Denver, CO, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Innosphere Ventures, Colorado BioScience Association (CBSA), and Colorado BioScience Institute (The Institute) today announced their plan to launch a comprehensive incubator program for life sciences startups with support from the State of Colorado. Colorado’s Office of Economic Development and International Trade (OEDIT) released the names of winning recipients of their 2022 Advanced Industries Business Accelerator Grant earlier today, which included the life sciences incubator program proposed by Innosphere, CBSA, and The Institute.
The state-funded life sciences incubator program will offer startups developing will offer startups who are developing or commercializing technologies, products, devices, and life-saving breakthroughs the combined expertise and insights of the three organizations. Participants will access Innosphere’s leading incubation program for entrepreneurs, CBSA’s resources and programming, which are designed to build a collaborative environment and supportive business climate for life sciences innovation, and the Institute’s expertise in life sciences-specific educational programs.
“This is an exciting partnership with CBSA and The Institute to support early-stage life sciences founders through this first-of-its-kind life sciences incubation program,” said Mike Freeman, Innosphere CEO. “There hasn’t been a better time for health innovation, so this is a great opportunity for technical founders, university researchers and physician entrepreneurs who are ready to accelerate the progress of their startup.”
Innosphere, CBSA, and The Institute will launch the first cohort in 2022, with the goal of selecting ten life sciences startups developing promising innovations that could save and change lives. A second incubator program will be run in 2023. Due to the state grant funding, the one-year incubator program will be offered at a minimal cost to companies selected for the cohort.
“Colorado BioScience Association is thrilled to supercharge the growth of our community’s most promising early-stage companies and support startups in our ecosystem with this new incubator,” said Elyse Blazevich, Colorado BioScience Association and Colorado BioScience Institute President & CEO. “We thank our partners at OEDIT for recognizing the future impact of a comprehensive incubator program for life sciences startups and the Colorado state legislature for continued funding of the business-critical Advanced Industries Accelerator Grant and Tax Credit programs.”
The Advanced Industries Business Accelerator Grant provides funding to programs in Colorado that have developed or are developing programming for early-stage companies in the state’s advanced industries. The state funding will allow founders of ten selected life sciences companies to take part in the year-long Innosphere-led incubator, membership in Colorado BioScience Association, with access to more than 30 education and networking opportunities each year, and fully funded participation in The Institute’s Foundations of Leadership or Executive Leadership programs.
“Life sciences leaders from Colorado’s best-known companies, institutions, and organizations have advanced their careers and expanded their networks through our executive leadership programs,” said Meg John, Colorado BioScience Institute Vice President. “We are pleased to build on the strong track record of these highly-regarded programs and welcome participants in the new Innosphere, CBSA, and CBSI incubator.”
Innosphere and Colorado BioScience Association also seek to continue the comprehensive incubator past the two-year period funded by the state. A Colorado Coalition, led by Innosphere Ventures, is seeking $100 million in a U.S. Economic Development Administration (EDA) Build Back Better grant to grow the Colorado Front Range region’s R&D-intensive growth cluster. The Build Back Better proposal would rapidly scale the local life sciences and cleantech industries. The Colorado Coalition’s grant proposes five construction projects along with a variety of non-construction projects, including: growing cluster employment, particularly focused on growing the region's Black and LatinX workforce; and incubating startup ventures, especially increasing those owned by people of color. Continued funding of this incubation program is included in the proposal.
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About Colorado BioScience Association
Colorado BioScience Association (CBSA) creates co-opportunity for the Colorado life sciences community. CBSA champions a collaborative life sciences ecosystem and advocates for a supportive business climate. From concept to commercialization, member companies and organizations drive global health innovations, products and services that improve and save lives. The association leads Capital and Growth, Education and Networking, Policy and Advocacy, and Workforce Cultivation to make its members stronger, together. Learn more: cobioscience.com
About the Colorado BioScience Institute
Colorado BioScience Institute is a non-profit that provides workforce development and STEM education programs to cultivate and diversify the life sciences talent pipeline in Colorado. The Institute provides educational programs for students and teachers, individuals and companies contributing to the overall workforce cultivation efforts in our state. The Institute’s programs reach students and teachers beginning in middle school and professionals at all stages of their careers. All Institute programs either prepare students for careers in life sciences or promote growth to those already in the industry, providing the life sciences community with a highly skilled workforce.
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