Research Park at the University of Illinois Urbana-Champaign explained

Infobox/doc
Research Park at University of Illinois Urbana-Champaign
Headerstyle:background:#F47F24;
Labelstyle:background:#ddf;
Header1:Research Park at University of Illinois Urbana-Champaign
Label2:Label defined alone
Data3:60 Hazelwood Drive
Champaign, Illinois, 61820
Header4:Information
Label5:Established
Data5:1999
Label6:Area
Data6:663,000 sq-ft
Label7:Companies
Data7:100+
Label8:Structures
Data8:17
Label9:Employees
Data9:2100+
Label10:Student Interns
Data10:800+
Label11:Website
Data11:Official Site
Belowstyle:background:#F47F24;
Below:University of Illinois Urbana-Champaign

Research Park at the University of Illinois Urbana-Champaign is a research park located in the southwest part of the University of Illinois Urbana-Champaign campus in Champaign, Illinois. Research Park is a technology hub for startup companies and corporate research and development operations. Within Research Park there are more than 120 companies employing more than 2,100 people including students and full-time technology professionals.

Multinational and publicly traded corporations in the Research Park include: ADM, Abbott Laboratories, AbbVie, Ameren, AGCO, bp, Bayer, Brunswick, Capital One, Cargill, Caterpillar, CME Group, Corteva, Deere & Company, Kohler, Littelfuse, Motorola Solutions, Nutrien Ag Solutions, NVIDIA, Riverbed, Rivian, State Farm, Synchrony, and Yahoo (Verizon Media Group).

Research Park is also home to over 50 startup companies that are commercializing technology. EnterpriseWorks, the Research Park's 43,000-square-foot business incubator for early-stage tech firms, is operated by the University of Illinois to help launch successful startup companies.

History

Research Park gained the approval of the board of trustees in November 1999 and established its governance with the University of Illinois Research Park Limited Liability Company in March 2000. The Research Park opened its first building in 2001 and grew into a 200-acre technology hub for corporate research and development operations.

In 2003, the State of Illinois provided funding to build the EnterpriseWorks Incubator, a 43,000 square-foot business technology incubator for early-stage tech firms, and the first tenants moved in during early 2004. In May 2000, the University entered into a partnership with Fox/Atkins who now leases the land from the university and constructs customized buildings for Research Park's tenants. The company is responsible for transforming the land from fish ponds, agricultural fields, and livestock barns.[1]

By 2004, the Research Park hosted 35 tenants, 702 employees and 5 buildings.[2]

New Developments

The next phase of development in the new master developer agreement is to add 160 acres of additional land east of the main Research Park area. The total operation in Research Park annually contributes $4.1 million in tax revenues to the state of Illinois. The total construction over 10 years contributed $7.2 million in state tax revenue.

The Research Park Master Plan, adopted in September 2018 by the University of Illinois Board of Trustees, aims to double its size and continue attracting more companies, employees, and private development.

This vision is a concept for a new building that would address two known factors impacting the future growth of the Research Park. The first being a lack of adequate lab facilities for growth-stage startup companies, in the community and throughout the state of Illinois; secondly, the need for additional Research Park community spaces providing an environment for creative collisions between the companies, employees, and faculty.[3]

EnterpriseWorks Incubator

The EnterpriseWorks Incubator provides a bridge between the research of the University and the commercialization of technology by university faculty, researchers, and students. The award-winning incubator provides free counseling services to technology entrepreneurs and facilities such as laboratories, offices, conference rooms, kitchen, and co-working space. The Entrepreneur-in-Residence program is a free service provided by Research Park which consists of 7 experience tech entrepreneurs who provide monthly consulting to new startup ventures and prospective entrepreneurs.[4] Research Park and the EnterpriseWorks Incubator hold educational, training, social, and networking events to facilitate a community feel while providing a place where the newest startups have the opportunity to develop relationships with established national and international corporations.

The incubator has basic labs as well as full fit-out labs for chemical and life science companies. All leases in EnterpriseWorks last one year; renewal is based on company progress and the continued need for services.

In addition to office and lab space, EnterpriseWorks offers complementary conference room space to its tenants. Rooms for groups from six to 30 persons are available by reservation. Kitchen and vending services are also on-site.[5]

Notable tenants

As of 2019, 24 percent of startups at EnterpriseWorks have been founded by University students, while startups led by faculty and staff members account for 55 percent.[6]

