Office of Economic Development and Industry Relations

Economic Development Update

Dr. Lisa LorenzenExecutive Director, ISU Research Foundation

Office of Economic Development and Industry Relations

Noteworthy News at ISUEconomic Development is featured prominently in the university’s 2017-2022 strategic plan.

Goal: Improve the quality of life for all Iowans through services and programs dedicated to economic development and the promotion of healthy communities, people, and environments.

Iowa State received the prestigious designation as an Innovation and Economic Prosperity University by the Association of Public and Land Grant Universities (APLU). Iowa State is one of only 54 universities with this designation.

“The designation acknowledges universities working with public and private sector partners in their states and regions to support economic development through a variety of activities, including innovation and entrepreneurship, technology transfer, talent and workforce development, and community development.” - APLU

Office of Economic Development and Industry Relations

Technical Assistance FY16

About

• Administers four programs• Procurement Technical

Assistance Program• Manufacturing Extension

Partnership Program• Economic Development

Administration University Center Program

• Technology Assistance Program ($1.366M approp.)

Impact

Assisted 1,561 companies in 95 counties

5,400 jobs added or retained

$424M total impact$359M sales gained/retained$52M new investment

$13M costs saved/avoided

Center for Industrial Research & Service

Office of Economic Development and Industry Relations

CIRAS Technology Assistance Program

About • Industrial Incentive ProgramHelp companies incorporate technology improvements thru directed research projects with ISU• Non-directed Applied ResearchSupport industry-backed ISU research centers/projects aligned with state’s economic development priorities• Directed Technical AssistanceProvide Iowa companies with access to technologies, including materials, quality systems, and nondestructive evaluation

Impact

93 clients served in 39Iowa counties

246 jobs created or retained

$49.2M – new investments, new or retained sales, and savings or avoided costs

Office of Economic Development and Industry Relations

About

• ISU administers State Network• 15 regional centers (4 hosted by

Regents Universities; 10 hosted by community colleges)

• No fees assessed• State appropriation $1.037M

Federal appropriation $1.048MLocal match $0.464M

• State funds leverage federal funds

Iowa Small Business Development Centers

Business Assistance FY16

Impact

$70.5M capital infusion $68.9M increase in sales

4,442 clients in 99 counties15,134 counseling hours279 new business starts

1,689 jobs created

A new job every 6 hours, a new business every 31 hours, raised more than $8,000 capital every hour, and increase in sales of

$188,755 every day!

Office of Economic Development and Industry Relations 6

Statewide Economic Impact

Office of Economic Development and Industry Relations

Technology Transfer FY16

New

• Largest-ever number of technology invention disclosures – 139

• FOUR technologies had first sales in the past three years

• Second year of partnership with UNI

Impact

84 license/option agreements45 in Iowa

$279M sales globally$5.2M in Iowa

6 new companies started

5 in Iowa

ISU Research FoundationOffice of Intellectual Property and Technology Transfer

Office of Economic Development and Industry Relations

About

• Projects pair ISU faculty with Iowa companies

• Provides critical source of gap funding

• Since inception:137 projects funded 118 projects completed

88 Iowa companies participated46 startups received funding

Regents Innovation Fund (RIF) Commercialization Program Summary

Impacts (data from 96 projects)

$16M in externally funded projects (approx. $3 generated for every $1 invested in research)

30 new invention disclosures

28 new technology firms enabled by this funding

304 research publications

.

Office of Economic Development and Industry Relations

ISU Research Park FY16 New

• TWO companies, BIVI and Vermeer, opened new facilities

• Completion of the Economic Development Core Facility

About

74 Companies and Research Centers plus 12 Affiliates

17 pre-incubator companies 13 new companies in FY16

1,709 Employees

Since Inception 280 Existing Companies4,985 Existing Employees

Office of Economic Development and Industry Relations

New Startup InitiativesA 52-week intensive program - formal training, resources, and access to a network of business mentors, advisors, counselors and investors

(First cohort of 11 companies have generated more than $2.2M capital from six SBIR grants, private investors, and state economic development grants; second cohort of 12 companies just started)

A 10-week summer accelerator for Iowa State students or recent graduates to focus on their startup or business idea

The Ag Startup Engine will provide mentorship and other means of support to agricultural entrepreneurs. The program is part of the ISU Agriculture Entrepreneurship Initiative designed to boost start-up activity, innovation and tech transfer at the university.

Office of Economic Development and Industry Relations

>200 interns at ISU Research Park Companies

2,487 ISU student internshipsat 1067 Iowa companies in 164 communities in 76 counties.

4,500 ISU studentsparticipated in programs and classes focused on entrepreneurship, startups and small business.

106 engineering capstoneprojects

80 projects with 41 Iowa companies in 23 counties$22M impact

165 students were placed in dozens of communities as part of Partnering in Landscape And Community Enhancements (PLACE)

Workforce Development Experiential Learning FY16

Iowa State University has a 95% placement rate for new graduates within 6 months of graduation. Experiential learning is a key factor.

Office of Economic Development and Industry Relations

CyBIZ Lab

45 Consulting projects by CyBIZ Lab, 80 students

• 5 in collaboration with CIRAS

• 2 engineering capstonecourses

• 10 in collaboration with RIF projects

The Iowa State University CyBIZ Lab provides the opportunity for cross functional teams of undergraduate and graduate students to work on business and nonprofit organization projects.

Students gain hands-on experience working to solve real business problems; companies and organizations receive potential solutions to business issues from a perspective outside the company.