Thursday, March 28, 2024

MSU Foundation wins AURP’s Emerging Research Park Award for developments in East Lansing, beyond

November 10, 2021
<p>Michigan State University Foundation Real Estate Director Jeff Smith accepts the Association of University Research Parks&#x27;s 2021 Emerging Research Park Award at the AURP 2021 International Conference in Salt Lake City on Oct. 19./ Courtesy of Megan Wolowiec</p>

Michigan State University Foundation Real Estate Director Jeff Smith accepts the Association of University Research Parks's 2021 Emerging Research Park Award at the AURP 2021 International Conference in Salt Lake City on Oct. 19./ Courtesy of Megan Wolowiec

On Oct. 19, the Michigan State University Foundation was awarded the 2021 Emerging Research Park Award from the Association of University Research Parks, or AURP. 

MSU Foundation Director of Real Estate Jeff Smith accepted the award at the AURP 2021 International Conference in Salt Lake City.

The award was in recognition of the foundation supporting a “robust environment for innovation, entrepreneurship, corporate relationships and commercialization activities,” according to a MSU Foundation press release.

The MSU Foundation has been a major player in developments across MSU’s campus and East Lansing in recent years, opening up and renovating numerous facilities that support everything from small-scale research startups to massive healthcare initiatives.

In terms of real estate, which the award recognized, the foundation holds a number of properties throughout the Greater Lansing region.

Many of these properties act as “incubator” facilities. This means that these buildings serve as office spaces for small startups who may not be able to afford their own building or space without assistance. 

Some of these facilities include the East Lansing Technology Innovation Center and MSU Hatch in downtown East Lansing and VanCamp Incubator on Dawn Avenue.

These spaces host a variety of equipment and amenities that startups don’t have the capital to access. Everything from fume hoods to 3D printers are included in these buildings, helping various startups get started in hopes of upgrading to a non-foundation owned property.

“(It’s) really to make sure that these companies can grow and expand,” Jeff Smith said. “They're really expensive for each company to buy on their own, and so we try to provide them on their behalf then they can focus on things like product development and whatnot.”

Despite being a non-profit, MSU Foundation does have a vested interest in these companies’ success as well. Tenants pay rent, which provides revenue to the foundation. Additionally, the foundation often invests in these startups, which allows them to make money if they go on to be successful.

“We may invest in a company and that company may exit and have a buyout at some point,” Smith said. “We get the returns off that primary investment. That’s where we get some of our additional money.”

Research parks, which the AURP award specifically focused on, are a major part of the MSU Foundation’s endeavors. The University Health Park, located southeast of MSU’s campus, is the biggest park encompassing health and industry companies such as Alliance.

Reflecting the award’s emphasis on emerging research parks, the MSU Foundation has several upcoming and in-progress projects.

A new, $600 million McLaren hospital is currently being constructed near the University Health Park, sporting a cancer center and medical services buildings. In June 2021, the foundation broke ground at Spartan Village for the TechSmith headquarters.

Outside of Lansing, The Doug Meijer Medical Innovation Building is slated to open in Grand Rapids in late 2021.


Support student media! Please consider donating to The State News and help fund the future of journalism.

Discussion

Share and discuss “MSU Foundation wins AURP’s Emerging Research Park Award for developments in East Lansing, beyond” on social media.