Editor's note: This feature is the sixth in news service's 2024 Innovation at Work series of stories, photos and videos that highlight economic development and the impact of Iowa State's contributions across the state.
Iowa State's Economic Development and Industry Relations team, in partnership with ISU Extension and Outreach, is focused on innovation and economic prosperity that extends beyond campus to all 99 Iowa counties. Through collaboration, exploration and research, Iowa State is making a difference helping grow business, preparing the future workforce and fostering entrepreneurship.
That's the statewide impact of the support Iowa State's Center for Industrial Research and Service (CIRAS) provides to businesses through the Iowa Economic Development Authority's Manufacturing 4.0 Technology Investment Grant program.
Iowa State's flagship entrepreneurial programs are one reason Iowa State was named Entrepreneurial University of the Year for the Americas. What does that mean for the state? In 2022-23, the Pappajohn Center and local SBDC served 1,423 clients, which led to 63 new ventures, 362 jobs and $41.4 million in capital raised.
External support for Iowa State research has far-reaching benefits, including a $20 million grant from the National Science Foundation to create the technologies and develop the workforce to build and grow advanced biomanufacturing capacity in the state.
The Small Business Development Center for Iowa supported 4,569 companies across the state with business growth strategies, financial analysis, export assistance and other services in fiscal year 2023. In addition to jobs and business starts, this support equaled $111.1 million in new capital and an increase of nearly $154 million in sales.
That's the return on the $2.6 million invested by the state for fiscal year 2023 to support Iowa State's research and development efforts across three Biosciences platforms. In addition to leveraging federal dollars, the funding provided seed funds to university startups for scale up opportunities.
More than 60% of Iowa State students major in a STEM field. The Workforce Grants prepare students for high-demand jobs in Iowa. Nearly 70 ISU degree programs fit the criteria for Workforce Grants authorized by the Iowa Legislature in 2023.
The ISU Research Park is home to 131 companies and nearly 2,500 employees. Another 9,709 employees are located in communities across the state working for companies in the research park.
