Peoria NEXT Innovation Center: Why is this critical to our region?
Posted on April 7th, 2000

Approximately $1 billion is invested each year in research and development in the Peoria area.

The technologies and products of Central Illinois research and development have historically left Central Illinois for two reasons -- the lack of places for these ventures to incubate and the absence of a system of business development facilitation, as was revealed by in the strategic plan completed by the Battelle Memorial Institute Technology Partnership Practice in 2001.

The Peoria NEXT Innovation Center is designed to stop the exportation of commercialization from Central Illinois. The Innovation Center will be a place for these ventures to grow. From a regional perspective, long term impacts will include the infusion of direct and indirect jobs that will begin once the incubator is opened. This long term impact will continue as small firms grow, become stable graduates, and take up permanent residence within the project area and the community. Most importantly, the $1 billion in research and development that takes place in Central Illinois each year will have a place to be commercialized. Through the Innovation Center initiative, Peoria NEXT is providing an urgently needed home for growing businesses and effectively stemming the loss of commercialization and entrepreneurial resources from Central Illinois.

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