College of DuPage could open innovation center in downtown Glen Ellyn
College of DuPage could create an "innovation ecosystem" in a historic Glen Ellyn building for new businesses to trade ideas and connect with investors.
Just steps from the Metra station and other amenities, the ground floor of the village-owned Civic Center is the ideal spot for launching "Innovate DuPage," officials at the state's largest community college say.
Village trustees could vote Monday to enter into an agreement with the college to further study the concept, but COD educators say they want to open the innovation center in a downtown setting.
Police occupied the space for more than 40 years until earlier this month, when the department moved to a new station near Panfish Park. COD has explored the idea for four years, but talks between the village and the Glen Ellyn school began about six months ago.
"This is really an exciting opportunity for the region, so we're happy its gaining momentum," said Joseph Cassidy, dean of continuing education and extended learning.
Innovate DuPage would serve a threefold purpose as a business incubator and accelerator with shared workspaces.
Naperville-based Rev3 Innovation Center, one of the co-working pioneers in the suburbs, could host "a large number of events" at the proposed site, Cassidy said. Co-working allows professionals to network and break down company boundaries, Cassidy said.
Choose DuPage, an economic development alliance, also is a partner for the center, and others could come on board.
"The sky is the limit in terms of impact and participation," Cassidy said.
The business incubator and accelerator would focus on "new or newer" companies. But COD would design each differently. Incubators tend to be loosely structured, while accelerators follow a defined curriculum about specific aspects of business development.
Most of the center's services would be free, though there could be a "very nominal" fee for some programs. COD also is exploring whether grants could offset operational costs.
"This is really about connecting them with the right resources and knowledge," Cassidy said of participating businesses. "It's not meant to be cost prohibitive to anybody."
If all sides agree, COD would remodel about 8,500 square feet of the building's first floor. The village and COD would likely iron out the business terms after an architectural study.
"It's a great opportunity to utilize this space to bring a very innovative concept to downtown Glen Ellyn," Village Manager Mark Franz said.
The board will consider a memo of understanding with the college during a meeting set for 7 p.m. Monday at the Civic Center.