Philadelphia's University City Science Center has won a $1 million federal grant, enabling it to offer a new turnkey accelerator for the launch and growth of emerging companies.
The U.S. Economic Development Administration (EDA) awarded the Science Center the funds to create Phase 1 Ventures (P1V), aimed at promising technologies that have moved beyond the initial, technical proof-of-concept stage.
“Initially, P1V will focus on projects in healthcare and the life sciences; however, it is our intent to expand the scope of the program in the future to assist projects in other science and technology domains, such as materials, energy, advanced manufacturing and communications,” says Chris Laing, the Science Center’s vice president for science and technology. “The program is likely to have most impact in launching companies around technologies and industry sectors where there is traditionally a long development lead-time.”
This is the second Science Center commercialization program supported by the EDA. In 2011, the Center was awarded $1 million for its QED proof-of-concept program, which Laing says can serve as a potential pipeline for the new effort.
“It’s too early to identify specific projects/companies in the pipeline. However, we have been having conversations with most of the area universities and research institutions,” he explains. “Our QED program is a great starting point for us — it has earned us relationships with 21 research institutions throughout the region, and of course has developed more than 60 projects that could be candidates for P1V.”
The Science Center applied for the latest grant through a competitive process managed by the EDA, and matched the EDA funding. The grant period is two years and Laing says the Center is actively raising further funds in hopes of running P1V for five years.
Source: Chris Laing, University City Science Center
Writer: Elise Vider