Biodesign Impact Accelerator & The Importance Of Incubators

The Biodesign Impact Accelerator is new incubator at the Biodesign Institute at Arizona State University. The startup incubator is in the process of raising $5 to $10 million to "fund and nurture companies deemed capable of capitalizing on the institute's innovations in personalized medicine, diagnostic systems and devices, cancer research, vaccine platforms, alternative energy solutions, bioremediation technologies, and national security initiatives." The university expects that the 8,000 square research space and Biodesign Impact Accelerator will house 3 to 5 startups by February 2010 and eventually grow to host between 10 and 15.

Arizona State University isn't the first to have this type of incubator. In fact, there's been an increasing number of startup accelerators and campus business plan competitions popping up across the country. The commercialization of new technologies and breeding grounds for new companies are critical for bringing innovation to market, creating jobs, and advancing civilization. The free availability of research room, tech transfer support, access to supplies, scientists and other necessities to bring ideas to the next level are all provided to decrease risk of startups between the post-discovery and pre-commercial stages.

Lee Cheatham, who will act as operations director, describes the accelerator as "a high value endeavor that will bring together the talents and skills of scientists and entrepreneurs for the benefit of society and regional economic development."

Tech transfer and the process of incubating startups is so important that President Obama even pledged $250 million dollars in federal funding to develop a regional network of incubators. Earlier this year, Entrepreneur magazine posted an article, A New Take on Incubators, that describes how a slumping economy has renewed interest. Dinah Adkins, president and CEO of the National Business Incubation Association, commented that “this is the first time in the U.S. that a new administration has made this kind of commitment to innovation, entrepreneurs and technology.”