An Economic Powerhouse | Tech Parks Arizona
   The University of Arizona

An Economic Powerhouse

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The UA Tech Park is a dynamic community where emerging businesses and technology giants work alongside one another. The UA Tech Park is one of the region’s largest employment hubs with 75+ businesses and home to over 6,000 knowledge workers, making it an important economic driver for the region. Recruiting businesses that desire connectivity with the University of Arizona and provide high-value, high-wage jobs to the region is a top priority. The average salary at the Tech Park is $66,900 which is significantly higher than the average salary in Pima County at $45,706.

The economic impact extends beyond Southern Arizona. The State of Arizona derived a total of $52.8 million of tax revenues from the UA Tech Park and tenants. In a recent report, the Park and its residents generated $2 billion of annual economic impact based on total direct, indirect and induced economic activity.

The economic impact of the UA Tech Park has grown annually for 25 years and is forecasted to produce an economic impact of approximately $108 billion over the next three decades (per Economic analysis reported by Rounds Consulting Group, Inc.).

The Tech Park is a purpose-built environment links companies with the resources of University of Arizona, creating an environment in which companies innovate, grow and succeed. Businesses that locate at the UA Tech Park are immediately plugged into the resources of the University of Arizona, a Research 1 university with a $734 million total research expenditure budget, as well as the collective of industry experts and a robust talent pipeline.

The connections and facilities offered are why Applied Energetics recently decided to relocate its corporate headquarters to the UA Tech Park. Applied Energetics’ new strategic location at the Park will enable them to grow to the next level in their strategic plan of innovation, development and commercialization of their proprietary technologies in the field of ultra-short pulse lasers. The Park’s research labs and state of-the-art cleanroom are perfectly suited and move-in ready to align with their growth trajectory.

Startups as an Economic Strategy

The University of Arizona Center for Innovation (UACI), a startup incubator network with outposts across the Southern Arizona region, is currently working with over 100 company founders to scale their ventures which are fueling the Arizona economy.

Startups in the UACI program are gaining great momentum. Several startups have received significant federal funding which allows companies to bring disruptive new ideas to market. The following UACI startups: SGNT, Paranium Technology, Souvie Biodivery, US Air Tech, TheraCea Pharma, TG Companies, ElectroSonix LC, Luceome Biotechnologies received this funding.

While all the startups are doing notable work, a couple of startups to watch include: Stackhouse is revolutionizing the real estate business by transforming shipping containers into customized 320 square foot living spaces. The business model provides owners with a low-cost, high-value option for housing that are highly mobile.

SGNT is developing an invention that is fundamental to ensuring the authenticity of products and could solve a trillion-dollar product counterfeiting problem.

Paramium Technologies has an innovative manufacturing solution that unlocks the realm of rapid prototyping for antenna designers because it is faster and more versatile than traditional methods which is vital to meeting the ever-growing demand for the internet.

Strategic Location for Entry into the US Market

Tucson, Arizona is known for its relatively low business startup costs and high accessibility to major west and east coast market connections. These factors make the Tech Park and UACI an ideal entry point into the U.S. market for international companies and startups.

In 2020, UACI earned the prestigious SoftLanding designation from the International Business Innovation Association. With this official endorsement, international companies can be assured that best practice accommodations are in place so that a “soft landing” is ensured when entering a new country.

Recently the Costa Rica company, Tunuk Analytics Center, which utilizes state-of-the-art artificial intelligence to provide real-time data for revenue, expenses and operations to bus companies took advantage of the UACI virtual immersion program.

Expanding Offerings

Capitalizing on our strengths, we are developing a second park, UA Tech Park at The Bridges in the heart of Tucson. The first building is named “The Refinery” will provide office space, ideal for a business looking to connect directly with the University. The University of Arizona is the anchor tenant, utilizing 50% of the space as an innovation and commercialization hub. This will be a place for invention development and product refinement.

The UACI is also expanding. The newest facility, UACI at Oro Valley an incubator focused on supporting bioscience startups, came online in December 2020. The incubator offers companies access to shared laboratory equipment like an ultralow minus-80-degrees freezer, biosafety cabinets and an inverted fluorescence microscope. Startups are also guided through a 27-point roadmap for business development, designed to support bioscience discoveries and help translate them into marketable technologies.

 

Read the Original TrendReport Article by Carol Stewart on Page 15

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