Peoria NEXT Announces Expanded Scope and Presence of Innovation Center
Posted on December 19th, 2005
$1 Million in federal funding and creation of third floor increases facility capacity
Peoria, IL – Today, Peoria NEXT officials announced an additional $1 million in federal funding through a Small Business Administration (SBA) grant secured by Congressman Ray LaHood for the Innovation Center. The Peoria NEXT Innovation Center will be located on the 800 block of West Main Street in the heart of Renaissance Park (formerly known as the Med-Tech District). The additional funds and a unique collaboration between Caterpillar Inc. and Bradley University make a third floor possible to expand the scope and presence of the Center. In addition, preliminary facility renderings were unveiled by local architecture and engineering firm, PSA Dewberry.
The creation of the third floor expands the 50,000 square foot Innovation Center, with room for possible future expansion. The new design for the facility has a total project cost of $12 million.
The Innovation Center will house activities and staff that will facilitate the development of new technology companies by enhancing entrepreneurial skills, creating business strategies, and acquiring venture funding. Included in the Innovation Center will be individual tenant suites, wet lab space, dry lab space, shared-tenant conference rooms, shared common areas (business center, scientific equipment room, kitchen, etc.) and administrative/support office space.
“The development of the Innovation Center represents an essential step towards maximizing the commercialization potential in Central Illinois and maintaining a competitive position in the Knowledge Economy,” says Heartland Partnership President and CEO, Jim McConoughey. “The Innovation Center will assist in diversifying the regional economy and providing an environment that supports entrepreneurship and innovation,” said McConoughey.
“This Innovation Center is important for creating jobs of the future for the Central Illinois region,” said Congressman Ray LaHood.
The following funding partners have contributed to the construction of the Innovation Center: The Illinois Department of Commerce and Economic Opportunity, the US Economic Development Administration, Caterpillar Inc., the Small Business Administration, Bradley University, Methodist Medical Center, and the US Department of Housing and Urban Development.
“An Innovation Center such as this has been needed for years to leverage our technology strengths,” said Dr. Peter Johnsen, board chair, Peoria NEXT. “We appreciate all the support that our partners, business community and state have provided, and especially Congressman LaHood’s efforts."
CLICK HERE to download an FAQ brochure on the Innovation Center.
CLICK HERE to view rendering 1.
CLICK HERE to view rendering 2.
About the Peoria NEXT Innovation Center:
The Innovation Center is designed to provide a place for entrepreneurs and technologists to commercialize innovative ideas into successful free standing businesses, and could also eventually house various facilitation groups providing valuable services for start-up companies. The Innovation Center will leverage the strengths of Caterpillar Inc., the USDA Agriculture Laboratory, Bradley University, and other health-science and technology organizations throughout the region to mature start-up companies to commercial successes. The facility will be owned and operated by Peoria NEXT, in cooperation with the Heartland Commerce and Economic Development Foundation, Caterpillar Inc., and Bradley University.
Peoria NEXT Mission and Vision:
Through collaboration and creativity, Peoria NEXT will facilitate Discovery, Innovation and Commercialization of new technologies for economic development. By 2015 our regional economy will be more diversified and be a desired location for new technology-based businesses.
