JobsOhio: Building on Ohio’s Economic Success

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BUILDING ON

OHIO’S

ECONOMIC SUCCESS

Ohio shows the country how it’s done in growing business and creating jobs JobsOhio September 2020 ColumbusCEO

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Over the past nine years and working with many partners, JobsOhio has completed more than 2,500 projects resulting in

Ohio also rose in independent national rankings of best states for business, quality of life and affordability.

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JobsOhio attributes much of this success to its unique model — a private structure, stable funding and statewide coverage with six regional network partners.

This success is also driven by JobsOhio’s many economic development experts, and its partnership with the Ohio Development Services Agency in creating economic development momentum across the state.

Public-private partners in education, research and business have been invaluable in helping Ohio attract, retain and grow businesses.

JobsOhio is grateful to Governor Mike DeWine, Lt. Governor Jon Husted and members of the Ohio General Assembly for their support of JobsOhio’s projects and initiatives, economic development activities and for building a strong and competitive business climate.

As Ohio’s economy emerges from the pandemic, these partnerships are more critical than ever.

Ohio, like the entire U.S. economy, is currently facing challenging times. But through our proven formula of collaboration, inclusion and innovation, Ohio will emerge from this uncertain period in an even stronger position to grow business and create jobs.

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Ohio emerges as a leader in pandemic response and recovery.

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State leaders have taken a strategically cautious approach to COVID-19, and these efforts have been rewarded in many ways. To date, Ohio has avoided a massive outbreak that could have overwhelmed the state’s healthcare system. As a result, experts say that thousands of lives have been saved. Multiple polls have shown that Ohioans, joined by people across the U.S., overwhelmingly support the DeWine/Husted Administration’s approach in handling the pandemic.

The COVID-19 outbreak, however, triggered a national recession on a level not seen since the Great Depression. Unemployment rates have spiked as high as 17.6% in Ohio, according to the U.S. Bureau of Labor Statistics, creating an unprecedented strain on the state’s unemployment compensation system.

As has been the case across the country, the loss of tax revenue has forced the state to slash budgets at a time when critical safety net resources are most needed.

But there is cause for hope.

Like many other states, Ohio has reopened and navigated the dual responsibility of keeping the economy running while protecting the health and safety of its citizens. The ongoing coronavirus outbreak will continue to present challenges, but because of Ohio’s unique economic development engine — JobsOhio — the state’s economy is perfectly positioned not only to recover more quickly than other states, but to grow in a way that accelerates innovation, creating resiliency to better weather future economic storms. It is exactly because of JobsOhio’s unique, private structure and stable funding stream that it was able to respond with historic speed to the economic impacts of COVID-19. Add its statewide reach and partner network, plus a committed, professional staff with extensive private industry experience, and it’s easy to see why Ohio is poised to lead the nation in recovery. The state will be building on its core advantages, capitalizing on bold investment strategies and re-imagining Ohio’s future as the place to innovate, work and live.

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Rising to the Occasion

Columbus’ Battelle earns national acclaim for protecting our healthcare heroes.

From the first powered flight to the vacuum cleaner, Ohio has been home to inventors and innovation for much of its history. In fact, the near-universal symbol for new ideas – the light bulb – was invented in Ohio! Today, innovation that impacts the way we work and live continues at Ohio’s research institutions such as Central Ohio’s Battelle, which developed and deployed new technology to sterilize personal protective equipment as the nation battles the coronavirus.

One of the challenges facing many healthcare facilities amid the pandemic has been a shortage of personal protective equipment.

This need is precisely why Battelle was ready to distribute its innovative decontamination system nationwide. The Battelle Critical Care Decontamination System™ uses a hydrogen peroxide vapor to render used N95 respirator masks safe for reuse. Each system is capable of sterilizing up to 80,000 respirators per day. Battelle has decontaminated more than 2 million masks at nearly 50 facilities across the United States, helping first responders and healthcare providers stay safe while saving lives.

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Planning for the Future Ohio is well-positioned to be a leader in the economic recovery from the coronavirus.

One major trend to emerge amid the global pandemic is a national focus on relocating critical supply chains back to the U.S. such as personal protective equipment and pharmaceutical development, for example.

The need to relocate or create these supply chains cost-effectively during a time of economic stress will drive this development away from the coasts to more affordable areas of the country. With its strong manufacturing base, diverse economy, skilled workforce and business-friendly environment, Ohio is primed to play an important role in the nation’s efforts to reshore critically important supply chains.

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JobsOhio has demonstrated it has the agility, innovation and resources to respond quickly and meet emerging economic needs in times of crisis. The full weight of these resources will be brought to bear in a fine-tuned economic development strategy that puts Ohio and its workers on the path to rapid recovery and robust growth. JobsOhio’s development efforts will focus on growing and creating resiliency in 10 key sectors:

Automotive

Advanced Manufacturing

Aerospace & Aviation

Military & Defense Installations

Energy & Chemicals

Food & Agribusiness

Logistics & Distribution

Healthcare

Financial Services

Technology

Since the onset of COVID-19, more than

the state now faces the challenge of needing

1 million workers have been displaced, and

to quickly upskill displaced or vulnerable

2.1 million more are at risk.

workers for new jobs. JobsOhio has launched

Approximately 85% of displaced workers do not have a college degree.

a pilot initiative to assist the unemployed in

Jobs in the Technology sector will continue

local level to link displaced workers with

to drive opportunity for Ohio workers, but

training and employment opportunities.

modernizing their skillsets and connecting with employers. This initiative brings together career and workforce organizations at the

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A successful and sustainable recovery must include all Ohioans.

