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 revenues 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 engine 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 KU Innovation 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 this time, 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.