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Research Park at the University of Illinois at Urbana-Champaign

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Research Park at the University of Illinois at Urbana-Champaign is a research park located in the southwest part of the University of Illinois at 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 100 companies employing more than 1,700 people including students and full-time technology professionals.

Research Park at University of Illinois at Urbana-Champaign
University of Illinois Research Park Aerial View 2017.jpg
Aerial View of the University of Illinois Research Park
Research Park at University of Illinois at Urbana-Champaign
60 Hazelwood Drive
Champaign, Illinois, USA 61820
Information
Established 1999
Area 663,000 sq-ft
Companies 100+
Structures 14
Employees 1,500+
Student Interns 500+
Website Official Site
University of Illinois at Urbana-Champaign

Multinational and publicly traded corporations in the Research Park include: ADM, Abbott Laboratories, AbbVie, AB InBev, Ameren, Capital One, Caterpillar, CEB, Deere & Company, Dow AgroSciences, Dow Chemical, Grainger, Littelfuse, Raytheon, Riverbed, State Farm, and Yahoo.

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.[citation needed]

Contents

HistoryEdit

 
I-Hotel located within Research Park in Champaign, Illinois

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]

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.[2]

EnterpriseWorks IncubatorEdit

 
EnterpriseWorks Incubator located in the University of Illinois Research Park

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.[3] 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.

Notable tenantsEdit

Notable graduatesEdit

AwardsEdit

  • EnterpriseWorks receives $50,000 award from the Small Business Administration Growth Accelerator Fund Competition[4]
  • Urbana, IL named a Top Startup City by Popular Mechanics, mainly due to the UI Research Park community[5]
  • One of Three College-Town Incubators to watch by Inc.com in June 2013[6]
  • One of 12 Business Incubators Changing the World by Forbes.com in 2013 [7]
  • Top 10 Start-Up Incubator to watch by Inc.com in 2011[8]
  • Outstanding Research Park Award by the Association of University Research Parks in 2011[9]
  • Top 10 Technology Incubator that is changing the world by Forbes.com in 2010 [10] In 2011

Recent company openingsEdit

 
Chancellor Phyllis Wise at the Ameren Innovation Center Grand Opening at the University of Illinois Research Park
  • Carle Orthopedics and Sports Medicine Facility in January 2017
  • AARP Tech Nest in October 2016
  • CME Group Innovation Center in September 2016
  • CEB Data Innovation Center in March 2016
  • Agrible New Headquarters in November 2015
  • Granular Regional Headquarters in November 2015
  • Capital One Digital Campus Lab in October 2015
  • Dow Chemical Company AgroSciences Innovation Center in September 2015
  • Caterpillar Inc. Data Innovation Lab in February 2015
  • Ameren Innovation Center in February 2015
  • AbbVie Innovation Center in January 2015
  • TURN Innovation Center in April 2014
  • Anheuser-Busch Grand Opening in September 2013
  • Dow Chemical Company Innovation Center in January 2013

ReferencesEdit

  1. ^ "Developer Partnership | Research Park". Researchpark.illinois.edu. Retrieved 2017-05-03. 
  2. ^ "History | Research Park". Researchpark.illinois.edu. Retrieved 2017-05-03. 
  3. ^ "Entrepreneur in Residence Program | Research Park". Researchpark.illinois.edu. Retrieved 2017-05-03. 
  4. ^ "EnterpriseWorks Receives Award from SBA Growth Accelerator Fund Competition | Research Park". Researchpark.illinois.edu. 2015-08-05. Retrieved 2017-05-03. 
  5. ^ "Urbana recognized as a top city for startups - Wandtv.com, NewsCenter17, StormCenter17, Central Illinois News". Wandtv.com. 2015-01-14. Retrieved 2017-05-03. 
  6. ^ "3 College-Town Incubators to Watch". Inc.com. Retrieved 2017-05-03. 
  7. ^ "The Research Park at the University of Illinois at Urbana-Champaign - pg.8". Forbes.com. Retrieved 2017-05-03. 
  8. ^ [1][dead link]
  9. ^ "AURP Awards of Excellence 2014". Aurp.net. Retrieved 2017-05-03. 
  10. ^ "Ten Technology Incubators Changing The World". Forbes.com. Retrieved 2017-05-03.