Innovation Center Receives $400,000 from HUD for Expansion
Contact: Gary Meyer or Linda Clark, Innovation Center, (740) 593-1818
ATHENS, Ohio (October 25, 2000) -- Ohio University's Innovation Center has received a $400,000 appropriation from the federal Housing and Urban Development office for a new building that would more than double the center's space for small businesses. The planned facility would allow center staff to triple the current number of businesses they serve, an expansion that could create as many as 465 new jobs by the end of the sixth year of occupancy.
Established in 1983, the Innovation Center is one of the oldest university-based business incubators in the country. Since its inception, the center has housed 35 companies and fostered the creation of more than 600 jobs in southeastern Ohio.
"The center has been at maximum occupancy for a number of years now and plans for a new building have been under way since January 1999 to help the center meet the growing needs of industry, entrepreneurs and the region," said Gary Meyer, assistant vice president for economic and technology development and director of the Innovation Center.
Currently, tenants of the Innovation Center are housed in offices on The Ridges. The proposed site for the new Innovation Center building is on West State Street on the current location of the Central Stores and Receiving building, which was closed in 1999 and is slated to be torn down. More than $2 million in funds have been raised for the facility, which is expected to cost $4.7 million. Partners on the project so far include Ohio University, the Economic Development Administration in the U.S. Department of Commerce, the Appalachian Regional Center and the Housing and Urban Development office. Other public and private sources are being identified.
"The Innovation Center plays a crucial role in local community and regional economic development," Meyer said.
The Innovation Center, part of the Vice President for Research division, is considered a "mixed-use" incubator, and houses fledgling businesses specializing in biotechnology, information technology, service and light manufacturing.
Clients in the program are given office space at a reasonable cost and receive assistance with developing business and marketing plans. The center also provides access to high-speed Internet connections and other technical resources and a host of other services. More information on the Innovation Center is available at www.ictto.ohiou.edu/ic/index.html
