News Summary
Rhode Island has initiated its first life science startup incubator, Ocean State Labs, managed by Portal Innovations LLC. Located in the I-195 Redevelopment District, this 30,000 square foot facility aims to support innovative startups in drug and biological research. With financial backing from Brown University and the Rhode Island Life Science Hub, the incubator is expected to catalyze growth in the local life sciences sector, contributing to economic development and advancing health solutions.
Rhode Island Announces Life Science Startup Incubator Initiative
Rhode Island has appointed Portal Innovations LLC, a Chicago-based firm, to manage its first life science startup incubator, Ocean State Labs. This significant development was revealed by the Rhode Island Life Science Hub in collaboration with Brown University.
Ocean State Labs is set to be established in the I-195 Redevelopment District at 150 Richmond Street. With a space of 30,000 square feet, the incubator aims to serve as a vital environment for startup companies involved in researching and testing drugs, chemicals, and other biological materials. The project expects to be completed by the end of 2025.
The incubator will be housed within the PVD Labs building, a seven-story facility that is currently under construction. The vision for the incubator aligns with the Rhode Island Life Science Hub’s mission to promote innovation and investments within the life sciences sector.
Financial Commitments and Support
To support this project, Brown University has committed $13 million over ten years, designating its role as an anchor tenant and will sublease the full 30,000 square feet for the incubator. In addition, the Rhode Island Life Science Hub will allocate $9 million from its $45 million budget for the next three years towards the development and construction of the incubator.
Furthermore, the project is receiving an additional $1 million in funding from the I-195 District Commission. This financial backing is crucial for the successful establishment of the incubator, allowing it to cater to the vital needs of the life sciences community in Rhode Island.
Development Process
The Rhode Island Life Science Hub board approved a $10 million non-binding agreement with developer Ancora L&G, facilitating the forward motion of this essential project. This decision followed a thorough evaluation of proposals during a competitive bidding process initiated in April.
Neil Steinberg, the chair of the Life Science Hub, emphasized that the incubator represents a transformative step for the life sciences field in Rhode Island. It addresses a pressing demand for up-to-date laboratory facilities, positioning the state as a key player in biotechnological innovation.
Background on Life Science Initiatives in Rhode Island
The establishment of Ocean State Labs marks a pivotal moment for the life sciences ecosystem in Rhode Island. The state has been actively looking to enhance its capacity for innovation, particularly in the life sciences, which are essential for addressing health challenges and driving economic development. By creating dedicated spaces for startups to thrive, Rhode Island aims to attract new investments and foster collaborations that will push the boundaries of research and development.
As the Ocean State moves forward, the successful implementation of this incubator could catalyze a broader growth in the life sciences sector, creating jobs and advancing healthcare solutions for both local and global communities.
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