Yale is dedicated to increasing economic development in its home city of New Haven and has played an active role in encouraging entrepreneurial faculty and students to keep their new businesses local. Evidence of Yale’s contributions to the city abound—from the more than 4,000 New Haven residents employed by the university to the more than $40 million Yale has contributed toward economic development initiatives like Science Park and investments in Broadway and Chapel Street. The Office of Cooperative Research is working to find and nurture the next New Haven startups from innovative Yale faculty and students. The city has become a recognized life science hub thanks to a number of successful startups facilitated by OCR, and students have had enormous success locating their startups in New Haven. Higher One, which was founded by three Yale college students, has a 150,000 square-foot space in a former firearms factory in New Haven and boasts more 200 area employees (500 total) and a $100 million IPO.