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The Virginia Tech Corporate Research Center, a subsidiary of the Virginia Tech Foundation, continues to expand. More than 105 research and development businesses and research centers are located at the park. Total employment now exceeds 1,700.
The park currently consists of 16 buildings containing more than 560,000 square feet. Research Buildings XIV, XV, and XVI were completed in 2002. The CRC is currently master planned for a total build-out of 1 million square feet in the current 120-acre park.
The 17th building, which will house the Edward Via Virginia College of Osteopathic Medicine, is under construction with completion scheduled for June of 2003. The school will have numerous research relationships with Tech and with companies at the CRC.
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 selection in 1997 as the "Best Practice in Technology Transfer and Research Centers" in the mid-Atlantic region, the CRC has been selected to join it-parcs, a German-led program to network the best research parks in the world. Only one other park in the United States has been selected for the program. The it-parcs designation has resulted in an increase in the number of international visitors to the park.
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 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. Two new programs were developed this year that support regional economic development: VT KnowledgeWorks and the VITAL Program.
VT KnowledgeWorks is a program of the CRC to facilitate the start-up of new companies at the CRC based on intellectual property developed by Virginia Tech. This incubator-like program leverages experts to facilitate new company formation. These experts focus on business plan development, acquisition of capital, and development of the staff of a new company. The expectation is that VT KnowledgeWorks will develop a new generation of companies at the CRC. More information can be obtained at www.vtknowledgeworks.com. Approximately $100,000 in grants were obtained in 2002 to support the launch of VT KnowledgeWorks.
The VITAL (Virginia Israel Tech Alliance) Program is a joint venture of the CRC and the Virginia Israel Advisory Board. The purpose of VITAL is to help graduates of incubators in Israel successfully transition to the American market. A major conference was planned for October 2002 to encourage Israel companies to locate in this region, initially at the CRC.
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.
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 is enriched in the park 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.
