Peoria NEXT Innovation Center to Receive State Funding
Posted on December 5th, 2003
Illinois Governor Rod Blagojevich recently announced a $4.5 million state grant to help fund a high tech business incubator in Peoria, Illinois.
This announcement and several related announcements regarding additional grant awards took place in Peoria on Wednesday, December 3, 2003.
“Nearly $1 billion is invested in research and development in the Peoria area each year,” says Dr. Richard Lister, Managing Director of Peoria NEXT. “The Innovation Center will provide a place for the commercialization of new technologies produced through the significant research investment taking place here. It will be a very clear signal that Peoria is open for business in the Knowledge Economy.”
The 50,000 square foot incubator, which Peoria NEXT plans to build in the new Medical and Technological District in the heart of Peoria, will provide laboratory and office space to small businesses developing technologies for commercialization. Design elements in the incubator will also include individual tenant suites, wet lab space, shared-tenant conference rooms, common areas, shared resource areas (copier, fax, vending machines, etc.) and administrative/support office space. Incubator tenants will also have access to on-site consulting and facilitation services.
“One of the great values in this type of development is that it creates tremendous synergy,” says Jim McConoughey, CEO of the Heartland Partnership and head of the Peoria NEXT Business Team. “When you create a climate where entrepreneurs and scientists can interface in a common environment you greatly increase the exchange of ideas and the likelihood that the next big idea could be just around the corner.”
The Innovation Center is expected to stimulate the generation of up to 3000 jobs during a 10-year period. In addition, almost 6,000 jobs will be created in related industries and businesses that cater specifically to the high-tech community.
“The business incubator is really the crown jewel for the Peoria area,” said Mike Kelleher, who will oversee the Department of Commerce and Economic Opportunity initiatives in the North Central Illinois Region, which includes Peoria.
The total estimated cost of the incubator is approximately $12 million, with the money to come from Peoria NEXT members and other sources.
In a related announcement, DCEO also announced the placement of a new Entrepreneurship Center in partnership with Bradley University, a leader in providing business-consulting services to promising enterprises. The center will coordinate all available small business services and programs and act as a hub for streamlining development activity.
