FACILITY DEDICATION SLATED FOR UA TECHNOLOGY-BASED BUSINESS INCUBATOR

FAYETTEVILLE, Ark. -Senator Dale Bumpers will give the keynote address for the dedication of the new University of Arkansas College of Engineering GENESIS Technology Incubator facilities at 9 a.m. on Friday, Sept. 10. Senator Bumpers played a central role in obtaining Small Business Administration funds for the renovation and expansion of GENESIS.

UA Chancellor John White, State Senator David Malone, UA College of Engineering Dean Otto J. Loewer, GENESIS Executive Director Sam Pruett, and Fayetteville businessman John Lewis also will participate in the dedication program.

GENESIS was established in 1986 to nurture and support the creation of new technology-based companies in Arkansas. GENESIS provides developing, technology-based entrepreneurs with technical expertise from UA faculty and staff, access to engineering laboratories and equipment, and office space and shared services.

Located at the UA Engineering Research Center in Fayetteville, the new facilities include construction of office space and laboratories and renovation of existing space, providing more than 75,000 additional square feet for GENESIS clients.

Major funding for the new facilities was provided by a $3 million grant from the Small Business Administration, and a $1.7 million grant from the Economic Development of Arkansas Fund Commission. The City of Fayetteville provided significant in-kind contributions.

GENESIS has played an integral role in creating a new job in Arkansas every five working days over the past 10 years by assisting the development of more than 42 technology-based companies.

"This is a very exciting moment for the University, the College of Engineering and the State of Arkansas," said Chancellor John White. "These new facilities will allow GENESIS to assist even more technology-based companies, thereby stimulating the development of new technology and creating high-salaried, high-tech jobs for Arkansas companies."

The GENESIS Technology Incubator received the 1992 National Business Incubator of the Year award that is presented in recognition of overall excellence in the field of business incubation by the National Business Incubation Association (NBIA) and Coopers and Lybrand (now Price Waterhouse Coopers). In 1994, the NBIA and Coopers and Lybrand named Bioengineering Resources, Inc., a graduate of the GENESIS program, as the National Incubator Graduate of the Year. This marked the first time any incubator that held the distinction of being named Business Incubator of the Year had one of its graduates selected Incubator Graduate of the Year.

GENESIS was also named one of the "six best practice incubators" in the United States in a study commissioned by the Australian Commonwealth Government and has been used as a model in establishing similar technology-business incubation programs around the world.

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EDITOR’S NOTE: After the dedication, the press is invited to tour the University of Arkansas Engineering Research Center, in which GENESIS is located.