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Innovation Space Marks $1 Billion Milestone

Portfolio companies have now raised over $1B in funding to support world-changing innovations

Wilmington, Delaware — The Innovation SpaceTM today announced that its portfolio companies have now raised more than $1 billion in funding since its launch as a not-for-profit organization six years ago.   The Innovation Space is one of the largest science-based entrepreneurial ecosystems in the world and has worked with over 100 startups from across the country and internationally to accelerate their trajectory to market and commercialize their world-changing innovations. The Innovation Space supports startups via virtual programs as well as in its 130,000 ft2 of state-of-the-art laboratories and office space equipped with cutting edge scientific equipment.

“This is a defining moment for the Innovation Space and our community of inspiring innovators,” said Bill Provine, Innovation Space founder and CEO. “From entrepreneurs in clean tech working to curb climate change to those in healthcare endeavoring to cure cancer to others developing advanced materials that will improve the way we live in the future; these visionaries are progressing forward innovations that will improve the quality of our lives while simultaneously making our existence on earth more sustainable.  At the Innovation Space, we are so proud to play a critical and enabling role in the growth and impact journey of these startups.”

Innovation Space has supported science-based startups across a broad spectrum of industries such as healthcare, innovative ingredients, agriculture, advanced materials, clean tech, and advanced manufacturing.   Its portfolio of companies includes healthcare startups like now-public Prelude Therapeutics (NYSE:PRLD), NiKang Therapeutics and Synnovation Therapeutics; agriculture biotechnology company Napigen; renewable hydrogen company and University of Delaware spin-out Versogen; and innovative ingredient companies such as Adesis, which grew rapidly as a business unit of Universal Display (NYSE:OLED) with the enabling assistance of the Innovation Space.

“Innovation is critical to creating jobs, opportunity, and prosperity for our state,” said Delaware Governor John Carney. “In 2017, we partnered with DuPont and the University of Delaware to create the Innovation Space, to offer what many startups cannot afford on their own: state-of-the-art laboratories, premium lab equipment, and quality office space. This partnership has yielded strong results, assisting over 100 startups, including Prelude Therapeutics. The Innovation Space will continue to lead the way for entrepreneurs and changemakers for years to come.”

The foundation of the Innovation Space was built from a strong partnership between DuPont, the University of Delaware and the State of Delaware. Together, this collaboration contributes resources such as financial support, a pipeline of expertise and talent derived from a rich and prolific legacy of innovation that helps startups get off the ground and rapidly grow and scale their impact.

“Reaching this milestone is a remarkable achievement for the Innovation Space,” said Alexa Dembek, Chief Technology and Sustainability Officer at DuPont and Innovation Space Board Member. “Since day one, DuPont has been a proud partner in supporting the Innovation Space’s pursuit of scientific entrepreneurship, and I look forward to many more years of progress from our collaboration. This partnership will help unleash the pioneering spirit of discovery that contributes to our quality of life and fuels a thriving economy.”

“At the University of Delaware, research, innovation and entrepreneurship have always been part of our DNA. We are proud that the partnership we founded with DuPont and the State to launch the Innovation Space has been so successful in transforming discoveries into innovative companies, and ultimately the economic development of our entire state and region,” said Dennis Assanis, President of the University of Delaware and Chair of the Board of Directors of the Innovation Space. “We look forward to continuing our work together to realize the limitless possibilities ahead.”

With a multi-industry mix comprised of 55% healthcare, 30% industrials and 15% clean tech startups, the Innovation Space supports companies innovating solutions to humanity’s challenges in energy, agriculture, the life sciences and engineering.

“This is a great example of cooperation by Delaware’s universities, business partners like DuPont, government at all levels, and philanthropy. I am grateful for the federal funds that helped make this possible, and particularly proud of the $2.5 million in congressionally directed spending I helped secure last year to keep their momentum moving forward”, said U.S. Senator Chris Coons.

Innovation Space has already supported over 700 jobs nationally, including over 450 onsite at the historic Experimental Station campus in Wilmington, Delaware since 2017.

