Pitt approves $20M life sciences startup incubator
What's the deal? The University of Pittsburgh's Board of Trustees on September 25 approved a $20 million incubator for early-stage life sciences and medical technology startups. The facility, at 3343 Forbes Ave., will offer laboratories, equipment, and workspaces to young companies. It is Pitt's first startup facility.
Why now? The project targets a gap in support for companies in the stage before they begin to expand, a university spokesperson said. Pitt has explored building such a facility for many years.
What's the endgame? Pitt will work with Wexford Science and TechnologyDealroom has a profile for this one. Try Dealroom →, a developer of mixed-use innovation spaces, to build and run the incubator. Construction starts soon, with an opening expected in roughly two years. The building, which currently houses the Center for Social and Urban Research, is expected to include wet and dry laboratories; companies must apply and sign lease agreements for access.
The ambitions reach beyond the city. "This is a regional play. I would like Penn State's startups to come here. I'd like Ohio State's startups to come here," said Rob Rutenbar, senior vice chancellor for research.
The relationships behind it: Wexford already works with Pitt on The Assembly, a 350,000 sq. ft. research and innovation center in Shadyside. Pitt chose the firm after a request for proposal process that drew four responses, said chief financial officer Dwayne Pinkney.
The signal: The incubator aims to knit together university researchers, entrepreneurs, corporations, and community members across institutions. "The biochemist from Pitt needs to collaborate with the computer scientist from CMU," said Wexford chief community officer Travis Sheridan, framing the project as a bet on the "convergence of life sciences, health care and technology that is defining Pittsburgh's innovation ecosystem."
Read more: pittnews.com
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