August 27, 2009

Purdue Research Park leader to speak in Indianapolis about economic development

Joseph Hornett
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"We've had and still have a strong manufacturing base, but even considering that factor we've seen a dramatic drop in the personal income for the working class from 1950 to today," said Joseph B. Hornett, senior vice president, treasurer and COO of the Purdue Research Foundation. "We need the high-tech, high-paying jobs created through business incubators to stand out against the trend of the drop in personal income.

"Indiana is recognized as a national leader in life sciences, particularly in pharmaceuticals and biomedical devices, but we need to do more to diversify the state's economy and preserve the income of all Indiana workers."

Hornett will discuss:

* How life sciences accounted for 23 percent of all job growth from 2001-2007, according to the Bureau of Labor Statistics.

* The role of the Purdue Research Park and other business incubators in creating high-tech, high-paying jobs.

* The importance of transferring new technologies through startups.

Hornett oversees the Purdue Research Park network of four research parks around the state. The parks are located in West Lafayette, Indianapolis, Merrillville and New Albany. With 365,000 square feet of incubation space, the Purdue Research Park of West Lafayette is the largest business incubation complex in the state. The second largest is Sample Street Business Complex in South Bend with 188,333 square feet of incubation space for startups.

"The Purdue Research Park of West Lafayette was the state's first Certified Technology Park," Hornett said. "Today that park has more than 3,200 employees working in 162 companies at average annual salaries of about $54,000."

In 2008 the Purdue Research Foundation received three Excellence in Economic Development Awards from the International Economic Development Council in the categories of entrepreneurship, partnerships with educational institutions and technology-based economic development. The Purdue Research Park was recognized by the Association of University Research Parks as having the country's top technology transfer program in 2005 and as the nation's top university research park in 2004.

As senior vice president of the Purdue Research Foundation, Hornett is responsible for managing the affairs of this nearly $1 billion charitable organization that was founded in 1930 to serve the mission and interests of Purdue University. He provides strategic direction and leadership in endowment management, trust administration, real estate operations, technology commercialization and economic development initiatives.

About Purdue Research Park

The 725-acre Purdue Research Park of West Lafayette has the largest university-affiliated business incubation complex in the country. The park is home to more than 160 companies. About 100 of these firms are technology-related and another 39 are incubator businesses. The park is owned and managed by the Purdue Research Foundation, a private, nonprofit foundation created to assist Purdue University in the area of economic development. In addition to the Purdue Research Park in West Lafayette, the foundation has established technology parks in other locations around Indiana, including Merrillville, New Albany and Indianapolis.

To the Purdue Research Park, https://www.purdueresearchpark.com

Purdue Research Park contacts: Cynthia Sequin, 765-588-3340, casequin@prf.org

Steve Martin, 765-588-3342, sgmartin@prf.org

Source: Joseph B. Hornett, 765-588-1039, jbhornett@prf.org