December 9, 2019
COLUMBUS, OH –The Ohio Chamber of Commerce Research Foundation released its report on the second event in its “Lunch, Learn, & Lead” Discussion Series, titled “Planning for the Future of Innovation in Ohio” today.
The discussion held on November 20 was a follow-up to the Research Foundation’s July 2018 report “Ohio BOLD: A Blueprint for Accelerating the Innovation Economy.” Representatives from JobsOhio, Ohio Development Services Agency, and the venture capital community addressed issues facing the state’s innovation and entrepreneurial ecosystem. As a result of the panel discussion and subsequent conversation between the panelists and audience members, key takeaways on targeted efforts to address inadequacies from a talent and capital attraction perspective were evident:
- Create a new venture capital “fund of funds” to catalyze an increase in the number of Ohio-based venture capital funds and the amount of capital targeting early stage companies in Ohio.
- Develop a program to allow Ohio, through JobsOhio or other entities, to co-invest with other Ohio-focused investors into young companies with high growth potential.
- Facilitate creation of one or more “life sciences” and/or medical technology venture capital funds.
- Increase efforts to attract talent to help grow promising startup companies.
- Engage corporate and non-profit institutions which produce technology, talent and intellectual property to be more coordinated in their approach, more aggressive in their outreach, and more impactful in their results.
- Determine and articulate a clear future for the Ohio Third Frontier program.
- Better align the various programs between JobsOhio, DSA, OTF and InnovateOhio.
“By taking several key steps to present a unified framework and align the various efforts of all of the entities operating collaboratively in the entrepreneurial space, Ohio can reclaim its position as a regional and national leader in innovation and capital investment,” stated Brian K. Hicks, President & CEO of Hicks Partners LLC and President of the Ohio Chamber Research Foundation’s Board of Directors. “We appreciate the officials from DSA and JobsOhio, as well as the capital investment experts, for sharing their views and helping to identify a path to greater success moving forward.”
The “Lunch, Learn, & Lead” Discussion Series is a set of policy discussions on issues important to the business community, bringing together industry leaders, policy professionals and lawmakers to identify ways to drive and promote the economic well-being of Ohio. For the full “Future of Innovation in Ohio” report, and for an executive summary of the Research Foundation’s Ohio BOLD study, please follow the links below.