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The Research Institution GAP Fund and Accelerator Program Summit

CvilleBioHub secures millions to create first-of-its-kind lab accelerator

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October 23-25, 2024 / Atlanta, GA

The annual summit for research institution gap fund and accelerator programs, including proof of concept programs, startup accelerators, and university venture funds

The Story

ack in 2019, when the leaders of CvilleBioHub were outlining the group’s strategic plan, they set an objective of “doubling the size” of the biotechnology industry in the Charlottesville area by 2030.

Nikki Hastings, co-founder and executive director of the nonprofit organization dedicated to connecting and enhancing the life sciences community in the city, laughed when she recalled how “aspirational” she and her colleagues were back then. But, a recent $4.3 million award from the GO Virginia state economic development initiative is turning those dreams into a reality.

 

“It feels very real,” Hastings said of that 2030 deadline now.

The funds will go toward the creation of the Commonwealth BioAccelerator, a first-of-its-kind laboratory accelerator in Central Virginia that will provide the infrastructure, resources and networking opportunities for up-and-coming life sciences companies. Those groups can apply for a one- to two-year program and, after being vetted by a panel of industry experts and CvilleBioHub team, will be able to access a wet lab and equipment.

By providing a solution to “the need for turnkey labs for our community,” said Hastings, companies will instead be able to dedicate their time and energy toward the production of much-needed technological advances in medical devices, treatments and digital health aids.

“They’re not focused on the core business and thinking about the core technologies and the things they need to do on that front,” Hastings told The Daily Progress. “It’s a distraction and keeps us from being competitive as a region by not having this kind of space.”

She also pointed out that the accelerator program will connect the companies with established partners in the industry through “Lunch and Learn” events, one-on-one meetings with experts, and lawyers to assist with intellectual property rights.

“We can start attracting new companies to the region as a result of this type of infrastructure, because of all of the great things that are surrounding us. We’re just one piece of the puzzle,” said Hastings. “We can have a greater economic impact and grow in a way that we couldn’t without this infrastructure.”

 

Full story: CvilleBioHub secures millions to create first-of-its-kind lab accelerator