Thursday, November 2, 2006

ST. JOSEPH, MO U.S. Senators Kit Bond and Jim Talent today announced $2.5 million in federal funds for Missouri Western State University’s (MWSU) business incubator that will increase research lab space, encourage public-private partnerships in the region, and create local jobs.

“Today’s announcement is great news for Western and the entire region,” said Senator Kit Bond. “This project will serve as an economic development tool for local businesses, while attracting new, innovative businesses to the region.”

“I’m pleased to announce this funding for Missouri Western State University,” said U.S. Sen. Jim Talent. “This incubator will give entrepreneurs in the area the opportunity to develop sustainable businesses that will bring jobs and economic growth to the area.”

The $2.5 million in federal funds from the U.S. Department of Commerce’s Economic Development Administration (EDA) will be used to construct MWSU’s innovation incubator, the first phase of a planned “science village,” an advanced research park. This project is expected to create 300 jobs and generate $56.25 million in private investment.

Business incubators are proven to work, the Senators pointed out. Incubators work with local companies; the companies create new jobs, and then those jobs go on to create other jobs in a ripple effect that is felt throughout the community.

Bond and Talent praised Missouri Western for taking the lead on the business incubator project. By combining Missouri Western, a tremendous asset to the community, with the local workforce and their work ethic, and channeling our energy, St. Joseph and Buchanan County will be on the path toward long-term economic viability.

“Western is delighted with the announcement of the $2.5 million grant from the EDA. I especially appreciate the continuing efforts of Senator Bond on Western's behalf. The innovation incubator will be a strong vehicle to enhance economic development in the region, and is especially important to the growth of the life sciences initiative in the area,” said Missouri Western State University President, Jim Scanlon.

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