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Ohio's Third Frontier fund for tech, start-ups is dwindling

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Posted at 1:36 PM, Jun 02, 2019
and last updated 2019-06-02 13:36:14-04

CLEVELAND (AP) — Ohio's lieutenant governor says a state program that provides millions of dollars for technology projects, startups and research is running out of money.

The Plain Dealer reports Lt. Gov. Jon Husted (HYOO'-sted) said this week that the Third Frontier fund doesn't have enough to sustain current operations "much longer." He made the comments when he was asked how he feels about Third Frontier while giving a presentation to a group of investors with the North Coast Angel Fund.

About $180 million remains in the Third Frontier fund. Husted says its successes can serve as a foundation for its future, but he didn't explain what that might look like.

The programs operating under Third Frontier include a technology challenge seeking scientific breakthroughs to address the U.S. opioid crisis.