University of Wyoming to build business incubator

The University of Wyoming will begin construction next spring of a technology-oriented business incubator that will help entrepreneurs turn their ideas into thriving businesses in the state.

Associated Press

http://www.billingsgazette.com/index.php?id=1&display=rednews/2004/10/10/build/wyoming/40-uw-to-build.inc

The Wyoming Technology Business Center will be located on the campus and will combine the research capabilities of the university to promote business development around the state.

"While the WTBC will be located in Laramie to take advantage of the University of Wyoming’s unique strengths in basic and applied research, it will be an important economic development tool for the entire state of Wyoming," UW President Philip L. Dubois said. "Incubation programs have been shown to diversify economies, commercialize technologies, create jobs and build wealth. The WTBC will provide entrepreneurs with the expertise, networks, and tools they need to make their ventures successful."

The 2001 Wyoming Legislature appropriated $250,000 for initial design of the center. During the 2003 session, legislators appropriated $5.3 million for development and construction, contingent on the university securing a nonstate match of $3.18 million.

At the time, Dubois said, "Raising more than $3 million to match this state appropriation is not something we will be able to accomplish overnight, but it is an important priority for us during the next year."

With assistance from U.S. Sens. Craig Thomas and Mike Enzi and Rep. Barbara Cubin, UW secured $1 million from the Department of Housing and Urban Development and a $1.6 million grant from the U.S. Economic Development Authority.

It then received a $1.6 million private donation from UW alumni and Casper philanthropists Mick and Susie McMurry.

"Wyoming needs to break the cycle of natural resources providing the income on which the Wyoming economy depends," the McMurrys said in a statement issued through the university. "This project is an opportunity to begin the change. The McMurry Foundation is eager to ‘spud’ this project."

"In fall 2003, Mick and Susie donated $2 million toward planning for University of Wyoming Plaza, the hotel-conference center we plan to begin in spring 2005," Dubois said. "Now, with this generous contribution toward the economic future of the state of Wyoming, we will have a second McMurry-assisted project breaking ground this winter or early spring."

UW already has identified several Wyoming businesses that could benefit from the WTBC, including those in the biotechnology industry, assembly of high-tech instruments and computer software.

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