ABSTRACT
In fiscal year (FY) 2002, then Ohio governor Robert Taft initiated the Ohio Third Frontier (OTF), which focused on funding innovation and entrepreneurship. OTF is a technology-based economic development (TBED) program that has been housed within the Ohio Department of Development. The OTF allocates funding by different program categories that change over time. The specific language of the referendum permitted the OTF to spend the funds on general operating expenditures but included maximum spending caps for each fiscal year. The original sources of OTF funding did not provide sufficient noncapital operating funds for the awards. Due to state revenue challenges, the use of funds from the 2005 bond initiative proved critical for funding a balanced program of both capital and operating funds. The Entrepreneurial Signature Program (ESP) stimulates and supports technology-based entrepreneurial commercialization outcomes within Ohio. ESP focuses assistance and early-stage investment resources on companies possessing strong economic development potential in specific sectors.
