UNC Chapel Hill plans to build a life science incubator by 2019 in a bid to convince more faculty spinouts to remain based at the university.
University of North Carolina (UNC) at Chapel Hill is to build a life science incubator to convince more faculty spinouts to base themselves locally by increasing available working space, the Hill WCHL reported yesterday.
UNC Chapel Hill is seeking a 10-year lease for the incubator at Carolina Square, a $120m mixed-use apartment block situated close to the university. It is expected to launch in 2019.
Building the incubator will help UNC Chapel Hill reach 33,000 square feet of lab space, enough to host between 15 and 20 startups, compared to approximately 8,000 square feet available at present.
The proposal was cleared by the university board after submission by Judith Cone, vice-chancellor for innovation, entrepreneurship and economic development.
Cone believes the project will add impetus to the university’s life science activity by retaining spinouts otherwise deterred by the need to find working space outside Chapel Hill once they are officially incorporated.
She said: “In the last eight years, we had 63 companies started by our faculty, and they are working on serious life-science issues.
“They have had $240m invested in those companies and only two are still in Chapel Hill; everybody else had to leave. So we think this is a good retention of that value to Chapel Hill and Orange County.”
Cone’s argument was supported by her colleague Terry Magnusson, vice-chancellor of research, who added: “Our faculty is becoming much more entrepreneurial, and our startups are increasing significantly.
“But we are not in a great situation because when they spin off their companies, it separates their company and lab, which opens up a lot of conflict of interest problems.”
