Fed to Invest in Jobs and Alternative Energy Business Incubator at UT

Press Release

FEDS TO INVEST IN JOBS AND ALTERNATIVE ENERGY BUSINESS INCUBATOR AT UT

Marcy Kaptur announced that the U.S. Department of Commerce's Economic Development Administration (EDA) will award the University of Toledo and its Science and Technology Corridor, $2 million for the construction of UT's second high-tech business and jobs incubator.

EDA will award $2 million toward the construction of a $4 million, 40,000 square foot two-story building, adjacent to the Clean and Alternative Energy Incubation Center at Westwood and Dorr Streets in Toledo, according to Kaptur. The new facility will mirror the existing incubator facility, which is near capacity as a result of the University's existing efforts in business and job development in alternative energy technologies. State and local funds will match the federal award.

"New technology is the foundation stone for new jobs. University research and technical parks have become one of the most important ingredients in job creation in our nation, as evidenced by the Research Triangle in North Carolina and the U.S. 23 corridor in the Ann Arbor area," said Kaptur. The Economic Development Administration's investment in this project will allow for the expansion of the very successful Technology Corridor giving the University of Toledo the ability to attract new high-tech businesses to the Toledo Metropolitan Area.

This is the second time in three weeks the U.S. Department of Commerce has recognized Toledo's growing influence in technology and alternative energy development. In August, the University announced a $1.95 million dollar EDA grant to place infrastructure in the University's Health Science Campus business park at the South end of the technology corridor.

"The University's quickly expanding technology complex is at the forefront of our efforts to build on our successes in alternative energy development and create the jobs of the future for our region. This action by the U.S. Department of Commerce underscores the University's leadership in the advancement of alternative sustainable energy and the partnership of the federal government at work in our community to help make it happen," said Kaptur. "Not only does it demonstrate a commitment to an energy independent, eco-friendly future, but it also brings good jobs and attracts quality high-tech businesses and the potential for renewed growth for Northwest Ohio," she continued.

Business incubators often act as economic engines -- not only giving startups companies the support they need to grow, but also providing a boost to other businesses in their communities. University and EDA projections put the potential job creation at 100 and 200 in the first three years of the incubator's operation, based on the existing incubators performance and up to 350 in the first six years.

"This is where the rubber meets the road in fostering spin-off job creation and the production of products for alternative energy applications developed right here in Northern Ohio," said Kaptur.

"As we literally outgrow our early efforts in the first incubator, the EDA's confidence in making this award emboldens our continued momentum toward inventing and deploying the technology and jobs of our future in the region," the Congresswoman concluded.

The Science and Technology Corridor is located between the main campus, the health science campus (formerly Medical University of Ohio) and the Scott Park campus. The mission of the corridor, which was formed in 2003, is to make the region more competitive economically by encouraging collaboration between the university with its knowledge resources and technology-based organizations and businesses.

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