Indianapolis Star

Purdue Research Park inspires entrepreneurs

October 17, 2004
 
In the corporate life cycle, young companies need special expertise and services early on to make the transition to successful, mature businesses.

In industries involving life sciences and information technology, start-up companies often locate in a business incubator to get these services. Incubators are facilities geared toward the special needs of new companies, providing offices and shared resources -- such as lab space and technology services -- that they might not be able to afford on their own. Considering that nearly seven of every 10 new jobs are created by small businesses, incubators are critical economic tools.

That's why we should congratulate the Purdue Research Park, which was named the nation's "Outstanding University Research Park" by the Association of University Research Parks on Sept. 30.

The Purdue Research Park is home to Indiana's largest concentration of high-tech and life sciences companies. Seventy high-tech businesses and more than 40 start-up companies are currently taking advantage of the research park's incubation services.

This award is important because of the critical role that higher education is playing in economic development. University research is a vital source of new technologies and scientific breakthroughs; having strong incubators near campuses helps academic innovation to come to market in the form of new companies and joint ventures.

Much of the research park's growth has occurred over the last decade. In the early 1980s, the park hosted a TV station, an insurance company, and a few small manufacturing firms. There was skepticism about academics getting too involved with business.

Over the years, this attitude has changed dramatically and the park has become a spectacular success with excellent prospects for the future. Part of the reason is across town at Purdue's Discovery Park, an interdisciplinary research complex that will increase the flow of technologies available for commercialization. Discovery Park is also home to the Burton Morgan Center for Entrepreneurship, which is helping develop ideas that will become the fledgling businesses that find a home in the Purdue Research Park.

A 45,000-square-foot expansion for incubation space is due for completion in 2005. We still have a long way to go to become the preferred place to grow a start-up company. But success stories like the Purdue Research Park show that we're making progress and should inspire us to do even more to build an innovation-based, entrepreneurial economy for Indiana.

Schalliol is president and CEO of BioCrossroads, Indiana's life sciences initiative.