~ for immediate release

news release September 20, 2006

Contact: Heather Emmons, DRI PIO, heather.emmons@dri.edu, Reno (775) 673-7313 (w), (702) 743-3435 (c)
Jeff Pickett, DRI Research Parks, Ltd, (775) 849-3378 (w), (818) 317-3128 (c)

All DRI News Releases are available at: http://news.dri.edu/

DRI awarded $146,000 for Incubator Feasibility Study

Artist's rendering of incubator at Dandini Research Park

Reno, Nev.-On August 17, the U.S. Department of Commerce Economic Development Administration awarded DRI a $146,000 matching grant to perform a feasibility study for a technology business incubator on the grounds of the Dandini Research Park. The grant award is a major step forward in developing the region’s first, and much needed, business incubation program. 

DRI Research Parks, Ltd,  the non-profit entity created to manage the implementation of the Dandini Research Park and Incubator program, will be conducting a national search with help from the National Business Incubation Association to obtain a specialized consultant to perform the study. 

Jeff Pickett of DRI Research Parks, Ltd will facilitate a development team of local stakeholders, including representatives from the University of Nevada, Reno, and the Economic Development Authority of Western Nevada, or EDAWN, to assist in evaluating the many questions and issues that the feasibility study will address, including the types of program support services needed, promoting deal-flow with the investment community and outreach to the rural and tribal areas of northwestern Nevada.

The final report will be published by March 31, 2007.  Upon a positive outcome of the study, DRI will seek further assistance from the Economic Development Administration for construction of the physical facility.

"We are very excited about this opportunity provided by the Department of Commerce.  The DRI Research Parks, Ltd is poised to help new business development in northern Nevada, and this feasibility study for a business incubator is a key component in getting started," Dr. Chris Maples, DRI's vice president for research, said.

What is a business incubator? Business incubators nurture the development of entrepreneurial companies, helping them survive and grow during the start-up period, when they are most vulnerable. These programs provide their client companies with business support services and resources tailored to young firms. The most common goals of incubation programs are creating jobs in a community, enhancing a community’s entrepreneurial climate, retaining businesses in a community, building or accelerating growth in a local industry, and diversifying local economies (SOURCE: National Business Incubation Association).

The premise of the DRI incubator is to leverage the research expertise from DRI and UNR with local area start-ups and focus on the development of technology-based companies in the areas of environmental science, life science, clean energy and information technology. An important focus will be the incubation of firms providing environmental services to rural Nevada and other arid lands. The goal of the DRI incubator is to assist and accelerate the development and success of these high technology start-ups in northern Nevada by providing: executive management, financial planning, marketing and recruitment expertise; assistance and access to capital; furnished office space, infrastructure and support services; and access to DRI and UNR facilities, laboratories and faculty.

ABOUT DRI: A nonprofit, statewide division of the Nevada System of Higher Education, or NSHE, DRI pursues a full-time program of basic and applied environmental research on a local, national, and international scale.  More than 500 full- and part-time scientists, technicians, and support staff conduct more than 300 research projects at DRI annually.  DRI generates $50 million in total revenue consisting predominately of competitively won research contracts and grants. The State of Nevada provides critical funding in support of DRI's administration, operations, and maintenance through the NSHE education budget.  While DRI’s portion of the NSHE budget is approximately one percent, the institute leverages these funds to enhance its competitiveness.