Texas Tech Opens Innovation Hub to Promote R&D Partnerships Between Universities and Businesses
On Wednesday, August 5th, Texas Tech University opened the Texas Tech University Innovation Hub and Research Park. The facility was created to promote collaborative research and entrepreneurship between the university and businesses.
The new “hub” which cost $29 million and sprawls across 40,000 sq ft will further the innovation and partnership between Texas Tech and Texas Tech Health Sciences Center and the business community. The facility will also help Texas Tech become one of the top research universities in the country.
“Engagement strengthens innovation, and Texas Tech University is bridging the gap between research and industry,” said Texas Tech President, M.Duane Nellis. “This facility will provide the essential space and work environment conducive to collaboration with our business partners. Today marks an important step forward for the university’s entrepreneurial research enterprise.”
Anyone can rent space in the innovation hub to conduct their own research. The facility is separate from the university’s campus and was built to prevent outside factors from affecting the work happening inside. Chromatin, an agbiotech company located in Chicago, has already signed up to move in, which will create approximately 12 new jobs.
“This facility is designed to help our faculty and students move great ideas and opportunities from our research efforts into the marketplace and develop major, new public-private partnerships to expand both our programs at Texas Tech and our knowledge-based economy across West Texas,” said Robert V. Duncan, Texas Tech vice president for research.
Collaboration is key when transferring true research to the marketplace. The R&D Tax Credit, both federal and state, allow for additional credits when conducting research through universities. Companies conducting research in Texas Tech’s Innovation Hub will receive a larger credit when claiming the R&D tax credit than they would if they had conducted research in their own facilities.
Hopefully the Texas Tech University Innovation Hub and Research Park will pave the way for more university research facilities and help smooth the transition between research and industry.