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A new report shows Ohio colleges and universities increased academic research expenditures in 2006 to more than $1.6 billion, funneling more money than ever into high technology R&D sectors throughout the Buckeye state. The report further demonstrates Ohio's support for high tech research, development and commercialization, especially in the advanced materials and related biomedical industries, according to the Ohio Business Development Coalition (OBDC), the nonprofit organization that markets the state for capital investment.
Industry officials attribute much of the state's recent growth in academic research spending to the state's Third Frontier Project, a $1.6 billion initiative founded in 2002 to expand the state's high-tech research capabilities and spur the creation of high-paying in-state jobs.
Working with the Third Frontier Project, The Ohio State University alone increased research spending by seven percent to more than $650 million in 2006, and expects that number to surpass $750 million in 2007. The University says it is investing the majority of its research in medical imaging, nanotechnology and the development of advanced materials technology such as using soy and corn materials for petroleum substitutes in industrial products.
"Ohio is home to some of the world's most innovative research in many groundbreaking fields that are crucial to economic development success," said Ed Burghard, executive director of the Ohio Business Development Coalition. "There is no better outlet to ensure future success than through the resources provided by Ohio's many outstanding colleges and universities."
Ohio State is just one of several leading academic institutions in Ohio that are dedicated to reshaping the world with advanced materials. Ohio's strong industrial base in plastics and printing, and leading research in medical devices, liquid crystals, polymers and polymer engineering make the state a natural home for the emerging advanced materials industry.
"Ohio's strength goes beyond research and development, allowing both companies and entrepreneurs a chance to validate their technologies and get them out in the marketplace," said Mark Collar, chairman of the Third Frontier Project Advisory Board. "Ohio has world-class capabilities in advanced design, advanced materials, and advanced manufacturing, combined with outstanding clinical and validation capabilities, a growing venture capital base, and managerial talent with commercial experience. The state's culture of collaboration between academic institutions, entrepreneurs and companies in these business sectors really makes any ambition achievable."
"Businesses are realizing the opportunities and resources the state of Ohio offers for success in the advanced materials," continued Burghard. "In addition to world-class academic research facilities, business owners profit from the state's newly revamped tax code as well as the bottom-line benefits of better work:life balance for their employees. Ohio offers low-cost, low stress communities and a unique tapestry of micropolitan and metropolitan cities. This diversity provides executives and employees the resources and time to pursue their professional goals and personal aspirations without having to sacrifice one for the other. Ohio truly is the state of perfect balance."
About Ohio Business Development Coalition
The Ohio Business Development Coalition is a nonprofit organization that provides marketing strategy and implementation to support Ohio's economic development efforts.
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