Princeton University is set to open an incubator and co-working affiliate of BioLabs with room for 25 startups in April.
Princeton University will launch an incubator and co-working affiliate of BioLabs with room for up to 25 startups, the Daily Princetonian reported on Wednesday.
The 31,000-square foot facility, dubbed Princeton Innovation Center BioLabs, is due to launch in April 2018 on the James Forrestal Campus. It aims to reduce development time and operational costs for newly-founded science businesses.
Princeton Innovation Center BioLabs will offer 68 laboratory benches, private offices and hot desks. The incubator will help connect startups to entrepreneurs, mentors and advisers, as well as legal guidance on intellectual property and patent law.
The hub is open to Princeton faculty, students and alumni, in addition to other “qualified” entrepreneurial applicants.
Applications will be assessed on the strength of the scientific idea, business plan and management team, along with the likelihood of attracting outside investment.
Princeton is one of seven BioLabs US locations either active or under development, according to the incubator’s website.
Johannes Fruehauf, the firm’s co-founder and chief executive, said he hoped the Princeton scheme would maximise the participants’ chance of success and convince them to remain in the local area long-term.
A study cited by the Daily Princetonian suggests many startups launched from BioLabs’ Cambridge partner, LabCentral, remained within four miles of the hub.
Fruehauf added: “These centres act as catalysts. At the very least, they are locations for people to get together who are inspired and who want to create something with the findings that they developed.”
