Penn State opens new $56.8 million, 85,000-square foot Innovation Hub

Five years ago, Penn State University opened Happy Valley LaunchBox in a leased building on South Allen Street in State College as part of a burgeoning economic development effort to drive business creation and innovation among university students and community members.

Last week, the university cut the ribbon for the Innovation Hub, a $56.8 million, 85,000-square foot glass and metal building six-story building that is a capstone of President Eric Barron’s “Invent Penn State” initiative. The facility provides a new home for the LaunchBox with a community makerspace and state-of-the-art entrepreneurial and innovation resources. Penn State has developed 21 LaunchBoxes and Innovation Hubs across Pennsylvania since 2016, assisting nearly 5,000 entrepreneurs, graduating nearly 500 from its start-up accelerator programs and helping to create hundreds of jobs and internships.

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