The East Stroudsburg University Center for Research and Economic Development (CFRED) is a private not for profit corporation created to benefit East Stroudsburg University in the areas of economic development, entrepreneurial innovation, research, and workforce training. Since 2002, the University and CFRED have established an affiliation, supported by an annual Memorandum of Understanding (MOU), which stipulates that CFRED will support the university and its programs. The MOU details the two organizations' mutual goals and objectives, as well as the operational arrangements agreed upon to accomplish such goals.
The continued growth of the University's Business Accelerator Program led to the opportunity to develop a 15-acre University Research and Business Park on the ESU campus along Route 447 in Smithfield Township. The project includes the construction of a 51,000 sq.ft. Center for Innovation and Entrepreneurship that includes ESU's Research and Economic Development Division, Business Accelerator Program, Wet Lab Facilities, Entrepreneurial Leadership Center, ESU's Northeast Wildlife DNA Laboratory and Computer Training Labs. The economic impact of the project is expected to result in over 595 new jobs and $57M infused into the regional economy. Phase I of the Park is funded in part by a $2.5M Redevelopment Assistance Capital Program grant from the Commonwealth of Pennsylvania; $1.2M Economic Development Administration; $75,000 from the Appalachian Regional Commission; and $1M Local Share Account Gaming â€“ Monroe County. Project partners included the Redevelopment Authority of the County of Monroe and the Pocono Mountains Economic Development Corporation.
The Pennsylvania Department of Community and Economic Development (DCED) established the Keystone Innovation Zone Program to create innovative technologies and new entrepreneurs â€“ utilizing the Commonwealth's world class colleges and universities. The KIZs are geographically designated zones that are established in communities that host institutions of higher education. These zones are designed to foster innovation and create entrepreneurial opportunities by aligning the combined resources of educational institutions with public and private partnerships.
The Pocono Mountains Keystone Innovation Zone is located in Monroe County, Pennsylvania, one of the fastest growing counties in the Commonwealth. The PMKIZ includes properties within a 2-mile radius of East Stroudsburg University and the Pocono Mountain Corporate Center East in Mt. Pocono, a 231 acre site.What companies qualify for participation in the Pocono Mountains KIZ Program?