Economic Development at the University of Illinois As many involved with higher education will conclude, it is not every year that a university adds four senior level positions, adds a fourth mission, makes over $15 million in the development of a new research park, and creates new boards towards spawning the commercialization environment. Staff/programmatic expansion Within the last year alone, the University of Illinois Board of Trustees has created the following positions: Director, Economic Development, Office of Technology Management Vice President for External and Corporate Relations Executive Director, iVentures (UI venture capital fund) Research Park Director (Urbana) All of the positions are new and directed exclusively towards commercializing university innovation. The Vice President position is the first new one the university created in many decades (traditionally there has been a VP Academic Affairs; VP Research; and VP Finance). The newcomers' mandate from the university President is to work with the Foundation and private sector to attract moneyed alumni to invest not only in endowed chairs or buildings, but also university companies. Research Park Development/Board The university has also created a research park board laden with private sector leadership from both the Midwest and the Silicon Valley as well as an iVentures board (university venture capital investment). The University is about half way towards a goal of raising $100 million in funding that will go to university and non-university patents and inventions. The university has also created a research park board for the Urbana campus for its development. Currently, a private developer has been awarded a partnership development agreement by the university to develop office and lab space for start-up companies on campus. A state funded $10 million, 40,000 square foot incubator is scheduled for opening mid - 2002. The university would also try to take equity in the companies through their iVentures fund. As many involved with higher education will conclude, it is not every year that a university adds four senior level positions, adds a fourth mission (teaching, research, public service, and now economic development), makes over $15 million in the development of a new research park, and creates new boards towards spawning the commercialization environment.