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The successful launch of a life sciences company requires specialized expertise, suitable facilities and significant amounts of capital. But, even when those requirements are met, biotechnology start-ups still face significant market, regulatory and capitalization risks. To help life sciences start-up companies meet and manage these challenges, in September 2000 the Virginia BioTechnology Research Park established a biosciences development center, located in the Park. The Virginia Biosciences Development Center (VBDC) is a nonprofit, 501(c) (3) corporation, created to provide business strategy and assistance as well as basic business support to seed, pre-seed and other tenant companies in the Park’s 27,000-square-foot incubator, located in the BioTechnology Center. The VBDC’s incubation model is flexible and adapted to the needs of each start-up. The VBDC assists would-be entrepreneurs with assessing the commercial potential of their technology and, if appropriate, forming a company. As early as possible after a tenant is admitted to the incubator, a kitchen cabinet mentoring board is formed to provide business guidance and strategic insight. For faculty entrepreneurs, the process begins with a close relationship between the VBDC and the Office of Technology Transfer at Virginia Commonwealth University (VCU-OTT) to identify promising technologies worthy of capital formation. This effort also includes joint outreach and informational events with the VCU-OTT as well as participation by the VBDC executive director on the VCU-OTT Technology Validation Fund Selection Committee. The brief history of the incubator within the Park’s nurturing environment has proven very successful. More than 60 companies have started in the incubator, including 18 from VCU. Thirty-one have successfully graduated and three companies — Insmed Inc., Allos Therapeutics Inc. and Commonwealth Biotechnologies, Inc. — are now publicly traded firms. Most significantly, the companies that have graduated now account for several hundred jobs in central Virginia that did not exist when the Park opened. By taking advantage of the resources available from the VBDC, start-up companies can significantly reduce their risk and cash requirements. Contact us to learn more about how the Virginia Biosciences Development Center can help your new company with business support services and hands-on management. David R. Lohr
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Virginia
Biosciences Development Center offers support for start-up
companies
Virginia
BioTechnology Research Park • 800 E. Leigh St. • Richmond,
Virginia 23219 |