Notable graduates

Awards

Recent company openings

References

40.0911°N -88.2402°W

Notes and References

  1. Web site: Developer Partnership | Research Park . Researchpark.illinois.edu . 2017-05-03 . February 24, 2015 . https://web.archive.org/web/20150224040215/http://researchpark.illinois.edu/about/developer . live .
  2. Web site: History - Research Park. researchpark.illinois.edu. March 4, 2015. February 24, 2015. https://web.archive.org/web/20150224035327/http://researchpark.illinois.edu/about/history. live.
  3. Web site: A Vision for "Research Park Commons" and EnterpriseWorks Incubator Expansion - Research Park. researchpark.illinois.edu. February 4, 2019 . April 4, 2019. April 4, 2019. https://web.archive.org/web/20190404224712/http://researchpark.illinois.edu/news/vision-research-park-commons-and-enterpriseworks-incubator-expansion. live.
  4. Web site: Entrepreneur in Residence Program | Research Park . Researchpark.illinois.edu . 2017-05-03 . March 7, 2015 . https://web.archive.org/web/20150307033348/http://www.researchpark.illinois.edu/resources/entrepreneur-residence-program . live .
  5. Web site: EnterpriseWorks - Research Park. researchpark.illinois.edu. April 4, 2019. April 4, 2019. https://web.archive.org/web/20190404224723/http://researchpark.illinois.edu/about/leasing-info/enterpriseworks. live.
  6. Web site: University incubator promotes startups. Vishesh. Anand. 31 January 2019. April 4, 2019. April 4, 2019. https://web.archive.org/web/20190404225100/https://dailyillini.com/features/2019/01/31/university-incubator-promotes-startups/. live.
  7. Web site: EnterpriseWorks Receives Award from SBA Growth Accelerator Fund Competition | Research Park . Researchpark.illinois.edu . 2015-08-05 . 2017-05-03 . September 25, 2015 . https://web.archive.org/web/20150925100724/http://researchpark.illinois.edu/SBAAcceleratorAward . live .
  8. Web site: Urbana recognized as a top city for startups - Wandtv.com, NewsCenter17, StormCenter17, Central Illinois News . Wandtv.com . 2015-01-14 . 2017-05-03 . March 7, 2015 . https://web.archive.org/web/20150307045259/http://www.wandtv.com/story/27854185/urbana-recognized-as-a-top-city-for-startups . live .
  9. Web site: 3 College-Town Incubators to Watch . Inc.com . May 22, 2013 . 2017-05-03 . July 15, 2013 . https://web.archive.org/web/20130715072959/http://www.inc.com/magazine/201306/elaine-pofeldt/3-college-town-start-up-incubators.html . live .
  10. Web site: The Research Park at the University of Illinois Urbana-Champaign - pg.8 . Forbes.com . 2017-05-03 . July 30, 2017 . https://web.archive.org/web/20170730013849/https://www.forbes.com/pictures/mee45jmk/the-research-park-at-the-university-of-illinois-at-urbana-champaign/ . dead .
  11. Web site: Inc.com Selects EnterpriseWorks as a Top 10 Start-up Incubator to Watch | Office of Technology Management, Urbana-Champaign . 2013-06-28 . dead . https://web.archive.org/web/20130718232445/http://otm.illinois.edu/features/2011-07-20/inccom-selects-enterpriseworks-top-10-start-incuba . 2013-07-18 .
  12. Web site: AURP Awards of Excellence 2014 . Aurp.net . 2017-05-03 . April 4, 2013 . https://web.archive.org/web/20130404035832/http://www.aurp.net/aurp-awards-of-excellence . live .
  13. Web site: Ten Technology Incubators Changing The World . Forbes.com . 2017-05-03 . October 8, 2017 . https://web.archive.org/web/20171008233653/https://www.forbes.com/2010/04/16/technology-incubators-changing-the-world-entrepreneurs-technology-incubator.html . live .
  14. Web site: BP Opens New Center at the University of Illinois to Develop Sustainable IT Solutions | Research Park . Researchpark.illinois.edu . 2019-04-02 . 2019-06-02 . April 4, 2019 . https://web.archive.org/web/20190404224543/http://researchpark.illinois.edu/BP%20Opens%20New%20Center%20at%20the%20University%20of%20Illinois . live .
  15. Web site: Synchrony Opens Emerging Technology Center at Research Park - Research Park. researchpark.illinois.edu. April 10, 2018 . April 4, 2019. April 4, 2019. https://web.archive.org/web/20190404183028/http://researchpark.illinois.edu/news/synchrony-emerging-technology-center-research-park. live.
  16. Web site: News. www.businesswire.com. February 2018 . April 4, 2019. April 4, 2019. https://web.archive.org/web/20190404185148/https://www.businesswire.com/news/home/20180201006239/en/Monsanto-Opens-Innovation-Center-University-Illinois-Urbana-Champaign. live.
  17. Web site: AGCO Opens Acceleration Center at Research Park - Research Park. researchpark.illinois.edu. January 24, 2018 . April 4, 2019. April 4, 2019. https://web.archive.org/web/20190404184831/http://researchpark.illinois.edu/news/agco-university-illinois-research-park. live.
  18. Web site: COUNTRY Financial DigitaLab Grand Opening November 3, 2017 Research Park. researchpark.illinois.edu. March 29, 2018 . en. 2018-06-12. June 12, 2018. https://web.archive.org/web/20180612141900/http://researchpark.illinois.edu/media/country-financial-digitalab-grand-opening-november-3-2017. live.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Research Park at the University of Illinois Urbana-Champaign".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.