University Lab Partners receives $2m to accelerate scalable ventures

University Lab Partners receives $2m to accelerate scalable ventures

Published: 20-11-2023 09:13:00 | By: Pie Kamau | hits: 3242 | Tags:

University Lab Partners (ULP), a premier nonprofit wet lab incubator based in Orange County, California, has been selected as one of 220 applicants nationwide to receive a $2 million award from the U.S. Department of Commerce's Build to Scale program.

Build to Scale is a pivotal initiative by the U.S. Department of Commerce aimed at fostering innovation, supporting technology entrepreneurs, and driving economic growth. The program seeks to enhance inclusive access to entrepreneurial assistance and startup capital. ULP's $2 million award will be matched by $2 million in local funding and dedicated to scaling its accelerator and commercialization initiatives in Orange County and the broader Southern California region over the next three years.

Karin Koch, Executive Director, University Lab Partners: "This investment by the EDA will scale ULP's proven incubation and acceleration programs. Our startups don't just dream about improving human health – they strive to make it a reality every day and ULP is an extension of their teams in so many ways."

The acknowledgment underscores the critical role that ULP plays in fostering innovation and economic development in Orange County.

Since its establishment in 2019, ULP has incubated 63 companies and graduated 6 companies, resulting in the creation of 448 new jobs within the region. Positioned as a leader in the Orange County innovation ecosystem, ULP provides state-of-the-art laboratory facilities and superior services, fostering an environment conducive to collaboration and growth. With a commitment to advancing innovation, the Build to Scale grant will significantly amplify the impact of ULP's accelerator services.

Emre Koyuncu, Founder and Chief Executive Officer, Crescenta Biosciences: "Being a part of the ULP community, I see this grant as a crucial catalyst for innovation in the region. In the hands of ULP's proven leadership, it will empower life science startups with the resources and support needed to transform their discoveries and early programs into life-saving medical innovations."

The primary objective of the ULP Accelerator is to empower and accelerate scalable ventures in the life science and medical technology sectors. The program will provide tailored advisory/consulting, specialized life science focused entrepreneurial training, access to scientific infrastructure to facilitate technology commercialization, and increase early-stage capital access culminating in regional high-wage job creation for a diverse workforce.

Ahmed Zobi, Co-founder and Chief Executive Officer, Syntr Health Technologies: "I am thrilled to witness ULP being awarded this grant. It holds the potential to assist numerous founders in Irvine, guiding them along the entrepreneurial path and facilitating the scaling of their ventures. The funding is instrumental in cultivating a robust medtech and biotech hub right in the heart of Irvine."

www.universitylabpartners.org