Purdue's New Albany campus on track
The planned Purdue Technology Center of Southeast Indiana will welcome its first group of students in August.
Construction is well under way, and visible progress is being made on the 40-acre campus in New Albany that will house educational facilities and a business incubator, said Joe Hornett, senior vice president, treasurer and chief operating officer of the Purdue Research Foundation.
Hornett was the featured speaker at today's Venture Club of Louisville meeting, which brings together local entrepreneurs, investors and members of the business community.
Many attendees were interested in the economic and business opportunities the incoming research park will provide. But to fully understand the potential of the campus, Hornett pointed them back to successes at Purdue's existing research parks across the state.
A proven model
Comparing the Purdue Research Park in West Lafayette, Ind., with the average North American research park, he said:
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Purdue's campus is 725 acres. The average park is 114 acres.
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Purdue's campus contains 1.2 million square feet, including 259,000 square feet of incubator space with plans for an additional 200,000 square feet. The average park contains 314,000 square feet, including 30,000 square feet of incubator space.
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Purdue's campus employees more than 3,000 workers. The average park employs 750 workers.
The West Lafayette park opened in 1963, giving it more than four decades to become the economic powerhouse it is today.
But more recently, the Purdue Research Foundation has replicated its West Lafayette success in Merrillville, Ind., with its Purdue Technology Center of Northwest Indiana.
That park opened in December 2004, and it already is at 90 percent capacity. It houses 19 companies, and employees there earn an average annual salary of $52,000.
Hornett believes Southern Indiana -- and Indianapolis, where a 78-acre campus is planned -- will see similar results.
But a key component in that formula for success, he said, will be the availability of venture capital.
Money from angel investors and other sources will be needed to fuel innovations, and local financial resources will help attract new technologies and startup companies to this market.
"Research is great," he said. "But money is a lot like fertilizer."