As construction continues on the science and technology incubator, Western approved plans to develop a separate, non-for-profit entity entitled the Missouri Western State University Research Park Corporation.
The Research Park will lease the incubator from Western and manage it on behalf of the university by subleasing it to entrepreneurial tenants.
A master lease will outline the incubator’s conditions of use and explain how the Research Park Corporation benefits those it leases to. Also, the master lease would require the subleases to have stipulations regarding the profits of the tenants. Briggs explained that this structure was very common when looking at other incubators and research parks already established by universities.
“Should somebody hit on a project or an idea, the university will benefit. And that’s our quid pro quo for providing the incubation, or space, for them to develop these ideas,” Briggs said.
Once the MWSU Research Park Corporation is established the university will apply to the IRS on behalf of the not-for-profit organization for a 501c3, allowing businesses and individuals to make donations to the research park for a tax deduction. Getting the approval for a 501c3 takes between 6 and 8 months, but this will not hold up the entrepreneurs from entering into of any leases. Lining up prospective tenants and marketing the building continues to be the work of the steering committee.
The not-for-profit organization aims at facilitating student and faculty research, and developing business and economic opportunity in the region.
The management of the Research Park Corporation is presently designed to be a committee of seven members, four appointed by the board of governors and three appointed by the Institute of LifeSciences.
“Should, and hopefully this will happen, the next Google occur in the Bond Incubator, the university, through the foundation, will receive a percentage of the success,” said Steve Briggs the university attorney.
Also in light of the incubator’s opening and anticipated success, the board discussed a potential change in the school’s alcohol policy. The policy amendment would create a three-person committee that would approve the presence of alcohol at some social events.
Board member Dan Danford pointed out that Western has been passed over for some banquets and receptions because it did not allow alcohol and suggested that this change would signify that Western was growing up as an institution.
This is not a new issue, as senior board member Patt Lilly pointed out. The idea had been brought up during the planning of Western’s Fulkerson Center, before its intended location was changed and the building was constructed closer to classrooms.
Lilly is concerned with the proximity of the alcohol to student classrooms and the kind of message it sends to the campus.
“I don’t consider myself a tea-totaler when it comes to the discussion of this issue,”
Lilly said, “but I think what we ought to take baby steps, start off with a fairly narrow policy regarding where alcohol is served and then expand it if necessary.”
University attorney, Steve Briggs, was placed in charge of drafting a policy for the board to consider. Possible suggestions for members of the three person committee included a member of the board of governors, a faculty member and the campus police chief. Potentially, the responsibility of the decision would rest on the title of the person on the committee rather than the committee member themselves. Both the University of Missouri and the University of Central Missouri already have in place similar policies on alcohol.
Construction of the incubator is on schedule and is scheduled to open before president Scanlon leaves in the spring.