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Joseph B. Hornett
(765) 496-1658
jbhornett@prf.org
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Purdue Expert - June 2008
Quality of life creates business hubs, discovery with delivery, research parks of the future
Written news tip below:
Quality of life issues now central to economic development
Video at left, expert discusses:
* Discovery with delivery
* Research parks of the future
News tip: Quality of life issues now central to economic development
WEST LAFAYETTE - Want to recruit high-tech business? Take note: Quality of life is just as important as a business plan for a company's success, says a Purdue University expert on economic development.
"There is no question that when companies look for a place to set up a business they are looking at the amenities as much as they are looking at tax incentives, infrastructure and other factors," says Joseph B. Hornett, senior vice president, treasurer and chief operating officer of the Purdue Research Foundation, which oversees the Purdue Research Park. "The competition for skilled employees is a worldwide phenomenon that will become more intensive as the global market continues to grow."
The International Economic Development Council agrees: Quality of life is key to economic development. Hornett says savvy research parks and communities are providing:
* Sports and fitness centers
* Child-care facilities
* Restaurants and cafes
* Shopping areas
They also invest in their schools, arts and entertainment, he says.
"There is no doubt that these qualities are critical to companies looking for a place to locate," he says. "This formula certainly is part of the success story at the Purdue Research Park in West Lafayette, Ind.
"And it is an international trend. European business parks are now offering facilities with supermarkets, residential precincts, banks, conference and catering facilities, and such perks as shower and changing facilities and relaxation areas. We are doing the same in numerous economic development parks throughout North America. That's what it takes to attract the top business tenants."
The 725-acre Purdue Research Park (https://www.purdueresearchpark.com) is the largest university-affiliated business incubation complex in the country. The park and incubators across the state are home to more than 170 companies. The park was ranked No. 1 in 2004 for university-affiliated research parks and received the 2005 Outstanding Commercialization Award, both from the Association of University Research Parks.
More about Joseph Hornett
Senior Vice President, Treasurer and COO, Purdue Research Foundation
Joseph Hornett is responsible for the Purdue Research Park and its four business incubators that form a pipeline of innovation across Indiana. The Purdue system is home to more than 170 new and established companies, most of them high-tech and life sciences enterprises. Hornett oversees the commercialization of Purdue technologies and economic development initiatives.
Writer: Cynthia Sequin, (765) 494-4192, casequin@prf.org