February 22, 2007 New Purdue Research Park incubator planned to meet demand from growing list of startups WEST LAFAYETTE, Ind. — The Purdue Research Foundation (PRF) board of directors on Thursday (Feb. 22) approved plans to add a $14.5 million, 113,000-square-foot facility to the Purdue Research Park's high-tech business incubation complex, which already is among the largest in the country. Purdue Technology Center II Download image caption below This action follows on the heels of an announcement by the foundation that 2006 was a record-breaking year with regard to the number of startup companies formed from Purdue University-licensed technologies. The foundation's Office of Technology Commercialization reported that 14 companies were launched last year based on Purdue researchers' innovations in the fields of medical devices, life sciences, information technology, agriculture, advanced manufacturing, telecommunication and engineering design. "Our success at transferring Purdue University innovations into viable Indiana startups has come with a new set of challenges," said Joseph B. Hornett, PRF's senior vice president, treasurer and COO. "The inn is full, so to speak, and we have several companies on a waiting list for admittance into our two existing incubation buildings." Technology Center of Southeast Indiana Download image caption below In addition to protecting, marketing and licensing Purdue's intellectual property, the foundation supports the economic development initiatives of Purdue by developing the nationally award-winning Purdue Research Park on 591 acres in West Lafayette, Ind., near the university's main campus. Within the research park, 140 businesses, of which more than 90 are high-tech, employ more than 2,900 people. Construction on the planned facility, currently referred to as Purdue Technology Center II, is anticipated to begin within the next 18 months. The facility will be located on a 7.9-acre parcel of land in the research park's Phase II development on the south side of Win Hentschel Boulevard between Kent Avenue and Yeager Road. "It is likely that approximately 50,000 square feet will be left unfinished during the first phase of the construction, thereby giving us the ability to accommodate more of the requests we receive from incoming high-tech firms wishing to relocate to the research park," said Gregory W. Deason, PRF's vice president for real estate and research park development. Due to the increasing size of functions and companies at Purdue Research Park, construction plans call for a conference area with the capacity to seat 120 people, multiple meeting rooms, and an atrium that will facilitate networking events and client interaction. In other action, the board approved the expenditure of up to $8.5 million to begin construction this summer on the foundation's third satellite incubator, the Purdue Technology Center of Southeast Indiana. Modeled after the Purdue Research Park's flagship incubator, the 30,000- to 40,000-square-foot facility will be constructed at the southeast corner of I-265 and Charlestown Road in New Albany, Ind. It will contain 18,000 square feet of business incubator offices, an economic development office and an office for Purdue's Technical Assistance Program, which connects companies with Purdue resources and assists them in implementing state-of-the-art technologies. Contact: Jeanine Phipps, media relations, Purdue University/Purdue Research Foundation, (765) 494-0748; (765) 413-5579 (mobile); jeanine@purdue.edu Related News Release: 2/13/2007 — Record year for companies formed around Purdue innovation http://purdueresearchpark.com/newsreleases/2007/070213PRF2006.html 5/25/2006 — Purdue to offer 4-year degrees, build technology park at New Albany http://www.purdue.edu/UNS/html3month/2006/060525.Lech.nalbany.html Related links: Purdue Research Park: http://www.purdueresearchpark.com Purdue Research Foundation: http://www.prf.org Office of Technology Commercialization (PRF): http://www.prf.org/otc Purdue University: http://www.purdue.edu IMAGE CAPTION: The Purdue Research Foundation board of directors approved plans to build a third technology business incubator facility at Purdue Research Park in West Lafayette, Ind. The $14.5 million Purdue Technology Center II will have 113,000 square feet of space. (Rendering courtesy of CSO Architects, Indianapolis) A publication-quality image is available at http://news.uns.purdue.edu/images/+2007/PRF-incubator.jpg IMAGE CAPTION: The Purdue Research Foundation board of directors approved funds to build the 30,000- to 40,000-square-foot Purdue Technology Center of Southeast Indiana, an $8.5 million combination high-tech business incubator and university classroom facility that will be located at the southeast corner of I-265 and Charlestown Road in New Albany. (Rendering courtesy of CSO Architects, Indianapolis) A publication-quality image is available at http://news.uns.purdue.edu/images/+2007/PRF-techcenter-seIND.jpg To the Purdue Research Park web site