Business incubators tap university talent

Across the U.S., technology and research parks are playing a role in job creation and driving economic growth. These business incubators for emerging companies, typically in the science, healthcare and research fields, are often affiliated with universities, which are prime sources for new ideas and fresh talent in need of a place to grow.

The Purdue Innovation Park Network

The Purdue Innovation Park Network, to illustrate, provides an annual economic impact of $1.3 billion to Indiana's economy and is responsible for creating more than 4,000 high-tech jobs paying an average annual salary of $63,000 -- which is 65% higher than the Indiana average, according to data from a recent economic impact study.

Another example is the University of Nebraska Research Park, which makes an estimated $590 million annual impact on the Nebraska economy, according to a study by the University of Nebraska-Lincoln Bureau of Business Innovation.

In addition to providing business suites and lab space, ISURP offers resources just as grant assistance and entrepreneurial guidance to startups. Over time, as ISURP has grown as a innovation park, so too, has the number of business resources available to the scientists and technologists who are working to commercialize their ideas. The work being done at ISURP has attracted investors, lawyers, management personnel and marketing people to the region, to illustrate. "As we have grown, that environment has as well grown," Carter says.

The tenants

For the tenants, which include entrepreneurs, small businesses and satellite offices of larger companies, part of the appeal of ISURP is gaining access to university talent and resources. ISURP can connect tenants with ISU faculty and cutting-edge facilities and equipment, and the university provides a steady stream of students and graduates for recruiting. [As well see: "Computer science grads fielding 'multiple job offers'"]

One of ISURP's biggest success stories is Engineering Animation Inc., which grew from a bootstrapped startup in 1989 to a public company with more than $100 million in revenue earlier being acquired. Six of the people who built EAI are today a part of the leadership team at WebFilings, which offers a cloud-based system for financial reporting. A core part of WebFilings' business, including its development team, works out of ISURP. "They're here largely because they knew that there was a pool of talent that they could access," Carter says.

Ann Bednarz covers IT careers, outsourcing and Internet culture for Network World. Follow Ann on Twitter @annbednarz and check out her blog, Occupational Hazards. Her email address is abednarz@nww.com.