University City Science Centre secures $1m

University City Science Centre, the US’s first and largest urban research park, has secured a $1m grant from the US Economic Development Administration, a part of the Department of Commerce. The money will fund the creation of a new accelerator programme.

Called Phase 1 Ventures, the new accelerator has been described as a “multi-institutional commercialisation programme” in a statement, and has as its purpose to get tech companies ready for market. Applicants must be past initial proof-of-concept stages.

The accelerator will provide funding to participating companies, as well as offer management and resources to test the feasibility of technologies and business models.

The research park previously secured a $1m grant from the Economic Development Administration to set up its QED programme, which assists life sciences researchers through the proof-of-concept stage.

Stephen Tang, president and chief executive at University City Science Centre, said: “Thanks to this generous support from the Economic Development Administration, Phase 1 Ventures will be positioned to provide greater access and opportunity to create spin-out companies formed around technologies with high commercial potential. This in turn will foster and advance the region’s capacity for job creation and economic growth, as well as its burgeoning culture of entrepreneurship and commercialisation.”