August 25, 1999
Research Park dedicates newest business incubatorWEST LAFAYETTE, Ind. -- The second business incubator at the Purdue Research Park -- the Purdue Technology Center -- was unveiled Wednesday (8/25) during a dedication ceremony.
"The development of high-technology, research-based companies is very important to the future prosperity of our state," Purdue President Steven C. Beering said. "By nurturing these young firms during their vulnerable start-up period, the university can promote their success and contribute to stable economic growth for Indiana. Furthermore, the companies being incubated today are at the forefront of developing new and innovative technologies, creating products and services that improve the quality of our lives."
Joining Beering, Indiana Gov. Frank O'Bannon and several state lawmakers at the dedication ceremony was Dinah Adkins, executive director of the National Business Incubation Association.
Adkins said the results of the largest study ever conducted on business incubation show that these support programs for entrepreneurial firms have impressive, measurable impacts on the companies they serve. She said incubator companies create new jobs for a low subsidy cost and provide a good return on investment, and an average of 84 percent of the firms that graduate from business incubators remain in their communities.
"I have been impressed all along with the way the Purdue Research Foundation has developed this project," Adkins said. "What's going to make this incubator successful is that it's not just a building, it's a comprehensive business assistance program with realistic expectations and sound ties to Purdue resources."
Tenants of the incubator automatically have access to the Purdue Gateways program, which provides hands-on management assistance, access to financing and orchestrated exposure to critical business or technical support services. Gateways also offers entrepreneurial firms shared office services, access to equipment, flexible leases and expandable space -- all under one roof.
Conferencing equipment shared by Purdue Technology Center tenants will feature the latest in communications technology. The Lilly Endowment provided $150,000 to add two-way video equipment featured in the facility's 75-person conference room and smaller 10-person conference room.
"Our main goal is to produce successful graduates -- businesses that are financially viable and freestanding when they leave the incubator," said Stan Mithoefer, director of real estate for the Purdue Research Foundation, the nonprofit organization that sponsors the Purdue Research Park. "Ten tenants have moved into this facility since early May, and many applications are being reviewed to lease the remaining space."
Purdue Research Foundation's first incubator, a 28,000-square-foot center on Cumberland Avenue, opened in 1993 and is now operating at capacity with 29 businesses.
Businesses that outgrow the incubator stage but still want to be close to the Research Park, Purdue and its faculty's expertise, can graduate into space at the $3 million Innovation Center, a 48,000-square-foot structure now under construction at 3065 Kent Ave. Tenants of the Innovation Center will have access to the same services provided by the two incubators, but they will lease space at higher rates and pay full property taxes.
The Purdue Research Park, which opened in 1961, is home to 81 companies that employ 2,500 people. It covers 670 acres, of which 120 have been developed.
Sources: Dinah Adkins, (740) 593-4331; firstname.lastname@example.org
Steven Beering, (765) 494-9708
Stan Mithoefer, (765) 494-1727; email@example.com
Writer: Jeanine Smith, (765) 496-3133; firstname.lastname@example.org
Purdue News Service: (765) 494-2096; email@example.com
At the reception desk of the new Purdue Technology Center, Dawn Baxter enjoys the morning sun streaming through the lobby. She is building services coordinator at the business incubator in the Purdue Research Park, where high-tech startup companies get marketing, accounting, public relations and business strategy assistance. (Purdue News Service Photo by David Umberger.)
Color photo, electronic transmission, and Web and ftp download available. Photo ID: Mithoefer.dedication