Medical Device Incubator plans are announced for the City of Peoria
The Economic Development Services Department (EDS) has been working with BioAccel and Plaza Companies on the launch of the Peoria Incucelerator at Plaza del Rio. Peoria’s Economic Development Implementation Strategy identified a bioscience incubator as one of the 11 initiatives that the City should follow to foster economic growth. The focus of the “incucelerator” is on medical device companies and the creation of a comprehensive ecosystem that support these companies.
BioAccel helps companies move from discovery, through development and into the marketplace. Their programs help bridge the gaps between development and commercialization to ensure that a company will be successful, has incentives to relocate into a Ccty, expand, add jobs and create positive economic impact.
The City is partnering with BioAccel to leverage their expertise and reputation in the medical device/bioscience community and provide the necessary energy to enable the successful launch and management of the City incubator.
"The City of Peoria leadership has chosen an innovative and targeted approach by establishing a device focused Incucelerator,” said BioAccel's CEO, Mary Ann Guerra. “This approach, designed to accelerate technology commercialization is exactly what’s needed to create new companies and quality jobs for their community."
The operating agreement provides BioAccel with funding for the operation, management, oversight and services part of the Incucelerator program, as well as seed funding capital for loans and investments in bioscience technology and eligible businesses housed within the Peoria Incucelerator.
“This partnership with BioAccel and Plaza Companies provides for a first class bioscience platform on which to nurture entrepreneurship and grow Peoria-based bioscience companies,” said Scott Whyte, City of Peoria Economic Development Services Director.
The Peoria Incucelerator will be located on the Plaza del Rio Campus, a 180-acre “medical hub” featuring 400,000 square feet of medical and healthcare offices and outpatient centers along with 1,000 beds of various components of senior living options. An innovative and synergistic master-planned community, the Plaza del Rio Campus is an ideal location for the Peoria Incucelerator.
Occupying approximately 6,800 square feet at Medical Center I on 94th Drive, the space plan includes a build out to accommodate up to six companies and will incorporate shared lab space and common areas. The tenant improvement work commences this month. The anticipated opening for the Peoria Incucelerator is March of 2012.
“The Peoria Incucelerator, which will focus on medical and healthcare related start up companies, is an ideal fit both in Peoria and on the Plaza del Rio Campus. The synergy and the required reputation for excellence in healthcare services that is enjoyed by Plaza del Rio will be strong foundational support for the vision of new businesses in the burgeoning field of healthcare services.” according to Sharon Harper, President and CEO of Plaza Companies.
BioAccel is providing the following for the Peoria Incucelerator:
Proof of concept and seed funding for commercially viable research and new venture projects;
Hands-on technical and business mentoring, strategic planning and support services to assist entrepreneurs and early-stage companies to accelerate research outcomes towards commercialization; and
Educational opportunities for entrepreneurs, scientists, students, and philanthropists to help them better understand the integrated system necessary to transform a life science discovery into commercial success.
Learn more at http://www.peoriaaz.gov
About City of Peoria - Economic Development Services Department: EDS is designed to expedite and facilitate economic development activities in Peoria. Our aim is to build a diversified local economy that will create a strong and sustainable community in which residents are able to work, shop, and be entertained. ED’s core services are business attraction, business retention, small business, redevelopment and workforce development. Learn more at www.peoriaed.com
About BioAccel - BioAccel is a fully independent nonprofit organization, based in Greater Phoenix, dedicated to translating life science discoveries into new business opportunities that drive economic development by accelerating commercialization of technologies with a focus on diagnostics, therapeutics, devices, tools and services. For more information visit http://www.bioaccel.org/