Research & Innovation Guide Ohio’s Global Economic Strategies
Innovation is both a key to success and a determining factor of resilience in uncertain times. As the global economy transitions from downturn to recovery, Ohio is positioned to lead the way thanks to world-class research and development (R&D) resources. In Ohio, R&D is facilitated within an array of connected incubators, universities, and private corporations. These networks channel investment, streamline invention, prepare workforces, and accelerate commercialization.
The investments that drive economic growth and spur innovation come from various public, private, and philanthropic sources. In Ohio, they stem from strategic grants and collaborations that leverage institutions of excellence. This spirit of cooperation continues within JobsOhio's innovation strategy to attract companies in the fastest growing sectors and improve vitality in urban and rural settings across the state. One primary goal is to enhance competitiveness across the entire innovation continuum — from increasing the amount of research to the formation of new businesses, capital attraction, and deliberate placemaking.
Research and innovation are ever-present in Ohio's strategies to foster a resilient business climate and compete in the global economy. They bridge the gap between the pursuit of knowledge and speed to market.
Capital and Business Supporters
Capital fuels research and innovation. A statewide network of capital and business support, shepherded by the JobsOhio team, creates a continuum of assistance for company creation, early-stage seed, venture funding, and corporate partnerships to scale and reach market penetration.
Venture capital investment in Ohio is the third largest in the Midwest. Ohio saw a 23.75% increase from 2019 to 2021, ranking #15 among U.S. states in growth rate. The 2021 growth rate in Ohio (3.68%) is far greater than California's (-16.04) and far greater than Washington's (-31.68) – two of the biggest high-tech hubs in the world.
Substantial research and innovation investments across Ohio have also resulted in programs like the Entrepreneurial Service Provider Program (ESP), powered by $1.5 billion in investment from Ohio Third Frontier. The program has driven the formation of multiple ESPs participants like Rev1 Ventures in Columbus, CincyTech in Cincinnati, NextTech Ohio in Toledo, and JumpStart Inc. in Cleveland, which have helped to spark dozens of successful startups across the state.
These resources create opportunity and foster stability during uncertain times. Ohio has numerous capital and business supporters. See a sample below.
Academic and Clinical Resources
Ohio's roster of colleges and universities includes several schools with national and international reputations for research excellence. Four of them – the Ohio State University, Case Western Reserve University, University of Akron, and University of Toledo – are among the top 100 in the world for patents issued to protect new inventions.
Leading technology and business innovation centers and incubators and world-class medical research programs are offered at schools across the state. Below are a few examples of the vast resources available to companies.
Innovation Centers & Incubators
Ohio Technology Propels Business Forward
Ohio's businesses community, institutions, and educational organizations have worked collaboratively to build a thriving technology ecosystem, allowing traditional industries to innovate to meet the demands of the digital age and attracting investment from leading technology companies like Apple.
The integration of technology is a necessary evolution to be efficient, stay relevant, and remain profitable. Companies are adopting new technology and seeing success in Ohio, from health tech to the internet of things (IoT), smart mobility, and fintech. Companies in Ohio collaborate with educational institutions and public and private entities to open joint innovation centers, spin-off new ventures, and pursue innovations.
In Ohio, combining the visions and resources of public and private entities dedicated to research and innovation has led to networks and technology that bolster business. Combined, the state of Ohio and private industries invested over $13 billion in science and engineering research, ranking Ohio amongst the top states for research and development investment.
Below are some of the public-private partnerships accessible to companies looking to thrive in Ohio: