Driving Growth through a Public-Private Partnership
603,721: total square feet constructed in Research Park
First building opened in January 2001; there are now a total of 12 buildings and construction on the next building is starting fall 2011.
$101,785,249: Total construction cost over 10 years; Of that amount, $63,385,675 = Total funded by the private sector developer; $38,399,574 = total university/public sector funding for buildings and infrastructure.
Attracting Major Corporations and Growing Startup Companies over 10 years
A total of 202 companies/tenants have been in the Research Park
75 companies have been tenants in the Research Park
127 startups have been tenants in the EnterpriseWorks incubator
Current publically traded corporations in the Research Park: Abbott Laboratories, ADM, Caterpillar, Deere and Company, Littelfuse, Pearson, Raytheon, Riverbed, SAIC, Sony, State Farm, and Yahoo!
Jobs/Estimated Payroll in the Research Park from Operations (not including construction jobs impact)*
1235 – direct jobs
241 – indirect jobs
508 – induced jobs
Current total annual payroll of $81,220,179.00 and an economic output of $169,549,000.00
More than 350 students work in the Research Park annually
Tax Revenue Generated by the Research Park through direct, indirect, and induced revenue sources*
Total construction over 10 years has contributed $7.2 million in tax revenues to the state of Illinois.
Total operations in the Research Park are annually contributing $4.1 million in tax revenues to the state of Illinois.
Tax Revenue Generated by the Research Park at the County level through direct, indirect, and induced revenue sources*
Total operations are annually contributing $1.3 million in tax revenues to Champaign County
Total construction over 10 years has contributed $2.1 million in tax revenues to Champaign County.
Accelerating University Technology Commercialization: Composition of EnterpriseWorks incubator clients
50% of companies have been started by University of Illinois faculty; 24% by UI students or recent alumni; 21% by others; 5% by UI staff. 59% of companies report their origin as coming out of a University department or lab (does not include student started firms).
45% of firms have licensed technology from the University of Illinois; 18 percent have pending licensing.
Graduation Metrics/Location of Companies: Spurring Economic Development in the Region
Since the Research Park opened in 2001 through 2011, there have been 127 clients in the incubator. Nearly an equal number of firms enter and exit the incubator each year; only 28% are no longer in active operation.
Post-Graduate Location: Of the firms that successfully graduate, 30% remain in the Research Park, 65% remain in Champaign County, and a total of 78% remain in Illinois.
EnterpriseWorks Incubator Graduate Success Stories
iCyt: Started by a University staff member and a graduate of the incubator, was acquired by Sony in February 2010; the flow cytometry business continues to operate in the Research Park and has grown to have 105 employees.
Solarbridge: Founded by University of Illinois faculty, a leading developer of module-integrated microinverters for the solar industry. Announced in June 2011 it has secured $19 million in series C funding. The company has raised more than $46 million to date.
ShareThis: Founded by a University of Illinois faculty member, ShareThis is the largest market for sharing and influence across the web. ShareThis is currently used by over 400 million users across 1 million websites across the web.
Chromatin: Biotech company graduated from incubator into lab space in the Research Park. Chromatin has successfully licensed its technology through commercial agreements with leading agbiotech companies including Syngenta, Monsanto, Dow AgroSciences, and Bayer CropScience.
Semprius: A leading innovator in high concentration photovoltaic (HCPV) solar modules, the company secured an additional $20 million in Series C funding in 2011. Now based in North Carolina.
*Source: This study was completed by the Champaign County Regional Planning Commission in August 2011. Economic impacts were modeled using the job sectors in the Research Park, Construction figures, and IMPLAN multipliers.