IU Touts $10 Million Business Builder
40,000-Square-Foot Facility To Focus On Life Science, Internet
Last Updated: 1647 days ago
Indiana University broke ground Tuesday on a business incubator focused on life science and Internet start-ups.The $10 million, 40,000-square-foot facility is a cornerstone of IU's "Innovate Indiana" program and is funded by a $15 million gift from the Lilly Endowment."This incubator allows us to more efficiently transform the knowledge gained through basic rersearch into products, services and ultimately into jobs, to stimulate local and regional economies," said IU President Michael McRobbie.The facility, at 10th Street and the State Road 46 bypass in Bloomington, is expected to be completed in July 2009 and will join IU's existing incubator on the Central Canal in Indianapolis. That 67,500-square-foot building boasts 98 percent occupancy with 23 tenants.The IU Research and Technology Corp. will run both facilities."This undertaking represents a long-term commitment by Indiana University to provide our research scientists with all the support and assistance they will need to transform the discoveries and great ideas generated in their laboratories into marketable products and services," said IU President Michael McRobbie. "Ultimately, all of Indiana will benefit from the jobs and economic vitality generated by this collaboration between public research and private entrepreneurship."IURTC president Anthony Armstrong said some companies are planning to move to the Bloomington site.Bill Stephan, IU vice president for engagement, said the university is focused on moving technology from the laboratory to the marketplace."The groundbreaking for this incubator facility in Bloomington represents a significant advancement for the students, faculty and researchers of Indiana University and their efforts to marshal their creativity, innovation and expertise in a manner that fosters learning and impacts our state's economic vitality," Stephan said.