Nearly 20% of Ohioans live in distressed

These communities possess intellectual capital

areas, which have not recovered nearly as

and productivity that can benefit all of Ohio

well as more prosperous areas since the

and JobsOhio is prioritizing efforts to empower

Great Recession (2007– 2009). According

them. By investing in Ohio’s distressed areas,

to the Centers for Disease Control and

and providing capital needed to grow small

Prevention, there is increasing evidence that

and mid-size businesses (SMB) locally and/or

COVID-19 is disproportionately affecting some

those which are minority-owned, JobsOhio

racial and ethnic minority groups. Workers of

will help provide these communities with

color represent 36.4% of workers in low-wage

the resources they need to reach untapped

jobs that are most vulnerable to potential

potential.

layoffs during the pandemic, reports the Center for American Progress.

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JobsOhio has created three new programs (Inclusion Planning, Vibrant Communities and Inclusion Grants) to help distressed communities plan and fund development projects to support the expansion of SMBs located in distressed areas (rural, suburban and urban) and/or owned by an underrepresented population.

Near-universal broadband coverage in Ohio could create 15,000 to 25,000 new jobs and increase the state’s GDP by $1 to $3 billion.

This is particularly important since telework/ remote work, telemedicine and remote learning have emerged as growing opportunities as a result of the coronavirus pandemic.

Key to JobsOhio’s Inclusion Strategy is expanding broadband access to all Ohioans.

Over 230,000 households or approximately 622,000 Ohioans have limited or no access to reliable high-speed internet.

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Innovation will open the door to Ohio’s opportunity for growth.

From 2007-2017, the U.S. Bureau of Labor

inherent strengths (manufacturing, automotive,

Statistics reports that the highest rates of

agribusiness, among others), it is imperative

employment growth were in professional

that Ohio focuses on developing the robust

and

knowledge and tech industries that will keep

knowledge-based

sectors

including

healthcare, education and management.

Ohio competitive with peer states and

These sectors are expected to continue to

drive worldwide economic growth.

drive growth, but Ohio must do more to keep pace. While investing in its

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Introducing: Innovation Districts In March 2020, in partnership with Ohio Governor Mike DeWine, Lt. Governor Jon Husted, the University of Cincinnati and Cincinnati Children’s Hospital Medical Center, JobsOhio helped launch Ohio’s first Innovation District in Cincinnati. Innovation Districts are unique public-private partnerships designed to build, retain and attract talent to Ohio by investing in Ohio’s universities and research institutions and making key investments in real estate development.

The Cincinnati Innovation District will generate hundreds of millions of dollars in investment, increase world class research, generate a workforce educated in STEM fields, promote urban renewal, and ultimately create 20,000 new jobs, making a $3 billion economic impact per year.

For all Innovation Districts in Ohio, participating universities commit to tripling the number of STEM graduates, research institutions

real estate developers to create vibrant, mixed-use communities that are attractive to both established and new companies.

If successful, Innovation Districts have the potential to create a self-reinforcing cycle of talent retention, high-growth company attraction, new urban vibrancy and ancillary job creation (restaurants, hotels, shopping, etc.).

JobsOhio is actively working to develop other Innovation Districts across the state.

commit to a 20% increase in research in key areas and JobsOhio co-invests with

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An important step toward making Ohio the most innovative state in the Midwest.

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Investing in Innovation Among its peer states, Ohio ranks last in venture capital funding critical to helping promising start-ups and small companies get going so they can create jobs and innovate. With 3.6% of the U.S. population, Ohio should receive $3 billion in venture capital funding annually across approximately 335 companies. Instead, Ohio achieves less than $1 billion in funding over 147 deals, according to Pitchbook. Ohio has lost more than one aspiring company to other states as a result.

The solution is the JobsOhio Innovation Fund. This new fund allows JobsOhio to make an investment in start-up companies with solid potential for long-term growth. JobsOhio’s investment helps new companies stay in Ohio, providing them with the capital they need to staff up and scale their business for the marketplace. In return, Ohio establishes a reputation as an innovative state that supports new and growing firms. This, in turn, attracts more start-up companies and additional venture capital funding to the state. It all results in job creation in growth sectors and reinforces Ohio’s image as an ideal place for businesses to locate and people to enjoy life.

JobsOhio’s Innovation Fund consists of a portfolio of software, digital services, healthcare and financial technology companies that have venture-backed funding. Totaling up to $50 million, the JobsOhio Innovation Fund makes co-investments with venture firms fueling the growth of Ohio’s promising scale-up companies.

JobsOhio follows strict research and selection criteria to ensure risk is minimal, including that JobsOhio will never be the lead investor, and its investment will not exceed 20% of a deal. And JobsOhio will only invest in Ohio-based companies led by individuals with proven management expertise.

JobsOhio’s Innovation Fund is an important step toward making Ohio the most innovative state in the Midwest.

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Contact us today to learn more information about JobsOhio.

JobsOhio.com

41 S. High St. #1500, Columbus, OH 43215 855.874.2530 16

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