TEP’s support for the Oro Valley Innovation Labs and UA Center for Innovation is one way our company encourages economic development and job growth in our community.
The lab will provide space and programs for startup companies in bioscience fields. The business incubator will help entrepreneurs and researchers to turn their scientific discoveries into marketable technologies.
“This will be a great new resource for our entire region by promoting innovation and expanding employment opportunities in a vital and growing high tech industry,” said Dave Hutchens, TEP’s Chief Executive Officer.
A groundbreaking ceremony was held earlier this month for the 4,000-square-foot facility, which will open next summer after construction is complete. Between five and eight companies can operate at a time at the center, which has room to expand.
TEP is a platinum level sponsor of the lab, joining the University of Arizona and other donors in supporting the project.
Hutchens’ speech at the groundbreaking emphasized the importance of public-private partnerships to start new businesses and enterprises. “The UA Center for Innovation is going to energize our entrepreneurial ecosystem,” he said.
Support of this project is one of the many ways that TEP promotes economic development, including assisting businesses in expanding or moving here. TEP also offers reduced rates to qualified large businesses that relocate or expand operations.