in first place with 381 projects. Texas ranks second in the nation with 374 projects, followed by Michigan (371), Pennsylvania (333) and Tennessee (234).

There are many reasons why Ohio continues to be the ideal place to establish or grow a business but three key reasons include the purposeful redesign of Ohio's business climate, the state's world-class assets in advanced design, advanced materials and advanced manufacturing; and focused academic support that enables business success.

Read more about the award and why Ohio continues to beat out all the other states in the nation in the race for new business.

Ohio Cities Rank Among Best in Country for Employment Opportunities

According to a new study by MSN.com, two Ohio cities – Mansfield and Springfield – are among the best cities in the country for employment opportunities. Springfield city leaders say with the unemployment rate dropping, they see new jobs being created, developing new employment opportunities for Ohioans.

Right now in Springfield, 300 construction workers are building a $300 million Springfield Regional Medical Facility. Springfield Economic Developer Tom Franzen says it will employ 3,000 people when it's completed in two years. Click here to read the complete story.

Newly Released Study Finds that Ohio’s Investment in Tech Jobs is Paying Off

I recently read the results from an Ohio Business Roundtable study, which found that Ohio Third Frontier has provided a 22 percent annual return on investment. In fact, according to the study, 50 percent of Ohio Third Frontier investment has already been repaid in sales and income taxes – with the investment forecast to be completely repaid to the state by 2014.

The Ohio Business Roundtable’s study reports that employment growth supported by high-tech business development has created faster technology jobs growth in Ohio – the eighth-fastest pace of growth in the nation – than in nearly any other Midwest state, creating employment opportunities for Ohioans across all work backgrounds, at double the pay of non-tech sectors.

Employment numbers show Ohio is also gaining traction in the advanced materials, biomedical and power and propulsion sectors that Ohio Third Frontier specifically targets for business development. Since its inception in 2002, Ohio Third Frontier has created or capitalized more than 500 companies and has created $6.6 billion in economic impact in Ohio, a 9:1 return on investment. Click here to learn more about the newly released Ohio Business Roundtable study.

Superior Market Access makes Ohio a Logical Choice for Caterpillar’s New Distribution Center

Caterpillar Logistics, a subsidiary of Caterpillar Inc., recently announced plans to build a new parts distribution center in southwest Ohio, creating new employment opportunities for Ohioans. According to an Associated Press article, the new center in Clayton, Ohio, which is near Dayton, is expected to employ 500 to 600 people. With its sophisticated transportation infrastructure and superior market access, Ohio is a logical site selection for Caterpillar.

This newly announced business investment will span more than 1 million square feet and is expected to cost the company more than $50 million. Construction is expected to begin in early 2010 and be completed in 2011.Caterpillar says the new center in Ohio will eventually replace the company's Indianapolis Regional Distribution facility and assume some work currently performed at Caterpillar's parts distribution center in Morton, Illinois.

Since its inception more than 80 years ago, Caterpillar Inc. has grown to be the world's largest maker of construction and mining equipment, diesel and natural gas engines, and industrial gas turbines. In partnership with their worldwide dealer network, the company delivers products, services and technologies in three principal lines of business: machinery, engines and financial products.

Click here to read the Associated Press article on the new Caterpillar distribution center in Ohio.