Strategic plan outlines blueprint to grow Ohio’s innovation economy

Industry-led “innovation hubs,” additional funds for risk capital, and a proactive talent strategy are among the recommendations included in Ohio BOLD: A Blueprint for Accelerating the Innovation Economy, a new strategic plan conducted by Columbus-based TEConomy Partners on behalf of the Ohio Chamber of Commerce Research Foundation. Developed as a way to inform a new gubernatorial administration of the Chamber’s priorities, the plan identifies opportunities around four platforms: next-gen manufacturing, future health, smart infrastructure, and data analytics.

Regional “Innovation Hubs” — centers of R&D and commercialization activity that bring together industry, research institutions, and the public sector — would represent each of these platforms. To support access to capital, the authors recommend continuing to fund the state’s Entrepreneurial Signature Programs, a key Third Frontier initiative, and expanding their responsibilities to support these innovation hubs. A strategy to develop, retain, and attract talent would offer financial incentives to recent graduates, as well as senior and mid-level professionals, to pursue Ohio-based careers in the aforementioned platform industries.

The authors recommend tapping into the Third Frontier reserves, using the liquor sales revenue that funds the JobsOhio program, and identifying federal funds and private capital to help fund these initiatives.