Rose-Hulman Center for an Innovation Economy

$29.7 Million Lilly Endowment Grant Creates Rose-Hulman Center for an Innovation Economy

To view a video of the news conference announcing this major program, click here.

For further information, contact CIE President
James Eifert at 812-877-8918 or David Piker at 812-877-8441.

Remarks from Lilly Endowment President N. Clay Robbins

Photos from news conference announcing the grant

For information about the Indiana University program, click here.

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A $29.7 million grant from the Lilly Endowment, Inc., the largest gift ever received by Rose-Hulman Institute of Technology, will establish the Center for an Innovation Economy. The Center will develop bold, new programs and a state-of-the-art business incubator to advance engineering and science education, and create as well as attract high-tech businesses to Indiana.

Aleph Park - Future site of the Rose-Hulman Center for an Innovation Economy

The three-year grant to Rose-Hulman was one of two grants announced today (Sept. 21) in Indianapolis by Lilly Endowment officials. The Endowment also released details of a $29.9 million grant to Indiana University for the Indiana Pervasive Computing Research Initiative.

The Rose-Hulman Center for Innovation Economy (CIE) will:

Provide faculty and students with cutting-edge professional practice opportunities increasingly important to the needs of a 21st century engineering, mathematics and science education.
Help retain more Rose-Hulman graduates in Indiana who have the ability to translate ideas into new products and services to support economic growth in the state.
Increase the development of technological innovations into new commercial ventures to provide more high-level career opportunities for Indiana citizens.

President Samuel Hulbert fields questions after Indianapolis press conference

CIE will include a business incubator with advanced computing and communications systems, and new internships and fellowship opportunities for faculty and students to increase their talents at turning the theoretical into practical business applications. The goals of the business incubator are:

To increase real-world engineering experiences that advance the education of Rose-Hulman students.
To provide increased professional development opportunities for faculty.
To attract, develop and retain high-tech industries in Indiana so that students, faculty, staff and others can apply their talents to enhancing Indiana's technological competitiveness.

The Center will include Innoventure, a venture capital fund to provide capital for commercial development of promising ideas that will attract and retain entrepreneurs to Indiana.

CIE will be located in a 35,000 square foot building at Aleph Park on State Road 46, about two miles south of the Rose-Hulman campus.

To support its overall goals, the CIE will sponsor programs such as:

An Innovation Fellows Program to attract highly- trained professions with specific expertise needed by CIE clients.
An Entrepreneurial Internship Program to enable undergraduate students to have an impact on the growth of high-tech businesses.
An International Internship Program so students can acquire the global perspective necessary for business success.

Sara Cobb, vice president for education at the Lilly Endowment, said Rose-Hulman's initiative is, "A far-sighted proposal to develop a state-of-the-art, scientific, high-technology research and business incubator and education program. Rose-Hulman has indeed captured the essence of the impact the full range of engineering disciplines can have on Indiana's future.

"Rose-Hulman justifiably prides itself on its high-end research and development emphasis that engages its students and faculty in apply engineering research to real-life problems and situations. "The Endowment is pleased to support such a proposal. We think it bodes well for Indiana's future," she said.

Rose-Hulman President Samuel Hulbert said the grant will have an unprecedented impact on Rose-Hulman and its efforts to provide the education and career development the Endowment has cited as critical to Indiana's future.

"This is a great day for Rose-Hulman, the Wabash Valley and for the economic future of the State of Indiana," Hulbert said. "The generosity of the Lilly Endowment means that Rose-Hulman can accomplish its dream to offer a world-class education in undergraduate engineering, mathematics and science.

"The Endowment's support will have a long-lasting impact on the quality of education our students receive, the professional development of our faculty, and the economic well-being of Indiana citizens."

Hulbert announced that the president of the Center for an Innovation Economy will be James Eifert, Rose-Hulman Professor of Mechanical Engineering, who previously served as vice president for academic affairs and dean of the faculty at Rose-Hulman.

"If we want our students to understand engineering, then we must give them every opportunity to do engineering," Eifert noted. "As faculty members, we need to learn with them. The CIE provides a golden opportunity to significantly increase the opportunities for faculty and students to work together."

Eifert said Indiana colleges and universities have an important role to help stimulate the state's economic growth.

"For many years, Indiana has been a net exporter of the precious commodity of well-educated talent," Eifert said. "It's time for us to keep those valuable human resources in Indiana so they can work to bolster our state economy."

"While California has its Silicon Valley and Massachusetts has Route 128, what we are announcing today could be thought of as Corridor 46, Indiana's Innovation Highway," Eifert said.

Both grants are subject to favorable rulings by the Internal Revenue Service, according to the Endowment.