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The Virginia Tech Corporate Research Center, a subsidiary of the Virginia Tech Foundation, continues to expand, with 17 buildings open and two more in planning or under construction. More than 110 research and development businesses and research centers call the park home, and total employment exceeds 1,700.
The 17th building opened in June 2003 for the Edward Via Virginia College of Osteopathic Medicine. This is particularly exciting because it is the only medical school to be developed in the United States during the past 25 years. The school will have numerous research relationships with Tech and with companies at the CRC.
The 18th building at the park is under construction for TechLab Inc. TechLab, which performs biotech research, develops and manufactures diagnostic test kits, and supplies reagents for diagnostic tests developed by others, has been at the CRC since 1990. TechLab is a great example of a company based on Virginia Tech technology that has become a major presence in the park.
The 19th building at the park is in planning. This building will house VT KnowledgeWorks, the CRC’s incubator program. VT KnowledgeWorks is designed to facilitate the start-up of new companies at the park based on intellectual property developed by Virginia Tech and others. This incubator program uses experts to 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. For more information go to http://www.vtknowledgeworks.com. A $2 million grant from the Economic Development Administration of the U.S. Department of Commerce is supporting construction of the building.
The success of park tenants 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 also attractive because of the quality of work and home life that Southwest Virginia offers. 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 (600,000 square feet now; space for a total of 1 million square feet), 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.