Ohio Third Frontier and Ohio's Innovation Ecosystem Create Environment Where Inc. 5000 Fastest-Growing Companies Can Succeed

Nearly two dozen of the Inc. 5000 fastest-growing companies have been supported by the Ohio Third Frontier or other technology-based economic development programs in Ohio

Dec 08, 2010, 08:00 ET from Ohio Third Frontier

COLUMBUS, Ohio, Dec. 8, 2010 /PRNewswire/ -- Ohio Third Frontier and numerous related technology-based economic development programs in Ohio have had a hand in the success of nearly two-dozen of the Inc. 5000 fastest-growing, private companies in America.

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With 186 companies included on the 2010 Inc. 5000 list, Ohio ranks among the top 10 states in the nation. Of those companies, 23 received support from Ohio Third Frontier, or a related technology-based economic development program in Ohio.

Ohio's economic development leaders attribute this success to Ohio's overall innovation ecosystem.

"Ohio has created an environment that supports high-tech companies at all phases of business development," said Lisa Patt-McDaniel, Director of the Ohio Department of Development. "From pre-seed funding and entrepreneurial support to our Edison Incubators and Edison Technology Centers, Ohio is providing the support and development tools to bring innovation into the marketplace while creating new business and workforce development opportunities throughout the state. Innovation continues to succeed in Ohio."

One example of the impact of the innovation ecosystem is the success of Garrettsville, Ohio-based Catacel Corporation. Catacel ranks No. 2,709 on the 2010 Inc. 5000 list. Catacel is a Northeast Ohio company that creates heat-exchanging products made from metal foils with catalytic coatings for the fuel cell and industrial hydrogen industries.

Catacel started in 2001 in Garrettsville, Ohio as a small group of people with expertise in the catalytic converter industry who wanted to put that experience to work by using crossover technology to create and commercialize new products for the fuel cell and hydrogen industries. With support from the Ohio Third Frontier, other direct investments and key collaborations with technology partners, Catacel has advanced its technologies into commercial products. In addition, Catacel has become a recognized technology leader in the fuel cell and hydrogen industries and is poised for continued growth in Ohio.   

"The Ohio Third Frontier and related programs have provided entrepreneurs like me the opportunity to grow our companies and succeed within the State of Ohio," said Bill Whittenberger, president of Catacel Corporation. "Ohio brings the advantage of cross-sector support from business, government and educational institutions to further innovation and commercialization opportunities."

According to the 2009 "Making an Impact" report conducted by SRI, a leading research organization, Ohio Third Frontier's strategies for investing in Ohio's high-tech clusters contain all the elements associated with global best practices in technology cluster development, and indicate that those investments already are generating positive economic outcomes for Ohio's economy in terms of growth in technology sector employment, output, and wages. Since its inception, the Ohio Third Frontier has created more than 60,000 direct and indirect jobs, and helped create $6.6 billion in economic impact in Ohio, a 9:1 return on investment.

"Ohio Third Frontier's investments have created a platform on which we can build superior capabilities in many rapidly growing industry sectors," said John Griffin, director of the Technology and Innovation Division at the Ohio Department of Development, which administers the Ohio Third Frontier. "Ohio Third Frontier creates new companies and enhances efficiencies in existing firms by supporting innovation, which in turn, creates strong and sustainable jobs for the future."

More information about Ohio Third Frontier can be found at www.OhioThirdFrontier.com. PW-OTF-120810

SOURCE Ohio Third Frontier