Business accelerator IndieBio plans to open a location in New York City next year after securing $25 million in funding from the state.
The accelerator will work with 20 startup companies a year, providing each with an investment of up to $2 million as well as mentorship and business training. The program is part of a broader push by economic development officials to boost the state's biotechnology, biomedical and pharmaceutical industries.
"You're talking about a state that is a research powerhouse," said Howard Zemsky, president of Empire State Development Corp., the state's economic-development agency. "We have the raw materials here and the assets to translate into commercial enterprise, and that's the overarching objective."
Founded in San Francisco three years ago, IndieBio has worked with 90 companies that have gone on to raise more than $165 million in venture capital funding, according to founder Arvind Gupta. The accelerator is looking for a 12,000 to 20,000-square-foot location, preferably in Manhattan near a major transportation hub, that will offer laboratory facilities as well as office space "so science and business can work hand-in hand," he said.
"There is a huge amount of talent that is untapped potential in New York," Mr. Gupta said. "Really the challenge will be galvanizing that ecosystem and having it believe there is a new way of starting bio-tech companies that can be lower cost, faster to market."
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