Virginia Tech Corporate Research Center: General Information

Mission:
....to develop a growing, prestigious research park for high-technology companies. Concurrently, the CRC will, in collaboration with the university, advance the research, educational, and technology transfer missions of Virginia Tech (VT).
Size:
•	Currently have 23 completed buildings totaling 750,000 square feet on 120 acres of land.
•	Total build-out is planned to be 27 buildings totaling 1 million square feet housing 3,000 employees in the next 10 years.
*Population:*
•	At Present:
	- 130 Tenants
	- 1,830 Employees
	- 300 Students
•	The park attracts about 20 new tenant companies per year.
•	The private company failure rate is less than 3% per year.
*Organization:*
•	CRC is a for-profit wholly-owned, private subsidiary of the Virginia Tech Foundation, and is, therefore, not a state entity.
•	Investments:
	- Federal: $600,000 in 1985 for infrastructure.
	$2,000,000 in 2002 for incubator.
	- State: $0
	- VT Foundation: $4,000,000
*VT Research:*
•	Over $1 million in annual industry-sponsored research at Virginia Tech comes from companies in the CRC.
•	VT performs over $270 million per year in research.
•	VT is ranked 4th in patents issued among non-medical schools and has $1.5 million in annual licensing income.
*Medical School:*
•	The Edward Via Virginia College of Osteopathic Medicine opened in the fall of 2003
•	600 students in a 4-year program.
•	60,000 square feet Phase I
•	Planned 60,000 square feet Phase II for research