Department of Development releases guidelines for $125M Innovation Hubs Program
Ohio Governor Mike DeWine, Lt. Governor Jon Husted and Ohio Department of Development Director Lydia Mihalik recently announced details for the $125 million Innovation Hubs Program in Ohio. The program will capitalize on communities’ existing industry and research strengths to build sustainable pipeline talent and commercialize new products and technologies.
Innovation hubs are industry-focused ecosystems of researchers, entrepreneurs, and public and private partners who work together to create and develop innovative solutions and products. Aimed at small and medium-sized Ohio cities, the hubs will create jobs, increase STEM talent and attract research funding and outside capital investment.
"This is an opportunity for all regions to capitalize on the innovations in their communities and be part of the big-picture strategy for growing Ohio's economy," said Governor DeWine. "With this program, we're investing in Ohio's long-term future and enabling the success we've seen through our innovation districts in Columbus, Cincinnati and Cleveland to be realized across the state."
"We currently have three thriving Innovation Districts in Cleveland, Columbus, and Cincinnati. This new round of funding for Innovation Hubs will empower other regions across Ohio to leverage their world-class assets, recruit and create STEM talent, and attract private investments,” said Lt. Governor Jon Husted. “These Hubs establish a local ecosystem that serves as a magnet for both investments and talent, enabling more parts of Ohio to compete on a global scale for jobs and future prosperity, diversifying our economy and ensuring that our children and grandchildren will have plenty of opportunities right here at home."
More information can be found at: development.ohio.gov/InnovationHubs.
The DeWine-Husted Administration created the Innovation Hubs Program in partnership with the Ohio General Assembly. Funding for the program was made possible through the 2024-2025 biennium budget bill, House Bill 33. The program will be administered by the Ohio Department of Development.
“Innovation Hubs will be another asset to showcase in marketing the state and establishing Ohio as a business destination,” said Lydia Mihalik, director of Development. “With this new investment in our industry sectors, we’re ushering in a new era of visionary growth, where Ohio’s rich heritage meets its bold future.”
Innovation Hub applicants can apply for up to $35 million. Communities establishing new hubs can apply for up to $500,000 in planning funds. Applicants can begin submitting indications of interest on Jan. 5, 2024. Proposals will be reviewed and awarded on a rolling basis until funding is depleted.
Funding can be utilized for capital expenses to establish an Innovation Hub, support research and development activities and to recruit and preserve research staff jobs.
Program guidelines are available now on the Development’s website at https://development.ohio.gov/business/third-frontier-and-technology/inn….
The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places and businesses. Learn more at development.ohio.gov.