Established by the University in 1984, The Technology Innovation Center (TIC) and the UI BioVentures Center are business incubators for start-up companies, growing new ventures into freestanding businesses. The TIC provides office space and business support services and amenities to promising small businesses.
In 2008, the BioVentures Center incubator facility opened and provides first-class wet lab space and incubator services for biotech and recruited startup companies, most of which are spun-off of UI research. At 35,000 sq. ft., the BioVentures Center is the largest wet lab business incubator in the State of Iowa and has been at or near capacity for the last 3 years. Corporate tenants located here also have access to shared space including a multi-purpose room, boardroom, shared equipment room, break room and conference rooms, and access to an array of amenities and services. This State funding allows the University to employ a portion of a staff member to provide tenant support services and coordinate various roundtable programs and educational seminars. Along with the University of Iowa Research Park, the BioVentures Center has become an important part of the UI's strategic plan for engagement, building ties with those off campus and participating in the economic vitality of the state.
The Center's operating budget in FY 2019 includes $37,119 in state support, with the balance of its support coming from tenant income and other University sources. This funding has been critical to sustain and enhance the current level of core services and amenities and achieve its goal of expanded services and support for tenant companies. Maintaining these services is important for future growth and supporting the University mission of promoting economic development.