|
|
The Virginia Tech Corporate Research Center, a subsidiary of the Virginia Tech Foundation, continues to expand at a phenomenal rate. Currently, more than 105 research and development businesses and research centers are located at the park. The total employment level of the park now exceeds 1,700 personnel.
The park currently consists of 13 buildings containing more than 400,000 square feet. Three buildings are under construction. Research Building XIV is a 40,000-square-foot building to house telecommunications research functions. Research Building XV is a 52,000-square-foot building for bioinformatics research. Research Building XVI is a 50,000-square-foot, multi-tenant research facility. Research Building XVII has been released for design with construction scheduled to commence in 2002.
From its establishment in 1985, one mission of the CRC has been to create a prestigious research park. The CRC continues to be recognized around the world as just such a park. Adding to its previous selection in 1997 as the "Best Practice in Technology Transfer and Research Centers" in the mid-Atlantic region, this year the CRC was selected to join IT-PARCS, a German-led program to link the best research parks in the world. Only one other park in the United States, representing the west coast, was selected for the program.
Another mission of the CRC is to advance Virginia Tech's teaching and research missions. Various student groups work with companies at the park as part of their studies. CRC tenant companies sponsor approximately $1 million in research at the university each year. Faculty members consult with tenant companies as a means of remaining on the cutting edge of new technology. This new knowledge is then put to work in the classroom, where many students benefit.
The CRC also supports the outreach efforts of the university by enhancing the economic development of the region. The success of the tenants in the park has been due in part to advantages offered by the CRC, including a comprehensive business assistance program, a low-cost telecommunications infrastructure, a financial assistance package, training opportunities, and personnel assistance.
Companies locate at the CRC for many reasons, including the opportunity to leverage the faculty expertise and scientific facilities of the university. Tenants are also able to potentially reduce their costs by employing high-quality, skilled student labor. The CRC is considered by employers and employees to be an attractive location because of the quality of work and home life that the Southwest Virginia region affords. This quality of life in the park is enriched by numerous recreational opportunities, such as volleyball and basketball leagues, hiking trails, bike lanes, and an on-site 5,000-square-foot fitness center.
With room to expand and construct additional space to support tenants, the CRC stands poised to continue to support the programs of the university by providing quality infrastructure for continued growth of high-tech, high-quality companies and jobs in the region.