Drexel dreams of innovation

Drexel University and the University City Science Centre, a Philadelphia-based provider of lab space for startups, have partnered with accelerator programme DreamIt Ventures to provide a new innovation hub.

Due to open in April 2014, the hub will offer a 17,500 square foot space to be shared by startups in incubation and later-stage firms looking for additional support.

DreamIt, headquarted in Philadelphia and which currently operates accelerator programmes in Austin, Baltimore, New York, and Tel Aviv, will bring both its startup know-how to the new venture and its $30m DreamIt Fund II to help support new firms passing through the hub.

To solidify the partnership, Drexel has made a $3m investment into the fund.

Stephen Tang, chief executive of the Science Centre, said: “The Science Centre and Drexel University share an innate strength and experience in emerging technologies. This partnership leverages that strength to create an environment where tech entrepreneurs can connect, collaborate and thrive – ultimately strengthening Philadelphia’s role as a supportive environment for tech startups. And we are pleased to be able to strengthen our long-term relationship with our friends at DreamIt, by offering them a permanent home on our campus.”