JobsOhio will invest up to $100 million in the Cincinnati Innovation District in Uptown over the next 10 years aiming to get $2 billion return on investment, including 15,000 STEM graduates.
The money will be paired with investments from the University of Cincinnati and Cincinnati Children's which anchor the district. It seeks to attract top talent from around the world.
Ohio Gov. Mike DeWine and Cincinnati Mayor John Cranley spoke at Friday's announcement. They say they hope the district will be a magnet for talent and help the state compete globally.
JobsOhio President J.P. Nauseef says competitive innovation districts throughout the U.S have real estate development adjacent to anchor institutions.
"JobsOhio saw in Cincinnati the appetite to grow and respond to market demand for technology talent, research discoveries and most importantly a commitment from both U.C. and Children's Hospital to realize the value of this activity right here in the great state of Ohio."
He says since UC and Children's have invested in the project, it puts them in a position to lead.
UC Chief Innovation Officer David Adams says businesses leaders have access to financial capital but not intellectual capital. "The number one thing we hear consistently is we need access to talent," Adams says. "We need access to student talent, we need access to graduates, we need access to research."
Officials say they project 20,000 new jobs will be created and $3 billion will be generated in annual economic impact.