Site & Buildings DatabasePeoria NEXT Innovation Center Grand Opening Ceremony
Business Incubator to Retain and Attract High-Technology Businesses in the Region
(Peoria) – Civic and community leaders gathered today to witness the grand opening of the $13.5 million Peoria NEXT Innovation Center at 801 W. Main St. Formerly the site of an AAMCO transmission shop, the business incubator was built to attract and retain high technology startup companies in Central Illinois. Early stage companies can lease space within the Innovation Center and utilize resources like wet and dry lab space, high speed internet, conference rooms, and business advisers all for significantly less than if they were to purchase these services on their own.
The building, which is owned by the Heartland Commerce and Economic Development Foundation, will be managed by Bradley University’s Technology Commercialization Center (B-TCC) under the direction of Nancy Wright. B-TCC assists startup technology oriented companies in finding early investment capitol and business and strategic planning.
The resources pulled together represent a cross section of the local community including help from: Congressman Ray LaHood, the U.S. Economic Development Administration (EDA), the Illinois Department of Commerce and Economic Opportunity (DCEO), the City of Peoria, Caterpillar Inc., Methodist Medical Center, National City Bank, Bradley University, and The Heartland Partnership.
“What we now have is a building that our children can point to and say ‘I want to work there when I grow up’. The Innovation Center is a symbol for the kind of high-tech jobs we want to grow in our region and it was made possible by the cooperation of professors, doctors, business executives, and elected officials across the region.” said Jim McConoughey, CEO of the Heartland Partnership and Peoria NEXT Board member.
The building, which can house up to 22 companies, has 48,000 square feet spread across 3 different levels. Before leasing office space, potential tenants are interviewed to determine their ability to succeed and operate in an incubator environment. Once a company has “graduated” from the Innovation Center it will then move into its own facility in the community.
About the Peoria NEXT Innovation Center:
The Innovation Center is designed to provide a place for entrepreneurs and technologists to commercialize innovative ideas into successful free standing businesses, and could also eventually house various facilitation groups providing valuable services for start-up companies. The Innovation Center will leverage the strengths of Caterpillar Inc., the USDA Agriculture Laboratory, Bradley University, and other health-science and technology organizations throughout the region to mature start-up companies to commercial successes. The facility is owned by the Heartland Commerce and Economic Development Foundation (a division of the Heartland Partnership), and operated by Bradley University. Caterpillar Inc. and Bradley University will collaborate to occupy the 3rd floor of the Innovation Center as anchor tenants.
Peoria NEXT Mission and Vision: Through collaboration and creativity, Peoria NEXT will facilitate Discovery, Innovation and Commercialization of new technologies for economic development. By 2015 our regional economy will be more diversified and be a desired location for new technology-based businesses.
