What’s so great about the Ohio Investment Bank, the poorly named idea that I have put at the center of my campaign? Well I’ll tell you in 500 words or less!
The OIB is one stop shopping for all your entrepreneurial needs. Through an initial funding by the Ohio government, the bank provides seed capital to new businesses as well as existing small businesses not as loans or grants but as an investment which the bank aims to earn a profit on. So the bank has every interest in your business becoming sustainable and profitable.
The OIB offers a number of services through its municipal partners/branches for entrepreneurs to build a successful enterprise including:
- Business management services so that you have the expertise necessary to build your business right.
- Export and supply chain services so you can navigate the complexities of the global economy in building your product or service and then find customers around the world and build Ohio’s export surplus (that’s how you do it without starting destructive trade wars!)
- Help you raise capital from outside investors so your company can grow to keep up with demand. This in addition to any investment from the OIB which will allow you to choose where your capital comes from so you don’t have to rely on any shady investors or corporate raiders who do not have your economic success at heart.
- The OIB partners with the technology transfer offices of Ohio’s many exceptional universities so that technologies and advancements developed in the lab can be quickly brought to market and start changing the world while earning additional funding for the universities to pursue their work.
Targeting the right businesses and industries, the OIB will jumpstart Ohio’s economy and make us a leader not just in the United States but around the globe. The OIB gives Ohio’s economy the initial kick but the economy will begin expanding rapidly as economies of agglomeration and clustering make Ohio a destination for skilled workers, new industries, and investment.
Gradually the bank will create the technologies to transform Ohio, to deliver energy, food, health care, and transportation cheaply and conveniently to all Ohioans without the government directly providing them through large spending programs or welfare. And as the economy grows, unemployment will decline and wages will rise. The Ohio government will have significantly lower obligations and the size of government and the welfare state will shrink allowing us to lower taxes significantly. Additionally, as the OIB earns returns on its investments it will be able to reinvest the profit in Ohio’s businesses or, if need be, transfer funds to the Ohio government. Ideally, within a few decades, Ohio’s government could be entirely funded by the profits of the OIB and taxes in Ohio could be completely eliminated.
Seems like a fantasy but it is entirely possible given the right circumstances and the commitment of all Ohioans to break the mold. This is the role for government in the 21st century, a facilitator of the market, an investor in our future. We can do this; the opportunity is now. Let’s put the state ahead of the pack, let’s fight for our future, let’s save Ohio! Vote for me, Tim Grady, this November and make this reality!