The Pennovation Works is a distinctive blend of offices, labs, and production space developed by The University of Pennsylvania to link the intellectual and entrepreneurial initiatives necessary for advancing knowledge and generating economic development. The master plan articulates a phased approach, with initial activity focused on-site improvements and renovating existing buildings, beginning with the 2016 completion of the Pennovation Center.
Pennovation Works is anchored by the Pennovation Center, a business incubator and laboratory that aligns and integrates researchers, innovators, and entrepreneurs for the commercialization of research discoveries. Intended to marry entrepreneurs with an expert workforce and scientifically advanced facilities, key features of the Pennovation Center are the common creative spaces, including coworking areas, a cafe, and a venue for events and programs.
The 23-acre property adjacent to Penn's campus accommodates, in state-of-the-art facilities, researchers, entrepreneurs, and industry partners solving real world problems and translating inventiveness into viable ventures. By grouping facilities for innovation, technological development, and artistic production/exhibition, Penn envisions a multifaceted workshop for harnessing and commercializing the tremendous creative potential in the region.
This property is strategically situated in a valued location within the Lower Schuylkill Innovation District, and is envisioned to become a keystone securing University City, Center City, and the emerging Innovation District as three engines of Philadelphia's economy. Businesses that are located at Pennovation Works are eligible to receive significant state and local tax benefits including abatement of Business Privilege Tax, Net Profit Tax and Real Estate Tax.
