Rick Weddle, former President, and CEO of the Orlando Economic Development Commission is recognized globally for his contributions as the president and CEO of the Research Triangle Park (RTP) in North Carolina for seven years immediately before his arrival at Orlando EDC in 2011. Weddle served as the first American president of the International Association of Science Parks and Areas of Innovation and is recognized as the nation’s most prominent economic development thought leader.

North Carolina-based Research Triangle Park (RTP) is distinguished as the vital research park in the nation. This park covers 7,000 acres, which makes it the largest research park in North America. Surprisingly, Research Triangle Park (RTP) is a technological home to 170 companies that reside on the campus, employing over 42,000 full-time workers.

Rick Weddle shares that these companies range from federal agencies to university institutions and from Fortune 100 organizations to small start-up firms. With abundant collaboration opportunities, it’s no surprise that RTP boasts many discoveries and prestigious awards, including the Nobel and Pulitzer prizes.

The Park is also in the midst of three major research universities and numerous colleges, which provide RTP with a diverse and talented selection of potential employees. Its success reaches beyond the Park limits as the surrounding region continues to experience significant population growth, low unemployment rates, and a per capita income well above the national average.

With over 35 years of economic development expertise, Rick Weddle has acquired both regional and global perspectives to bolster the economy and below reveals the top perks of establishing science and research park.

Gives Economy a Surge

Governments all over the world often invest in technology parks to boost their regional and national economies. “A prime example remains to be of Singapore whose government invested more than $7 billion to develop the One-North technology park in order to respond to the various overseas threats its manufacturing industries faced in the 90s, and the rest became history, their economic growth boosted exceptionally,” says Rick Weddle.

Research Park Has Ample Space for Growth

More than office buildings, technology parks are typically large outdoor spaces with ample room to facilitate business growth and expansion. These parks contain adequate office space, fully equipped laboratories, proper storage and warehouse facilities, and high-quality conference rooms and meeting centers. Since most startups have limited funds and high preliminary expenses, they can benefit from these facilities and enhance their incubation.

Research Park Leads to Business Development

As startups grow, they often require spacious offices and more facilities. Most technology parks provide ample space for business development.

Research Park Facilitate Training Sessions

Technology parks offer access to a wide variety of education and training resources. Rick Weddle reveals that the University of Arizona Science and Technology Park is one of the first tech parks in the United States that also facilitates high school education within the park. The students at this school have greatly benefitted from the vast technical training opportunities offered at the UA Tech Park.

Research Technology Are Ahead of the Latest Technology

Like all public parks, technology parks must comply with basic infrastructure and amenities. However, tech parks are also equipped with high-speed broadband internet and telecommunication facilities that make it easy to establish and manage a business, assisting them in carrying out their business operations all more efficiently.

In fact, technology parks are primarily located in specific places that have been designated as IT hubs by the government. Rick Weddle shares that the largest company in Sweden, Ericsson, is headquartered in the largest information and communications technology center in Europe called Kista Science City. “There are many other businesses that operate from within the Kista Science City that includes prestigious name like Microsoft, Sun, and IBM. The entire park complex is equipped with broadband internet and several other amenities that support businesses to remain technologically sustainable,” he says.