The University of Utah’s Center for Technology and Venture Commercialization (TVC) has signed a memorandum of understanding with construction management company Protecs to manage a tech company incubator in the university’s Research Park. TVC will provide programming for the incubator, as well as comprehensive startup support services for TVC licensees. This will be the first freestanding incubator with wet laboratory space in Utah. Wet laboratories are defined as space where chemicals, drugs or other material or biological matter are tested and analyzed requiring water, direct ventilation and specialized piped utilities.{mprestriction ids="1,3"}
“TVC licenses technologies to a number of startups each year and one of the greatest challenges for most of them — especially life science companies — is finding affordable lab and office space,” said TVC Executive Director Keith Marmer. “Removing this obstacle will greatly accelerate their growth and allow them to bring their innovations to market with greater support.”
The incubator will be designed, constructed and managed in partnership with Protecs, a designer/builder for high-tech industries. Chris DiPaolo, president of Protecs said, “We are delighted to expand our presence in the Salt Lake region through this exciting partnership with TVC. Building on our existing scientific accelerators in the Northeast, we look forward to helping Utah-based companies thrive within the University of Utah’s existing and robust innovation ecosystem.”
According to research conducted by the National Business Incubation Association, companies fostered in an incubator are twice as likely to succeed as those that do not receive similar support. TVC’s Startup 360 initiative will offer the resident companies an array of programs for each facet of their early growth, including introductions to experienced entrepreneurs and investors and a full suite of support services.
The 8,000-square-foot facility will include wet labs, co-working space, offices and multi-function rooms to accommodate the infrastructure and programmatic needs for new and emerging companies. The building also offers opportunities for expansion over the next several years.
“Launching our incubator represents a significant opportunity to continue to embrace the core vision and mission of Research Park as the center for innovation and job creation in the state,” said Jonathon Bates, executive director of real estate administration for the university. “As we celebrate the 50th anniversary of the establishment of Research Park, our focus on the next 50 years will be supported by a forthcoming updated master plan that will embrace a vibrant mixed-use district with innovation at its core.”
The TVC incubator is currently in design and expected to open in the second quarter of 2019.
The Center for Technology and Venture Commercialization is dedicated to helping the University of Utah’s faculty inventors bring their innovations to market. TVC is responsible for all aspects of invention management, patent prosecution, licensing, startup formation and support, equity management and early-stage funding. {/mprestriction}
