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ISU Research Park receives $1.7 million grant

September 24, 2018

Iowa State University Research Park has been awarded a $1.7 million grant from the Economic Development Administration (EDA) to make critical infrastructure improvements needed to support a manufacturing test lab facility.

According to grantee estimates, “the project is expected to create 450 jobs and generate $10 million in private investment,” the press release said.

This investment will provide the necessary infrastructure to the Iowa State University Research Park to allow a major U.S. manufacturer to locate its test lab facility in the park. Current tenants of the park employ more than 1,700 people. Additionally, this project will help the region retain home-grown engineering and technical talent by providing high-quality jobs near the university.

“Iowa State’s Research Park is truly a center of excellence,” said Governor Kim Reynolds in the press release announcing the grant. “It’s a place where industry members learn best practices from one another and pilot and scale-up new technology. This grant furthers the important work being done there. It also highlights two sources of pride for our state: manufacturing, our largest and fastest growing industry, and our public universities, which leverage more than $1 billion in research and development funding each year.”

This is ISU Research Park’s second grant from the EDA as they received a grant for just over $400 thousand in December of 2017.

“The $1.7 million EDA grant provides critical financial support for the construction of infrastructure that will serve the John Deere sprayer test facility as well as enable continued growth at the Iowa State University Research Park,” said Steven Carter, President of ISU Research Park.

Previous coverage

ISU Startup Factory continues to grow, announces two new cohorts –July 2, 2018

Tags: ames grant iowa ISU Research Park

ISU Research Park receives $1.7 million grant | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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