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 a nurturing business environment and critical services to new technology-based ventures. The Center is part of UI Economic Development.
In 2008, the BioVentures Center incubator facility opened and provides wet lab space and incubator services for biotech spinout and recruited startup companies. Both of these facilities provide shared services and amenities to tenant companies.
Fourteen tenant companies are currently in the Technology Innovation Center. The BioVentures Center is home to fifteen biotech companies, most of which are spun-off of UI research.
The Center's operating budget in FY 2018 includes $37,119 in state support, with the balance of its support coming from other University sources. Along with the University of Iowa Research Park, the BioVentures Center and Technology Innovation Center have 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. For FY 2018 the funding will not support fully the incubator facilities and delivery of essential professional services and amenities to tenant companies. Additional funding must be identified for the incubators to sustain and enhance the current level of core services and amenities and achieve its goal of expanded services and support for tenant companies.