Frequently Asked Questions

What is the Purdue Research Foundation?

Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. The Foundation accepts gifts; administers trusts; funds research, scholarships and grants; and acquires property. In the 1990s, the Foundation was charged with helping the University in
the realm of economic development. The Purdue Research Foundation oversees the Purdue Research Park, which is home to the largest university-affiliated business incubation program in the country. In addition to the Purdue Research Park of West Lafayette, the Foundation has established technology parks in other locations around Indiana including Indianapolis, Merrillville and New Albany.

What does the Purdue Research Park "Driving Today's New Economy" report include?

Economic impact is a macroeconomic effect on commerce, employment, or incomes produced by a decision, event, or policy. Thomas P. Miller and Associates was tasked to analyze the economic impact of the Purdue Research Park network and its associated Purdue Technology Centers on the four communities in which they reside and on the State of Indiana as a whole. This analysis includes both “traditional” and
“new economy” impacts, as well the growing value of the Park network to Purdue University itself.

Our traditional economic impact analysis concentrates on calculating the increases in regional and state economic output, earnings, employment, and government revenues resulting from activities in the four Park network locations. We estimate direct and total impacts using an industry standard approach, based upon the Regional Input-Output Modeling System (RIMS II) developed by the United States Department
of Commerce Bureau of Economic Analysis. Ultimately, jobs, earnings, output, and tax revenue will form the basis on which any research park is judged, particularly one associated with a public university.

These are not the only or most important metrics. Over the last several decades, university-based
research parks and associated incubation facilities and programs have become a key pillar in the nation’s infrastructure for building the new economy. We have focused our new economy assessments on metrics which:

• Address economic dynamism and the creation of an asset base for future technology-based economic development.
• Make it possible to analyze detailed information on Purdue Research Park network companies. We explore a variety of relevant metrics such as company growth, grant and R&D funding, early-stage funding, high-wage, high-skill employment growth, and intellectual property creation and commercialization.

How was the report compiled?

The Purdue Research Park: Driving Today's New Economy project was launched with an assessment of relevant Purdue Research Foundation data, files and reports. In particular, the Thomas P. Miller and Associates team evaluated the data collected from a series of surveys of Park network companies conducted since 2005.

Using the existing survey as a starting point, the team developed a revised survey instrument that was designed to provide the inputs needed for a comprehensive economic impact assessment. Over 79 percent of companies provided usable responses to at least part of the survey, and the team was able to generate quality employment data for an additional 18 percent of Park network companies from third-party sources. Such high response levels provide an excellent foundation for estimation.

In addition to the survey, the team interviewed key stakeholders ranging from Park network companies
to academic leaders and elected and appointed government officials. The goal of the interviews was to provide context and to drill into perceived impacts and issues that might not be captured any other way.
The analysis included a discussion of the Purdue Research Park network today, followed by an assessment of the successes achieved in meeting the Park’s new economy objectives based on Purdue Research Park network company specific data generated for this project. The team then provided a summary of the economic and fiscal impacts based on the multiplier analysis. The report concludes with the consultants’ assessment of the Purdue Research Park network’s success against its own stated objectives, and in the context of opportunities and challenges looming on the horizon.

What is Thomas P. Miller and Associates, LLC (TPMA)?

Thomas P. Miller and Associates, LLC (TPMA) is a consulting and management firm based in Indianapolis, Indiana. From its founding in 1989, TPMA has followed a vision of incorporating workforce development and education advancement approaches into the mainstream of economic development strategy. Two decades after its founding, TPMA continues to follow that same basic mission and vision by aligning people, technology and initiatives to enhance the economic value of its clients. By blending the infrastructure of the old economy (community amenities, quality of life, affordable utilities, good transportation and skilled workforce) with the idea structure of the innovation economy (community, entrepreneurship, collaboration and education), TPMA helps clients identify and capitalize on potential community-building and economic growth opportunities. From initial planning through implementation, TPMA aims to be a partner rather than just a consultant.