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New UT Business Incubator Supports High-Tech Innovations (posted 7/9/07)

July 9, 2007
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The University of Tennessee (UT) recently opened a $2.5 million, 15,000-square-foot business incubator aimed at giving new high-tech companies throughout the Knoxville-Oak Ridge Innovation Valley a home base and the support they need to be successful. The incubator, a partnership between the UT Research Foundation, the university, Knox County, the Tennessee Valley Authority, the Knoxville Utilities Board, the State of Tennessee, and the U.S. Economic Development Administration, will provide management expertise and help in acquiring capital.

The incubator is part of an aggressive movement throughout the 16-county Innovation Valley to commercialize on intellectual property generated at the University of Tennessee and nearby Oak Ridge National Laboratory, and at numerous spin-off companies. Last year alone, the Innovation Valley announced more than $227 million in new capital investment and more than 2400 new jobs.

“Partnerships like this have clear value, and not only for the organizations involved,” said UT President John Petersen. “When public and private entities come together for these kinds of initiatives, the economies of our region and our state benefit.”

The UT Research Foundation, chartered in 2003, supports the UT research enterprise, protects and commercializes the university’s intellectual property, and works to promote economic development across the state. Technology 2020’s Center for Entrepreneurial Growth (CEG), which already manages other local business incubator facilities in the region, will provide many of the business services for companies housed at the incubator. CEG has worked with companies at Tech 2020’s Commerce Park and Fairview Technology Center incubator facilities.

For additional information, call (865) 777-3959, e-mail cmiller@eteda.org or visit www.knoxvilleoakridge.org. UT’s website is located at www.tennessee.edu.

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