Investing in innovation and technology in Ohio
The JobsOhio Research & Development (R&D) Center Grant Program was created to facilitate new strategic corporate R&D centers in Ohio. Such R&D Centers will support the development and commercialization of emerging technologies and/or products that align with one or more of JobsOhio’s targeted industries.
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The R&D Center Grant Program helps support JobsOhio’s targeted industries including Advanced Manufacturing, Aerospace & Aviation, Automotive, Healthcare, Financial Services, Food Processing, Information Technology, Logistics & Distribution, and Shale Energy & Petrochemicals.
For the purposes of the program, an “R&D Center” is defined as a newly created physical space dedicated to an area of innovation and/or broad platform technology that involves an upfront commitment by a corporation to developing and commercializing multiple products and innovations over a 10+ year life expectancy. An R&D Center could also include existing space that is repurposed for a new R&D Center.
R&D Center Grant decisions are based on several project factors, including (but not limited to):
- Alignment with JobsOhio sector strategies
- Job creation
- New payroll
- Fixed-asset investment commitments
- Project location
- Applicant’s track record in successful R&D commercialization
An R&D Center Grant may provide funding for a portion of the costs related to a new center over 5 years. The R&D Center Grant Program will have an initial total funding authorization of $100million.
R&D Center Grant funded activities are expected to create at least 5 new jobs, foster new technology-enabled products or services, and attract new technology-enabled companies to Ohio.
To the extent that new production facilities result from commercialized products and services from a new Ohio R&D center, JobsOhio will require (prior to a Grant recipient’s investment decision) notification of such planned facilities and the opportunity to present site alternatives to the Grant recipient.
Applicants can include any corporation with a minimum of 5 years’ operating history and annual revenue of greater than $10 million. The credit rating of each Applicant will be considered, along with other customary due diligence items.
Eligible R&D Center projects
To be eligible to receive an R&D Center Grant, a center must represent at least $3 million in new cash investment by a corporation.
Examples of eligible projects could include additive manufacturing (3-D Printing), advanced materials, aeropropulsion, autonomous vehicles, biomedical, carbon fiber, cybersecurity, data analytics, financial technology (FinTech), energy storage/fuel cells, internet of things (IoT), sensors, and unmanned aerial systems.
Funds can be used for Qualified Research Expenses (QRE) and satisfy operational, equipment, or facility needs related to:
- Industry-driven, value-added applied research
- Software development
- Developing technologies that can be commercialized by a corporation
Equipment purchased with JobsOhio funds, if any, must remain in Ohio throughout its useful life. Operational activity funded with JobsOhio funds, if any, must occur in Ohio.
The term of grant agreements will be up to five (5) years. Each year, the grant recipient is required to submit a status report detailing the overall progress of the R&D Center (including milestones, actual vs. budget) and the measurable economic impacts on Ohio.
Disbursement of Funds
JobsOhio funds will be disbursed on a reimbursement basis, first with respect to fixed assets, and second with respect to non-fixed assets, in each case with supporting documentation required with respect to dollars invested. All awards under the R&D Center Grant program are subject to approval by the Chief Investment Officer (CIO).
In Ohio, Companies and Individuals Thrive
Whether you are considering reshoring, relocation, or overall expansion, Ohio is one of the best places in the U.S.for business growth. As a private nonprofit corporation focused on economic development, JobsOhio is here to help.