EDA Award to Fund Planning for Tech Park Expansion
Cal Poly was one of 12 universities and economic development organizations around the country to receive an award from the Economic Development Administration’s (EDA) 2014 Science and Research Park Development Grants program. The Regional Innovation Strategies (RIS) program, run by the EDA’s Office of Innovation and Entrepreneurship (OIE), is a new initiative designed to advance innovation and capacity-building activities in regions across the country. For a list of all recipients of this award, please see the EDA website.
Mustang News Video Report
June 3, 2015, news video on award published on YouTube.
KCBX-FM Audio Broadcast
The University will receive approximately $500,000 for planning efforts to study the expansion of the Technology Park on campus. The EDA-funded program will build on substantial progress made by Cal Poly over the past decade to position the University to take the next steps toward making innovation, entrepreneurship and technology-transfer activities a more integral part of the campus environment. Cal Poly proposes to expand the current footprint of the highly successful Technology Park into a Cal Poly “Innovation Complex” (placeholder name) which is conceived as a physical setting designed to encourage and facilitate innovation in an interdisciplinary environment that brings together students, faculty, and businesses in a common space. The primary mission of the project is to conduct critical market feasibility and programming studies to ensure that any new Technology Park facilities meet the needs of the University. Secondary studies will investigate how additional Technology Park facilities can help to diversify and stimulate the regional economy by creating high-paying technical jobs and employment opportunities.
Timing to initiate planning for the expansion of the existing Technology Park is ideal as the University is currently engaged in strategic planning exercises that will shape the academic and physical environment at Cal Poly for the future. An assessment of how the Technology Park interacts with the campus community, regional research and high-tech industry, and implications for the built environment, will be critical for making the Cal Poly "Innovation Complex" successful.
Cal Poly completed the construction of the initial Technology Park, a 25,000 square feet, two-story, multi-tenant building, in 2010. It was 100% leased by 2013 to companies covering a variety of fields including: plant biotechnology, life sciences, aerospace engineering, animal products, software engineering, and clinical research. Funding for construction of the initial building included $2.1 million from the EDA, $2.0 million in private funding, and $2.5 million in revenue-bond financing.