What started as a collaborative effort to launch and support bioscience startups has evolved into a major economic engine for Douglas County.
The big picture: A new study conducted by global analytics firm Lightcast reveals that KU Innovation Park generated $136.5 million in income for Douglas County between July 1, 2022, and June 30, 2023.
- That figure roughly represents 2.5% of the county’s total gross regional product.
- The added income also supported 1,015 jobs in Douglas County.
- That’s one of every 73 jobs.
- Park activities also generated over $461,000 in additional tax revenue for Douglas County.
- While not included in the study, Park companies also earned over $7 million in federal funding for activities such as vaccine development, innovative medicine delivery, novel disease testing and training for academic entrepreneurs.
Why it matters: The data confirms that innovation is an economic driver for the region.
- “This study shows just how vital KU Innovation Park has become to the economic fabric of Lawrence, Douglas County and the region,” said Adam Courtney, CEO of the Park.
- “The numbers tell a powerful story, but none of this happens in a vacuum. Our impact is made possible by strong partnerships and the trust of the companies and startups that choose to grow here. We’re proud to play a role in building a more resilient, diverse economy,” he said.
By the numbers: The study shared the Park’s economic impact in four areas: operations spending, construction spending, startup company impact and business support impact.
- Operations: This includes facility upkeep, supplies, professional services and salaries, resulting in a $1.2 million impact.
- Construction: During the time of the study, final touches were put on the Park’s Phase III graduate facility, totaling a net impact of $8.5 million.
- Startup companies: Startup companies located at the Park added $9.9 million in income to Douglas County.
- Business support: Established companies leveraging KU and Park resources drove the largest impact, contributing $116.9 million in added income.
Dive deeper: The study highlights how KU Innovation Park strengthens the local business community while delivering value to Kansas taxpayers.
- See the complete study here.
- Check out the fact sheet here.
- A similar study showed that the University of Kansas drives $7.8 billion in economic impact in the state of Kansas, including activity in operations, construction and research, as well as expenditures of KU startups, visitors, students and alumni.