Last modified: Monday, May 19, 2003
IU incubator establishes Evan Bayh Center for Economic Development
INDIANAPOLIS -- Indiana University's Advanced Research and Technology Institute announced today (May 19) the formation of an economic development center in its new life sciences incubator.
Gerald Bepko, IU interim president and president of the ARTI board of directors, announced the establishment of the Evan Bayh Center for Economic Development during the dedication of the new Emerging Technologies Center (ETC), located at 351 W. 10th St.
"The mission of the center will be to effect careful evaluation of the business climate in Indiana, and to offer assistance in advancing economic development, especially in the life sciences," said Bepko. "Sen. Bayh is dedicated to the development of a knowledge-based economy and higher education in the state and we honor that commitment with this designation."
ARTI President and Chief Executive Officer Mark Long said the center will be another tool for the university to increase its involvement and participation in local and state economic development.
"The center will also provide educational and career opportunities for university students in public policy and entrepreneurship," said Long, who will oversee the center. "We will establish a summer internship program for Indiana University students to work with entrepreneurial companies, observe how an incubator operates and examine public policy as it pertains to economic development."
Bepko said Sen. Bayh has been instrumental in helping the university obtain federal funds for the purchase and renovation of the building which now houses the incubator. The $10 million project is the result of support from the private sector, the city of Indianapolis and federal and university funds.
The ETC recently announced it has signed two new tenants, OptoSonics, Inc., which develops thermoacoustic imaging systems that provide doctors with crucial details about biological processes inside patients' bodies, and Sales Performance Partners, LLC, which provides broad business training and advice to scientists, researchers and others who want to know how best to sell their products.
ARTI, which is an IU affiliate, is a private, non-for-profit agent for the university, charged with increasing the university's collaboration with the private sector. The ETC assists entrepreneurs with business formation, development and maturation by providing facilities, amenities, support and networking opportunities.