Tech center clients bank $60M

Incubator in Lawrence passes financial milestone

High-tech companies receiving advice, support and even office space from a business incubator in Lawrence now have attracted more than $60 million in investments.

Nine clients of the Lawrence Regional Technology Center are working on generating even more investments from angel investors, venture capitalists, federal agencies and the Kansas Technology Enterprise Corp.

After four years of growth, the companies – including six in Lawrence that have drawn a total of $31.5 million – are busy building payrolls, creating products and shopping their creations in a market that demands high performance and, increasingly, deep pockets.

“The formula is working,” said Matthew McClorey, the center’s president and CEO. “The companies are having success, and the challenge for us is to continue to grow and expand our reach so that we can impact other companies in a positive way.”

The center, 1617 St. Andrews Drive, provides services that include consulting, administrative support and office accommodations for promising startup companies working to break new ground in life sciences, software, information technology, communications and manufacturing.

Center clients in Lawrence include Cadstone, CritiTech, Deciphera Pharmaceuticals, Griffin Technologies, HiPer Technology and KalScott Engineering. Others in the region are LaGarde, Proteon Therapeutics and TVAX Biomedical.

During the past four years, center clients have added 104 jobs, McClorey said. The average salary is $66,000, or more than twice the $31,000 average for all of Douglas County.

Ted Haggart, who is chairman of the center and president and CEO of Douglas County Bank, said, “This is quite an accomplishment in the Midwest and, in particular, Kansas. Kansas is succeeding in finding many different sources of funding for our companies. We are very proud of this milestone as it clearly demonstrates that significant money can be raised by promising, local technology businesses.”

The center’s operations are financed by the Kansas Technology Enterprise Corp., Kansas University and the Lawrence Chamber of Commerce.

Because demand for center assistance is on the rise, McClorey said, KU students studying for Master of Business Administration degrees are serving as center interns, working directly with high-potential tech companies and entrepreneurs.

“It’s great experience for the students, and the clients benefit as well,” he said.