State focuses on high tech development, opportunities for business growth
COLUMBUS, Ohio, Oct. 31 /PRNewswire/ -- A new report shows Ohio colleges and universities increased academic research expenditures in 2006 to more than $1.6 billion, funneling more money than ever into high technology R&D sectors throughout the Buckeye state. The report further demonstrates Ohio's support for high tech research, development and commercialization, especially in the advanced materials and related biomedical industries, according to the Ohio Business Development Coalition (OBDC), the nonprofit organization that markets the state for capital investment.
Industry officials attribute much of the state's recent growth in academic research spending to the state's Third Frontier Project, a $1.6 billion initiative founded in 2002 to expand the state's high-tech research capabilities and spur the creation of high-paying in-state jobs.
Working with the Third Frontier Project, The Ohio State University alone increased research spending by seven percent to more than $650 million in 2006, and expects that number to surpass $750 million in 2007. The University says it is investing the majority of its research in medical imaging, nanotechnology and the development of advanced materials technology such as using soy and corn materials for petroleum substitutes in industrial products.
"Ohio is home to some of the world's most innovative research in many groundbreaking fields that are crucial to economic development success," said Ed Burghard, executive director of the Ohio Business Development Coalition. "There is no better outlet to ensure future success than through the resources provided by Ohio's many outstanding colleges and universities."
Ohio State is just one of several leading academic institutions
|SOURCE Ohio Business Development Coalition|
Copyright©2007 PR Newswire.
All rights reserved