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SDSU Research Park reports startup growth, Innovate SODAC outreach and proof-of-concept fund work
Summary
The South Dakota State University Research Park told the committee about startup activity, student employment links and plans for a statewide proof-of-concept fund to leverage angel investments and public grants.
Duane Chaple, CEO of the SDSU Research Park, briefed the Joint Appropriations Committee on startup creation, job impacts and programs that connect university research to regional economic development.
Chaple said the Research Park has incubated numerous startups, created more than 1,400 jobs in recent years and helped firms that attract private investment. He described Innovate SODAC — a program that pairs faculty with communities around the state to address local problems — and said the park is coordinating a statewide proof-of-concept fund in collaboration with the Enterprise Institute and the Governor’s Office of Economic Development to match angel investments with state side funding for promising university startups.
Chaple highlighted recent examples of faculty startups and companies that have grown after incubator support, including firms that moved from proof-of-concept funding to larger rounds. He said the park will roll out a new strategic plan and continue outreach to communities that want assistance translating university research into local economic activity.
The Research Park said it works closely with SDSU’s bio center, the Small Business Development Center and regional partners to strengthen commercialization pathways and internships for students.
