Fostering Economic and Community Development in the U.S. Virgin Islands

Established in 2002 under Title 17 of the Virgin Islands Code, the University of the Virgin Islands Research and Technology Park (RTPark) represents a key public-private partnership. This collaborative initiative between the private sector, the Government of the Virgin Islands (GVI), and the University of the Virgin Islands (UVI) has evolved into a specialized economic development organization focusing on diversifying and strengthening the U.S. Virgin Islands' economy and establishing it as a technology hub. RTPark's mission revolves around nurturing a new sector dedicated to knowledge and technology-intensive companies.

Inception and Vision

RTPark started its journey in 2002, marking a groundbreaking moment in the economic landscape of the U.S. Virgin Islands. It was conceived as a response to the need for economic diversification and growth. The visionaries at UVI, in collaboration with the private sector and government entities, strived to create an environment that fosters innovation, knowledge, and technology, which are core elements crucial for the islands' sustainable development.

Early Milestones

The journey of RTPark began to unfold in 2006 when it secured its first client. This achievement set the stage for a transformative period of growth, with the program almost doubling in size by 2015. The commitment to its mission was evident as the number of clients surged from 27 in 2014 to an impressive 52 by January 2018.

Rapid Expansion and Clientele

The dynamic period between 2018 and 2023 saw RTPark reaching new heights with a new team. Boasting 92 active or in-process clients as of September 2023, the program became a beacon for businesses seeking a conducive environment for growth. This surge in clientele reflected the success of RTPark in attracting knowledge and technology-intensive companies, further contributing to the economic diversification of the islands.

20+ Years of Operation | 70+ Mature Client Companies | 90% reduction in business and person taxes.

The program takes pride in hosting over 70 mature clients, a testament to its effectiveness in fostering sustained business growth. Furthermore, through the Accelerate VI initiative, RTPark has contributed to developing over 20 graduates, solidifying its role in cultivating the next generation of professionals in knowledge and technology-intensive fields.

Economic Diversification

At its core, RTPark is a testament to the efficacy of economic diversification. It was established to build a new sector focused on knowledge and technology-intensive companies to reduce the islands' reliance on traditional economic sectors. This strategic shift enhances the local economy's resilience and positions the USVI as a hub for cutting-edge research and innovation.

Community Impact

RTPark's commitment extends beyond economic domains to encompass community development. The program actively engages with local residents and organizations to empower the community by providing educational opportunities, fostering entrepreneurship, and supporting local initiatives.

Vision for the Future

As RTPark looks to the future, the vision remains resolute: to be a driving force behind the sustainable development of the U.S. Virgin Islands. The program envisions further expansion, deeper community engagement, and a continued commitment to fostering innovation. Aligning with its mission, RTPark strives to strengthen the economy by building a robust sector focused on knowledge and technology-intensive companies.