Purdue Research Park receives economic development award from international organization

December 5, 2011

WEST LAFAYETTE, Ind., and RESTON, Va. - The Association of University Research Parks (AURP) presented the Purdue Research Park with the inaugural Creating the Culture of Innovation Award on Thursday (Dec. 1) during its 2011 Annual Awards of Excellence program.

The award recognizes Purdue Research Park as a community contributor to high-tech economic development, job creation and improved quality of life. The award was announced as part of AURP's annual conference in New Orleans. With 725 acres and nearly 160 companies, Purdue Research Park of West Lafayette is the largest university-affiliated incubation complex in the country.

"The Association of University Research Parks is an international organization led by professionals in the arena of university-affiliated research parks, and we have been fortunate to be recognized by them as the top research park in the country and as an innovation winner," said Joseph B. Hornett, senior vice president, treasurer and COO of the Purdue Research Foundation, which owns and manages the Purdue Research Park. "This esteemed recognition by our peers is a tribute to the continued growth and development of the Purdue Research Park network."

In addition to the West Lafayette site, Purdue Research Park has established a park in three other Indiana locations: Indianapolis, Merrillville and New Albany. Combined, the park has about 215 companies and more than 4,000 employees, making it one of the largest private employers in Indiana. Individuals working in the park network earn an average annual wage of $63,000, which is 65 percent greater than the Indiana annual average and 45 percent greater than the national annual average wage.

The recognition is in conjunction with the Purdue Research Park's 50th anniversary. An independent study reports that the Purdue Research Park has an annual $1.3 billion impact on the state of Indiana's economy.

"We created this special award as a way to recognize research parks that have stood the test of time and continued to perform successfully over the years by fostering startups, creating jobs and supporting our economy," said Harold Strong, the 2011 AURP president. "By celebrating its 50th anniversary and being one of the largest research parks in the country, the Purdue Research Park epitomizes a successful university-affiliated park."

The award was presented during the organization's international conference, Developing the Culture of Innovation and Entrepreneurship, held Nov. 30 through Dec. 2 in New Orleans.

About AURP

The Association of University Research Parks is a professional association of university-related research and science parks. AURP's mission is to foster innovation, commercialization and economic growth through university, industry and government partnerships. For more information, visit AURP's Web site at https://www.aurp.net or contact Chelsea Simpson at chelseasimpson@aurp.net

About Purdue Research Foundation

Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. The foundation accepts gifts; administers trusts; funds research, scholarships and grants; acquires property; and negotiates research contracts on behalf of Purdue. In the 1990s, the foundation was charged with helping the university in the realm of economic development. The Purdue Research Foundation oversees the Purdue Research Park, which is the largest university-affiliated business incubator in the country. In addition to the Purdue Research Park of West Lafayette, the foundation has established technology parks in other locations around Indiana including Indianapolis, Merrillville and New Albany.

Media contact:

Cynthia Sequin, 765-588-3340, casequin@prf.org

Sources:

Joseph Hornett, 765-588-1040

Chelsea Simpson, 520-529-2727, chelseasimpson@aurp.net