Last modified: Monday, July 1, 2002
ARTI announces purchase of new business development facility
INDIANAPOLIS, Ind. -- Indiana University's Advanced Research and Technology Institute (ARTI) announced today (July 1) that it has purchased a downtown Indianapolis building that will be developed into the Indiana University Emerging Technology Center.
The site is the current OfficeWorks building at 351 W. 10th St. on the canal. Indianapolis Mayor Bart Peterson has announced that a share of the money that the city will receive from the United Airlines economic development settlement will help pay for the purchase, in addition to IU funding, as part of the Central Indiana Life Sciences Initiative.
Through the Indiana Genomics Initiative, the Indiana Proteomics Consortium, the School of Informatics, and the IU School of Medicine, Indiana University is helping develop a critical mass of world-class research expertise in Central Indiana. ARTI officials believe that the new Emerging Technology Center will add a vital element to the mix by providing necessary support for emerging, start-up companies.
"This is an important step forward, both in our partnerships with the City of Indianapolis and the Life Sciences Initiative and in our efforts to bring the benefits of university research into the private sector," said ARTI President Mark Long. "Academically affiliated business incubators have had excellent results in other cities, and we are expecting similar success here in Central Indiana."
A study by the National Business Incubation Association found that 87 percent of businesses started in incubators succeed, and 84 percent stay in their communities. For every $1 of annual operating subsidy provided to an incubator facility, the study estimates that clients and graduates of the facility add approximately $45 in local tax revenue.
"Indiana University is committed to playing an aggressive and positive role in the continued economic development and diversification of our state," said IU President Myles Brand. "This announcement is another milestone in the public-private collaboration that will spur economic development in Indiana."
ARTI will occupy the building in late fall 2002. The front part of the building will be used as business office space, while the warehouse area away from the canal will be retrofitted as lab facilities. Tenants could be accepted in early 2003, and several potential tenants have already expressed interest.
ARTI will hold its official opening of the new facility later this year.