Ohio Third Frontier — the state's $2.3 billion technology development program — is getting close to the bottom of its funding barrel.
At a virtual meeting on Tuesday, Ohio Third Frontier commissioners asked for an update of the program's budget for their next meeting.
Ohio Third Frontier is in the midst of funding a $60 million round in seed and seed-plus loans intended to be invested in Ohio technology companies in the early stages of commercialization.
Once those awards are made late in the first quarter of 2021, the 18-year-old program will have about $58 million left.
The demand for Ohio Third Frontier funding often outstrips supply.
The commission received 21 funding proposals for the seed and seed-plus round, for a total of $91.7 million, said Mike McKay, manager of early stage investment funds at the Ohio Development Services Agency during the Tuesday commission meeting.
Because of matching requirements, that $91.7 million ask would leverage an additional $136.8 million cost share for a total of $228.5 million, McKay said.
Ohio Third Frontier is funded by voter-approved bond issues.