“The Innovation Space continues to inspire science-based startups and support entrepreneurship while showing tremendous success,” said U.S. Senator Tom Carper. Along with Delaware’s Congressional Delegation, Sen. Carper helped secure a grant from the U.S. Economic Development Administration to support the early days of the Innovation Space. “This is a great example of what can happen when all levels of government, private organizations and higher education partner to help continue Delaware’s strong legacy of innovation in the sciences.”

“What helps drive innovation in the First State is our entrepreneurial spirit, and the Innovation Space has become a critical partner in fostering that spirit through its critical support of science-based startups,” said Representative Lisa Blunt Rochester. “I’m proud to be a long-time supporter of the Innovation Space’s work, having secured federal funding alongside Senators Carper and Coons for it to expand its footprint in Delaware and across the country. Simply put, the Innovation Space represents the best kind of partnership that we must continue to utilize and leverage to help our state reach its full entrepreneurial, innovative, and economic potential, and I am excited to see what comes next.”

About The Innovation Space™:

The Innovation Space™ is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space™ works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, the Innovation Space™ is comprised of 130,000 ft2 of state-of-the-art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all the Innovation Space™ programs and funding opportunities.

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The Innovation Space Chosen to Host NASA’s ClimateTech Startup Studio Showcase Event

Concepts by teams of entrepreneurs supported by FedTech and enabled by cutting edge NASA technologies will be showcased

WILMINGTON, Delaware — The Innovation Space™ will host the first NASA Climate Tech Startup Studio showcase, powered by FedTech, this fall. Planned for October 4, 2023, the showcase will feature pitches from a cohort of entrepreneurs who are applying existing NASA technologies toward new commercial climate-focused solutions. Entrepreneurs are currently engaged in curriculum through the Startup Studio to create new climate tech businesses.

“As an accelerator of clean-tech startups ourselves, we at Innovation Space could not be prouder to host the inaugural NASA Climate Tech Startup Studio showcase for new climate solutions-based businesses,” said Bill Provine, founder, president and CEO of Innovation Space. “When a partnership combines advanced NASA technologies with brilliant entrepreneurial minds and FedTech’s intensive coaching, exciting prospects are bound to result. We are eager to learn more about these innovative climate startups and the individuals behind them when they visit us this fall.”

Innovation Space will host the showcase as well as participate in judging at the event. The Startup Studio cohort was selected this spring, kicked off in June and will complete a 16-week program in which each team develops a business model and seeks investment funding for their concept. The showcase serves as the culmination of this startup studio experience and is expected to feature business concepts for a range of NASA technologies in the climate space.

Located on the campus of the Experimental Station and sharing resources with the historic DuPont, Innovation Space supports a vast array of biotechnology, chemistry, and materials science research for companies specializing in clean-and-renewable energy technologies, life sciences and advanced materials. 

Since its 2017 inception, Innovation Space has supported and enabled more than 100 startups in their growth and development. In turn, these companies have raised more than $900 million in funding and employ hundreds of people.

About The Innovation Space™ (www.innovationspace.org):
The Innovation Space is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, The Innovation Space is comprised of 130,000 ft2 of state of the art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all The Innovation Space programs and funding opportunities.

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Innovation Space™ CEO to Judge Science Start-Up Pitches at BIO International Convention 

Innovation Space™ CEO to Judge Science Start-Up Pitches at BIO International Convention 

Wilmington, DE – Bill Provine, President and CEO of The Innovation Space™ and a member of the National Council for Innovation and Entrepreneurship will serve as a judge at the Start-Up Stadium pitch competition happening at this year’s BIO International Convention in Boston from June 5-8.

The “Shark Tank”-style event will feature 48 presenting companies from 12 countries across 15 therapeutic areas. Provine will provide feedback to start-ups alongside a panel of highly qualified and experienced industry experts in sessions on June 6th and 7th.

The 2023 Bio International Forum is the second consecutive gathering for which Innovation Space will sponsor a prize for the “Seed-Stage” category (less than $1 million raised) of finalists of the Start-Up Stadium, which includes fast-track admission to Innovation Space™ incubator programs.

“Supporting start-ups on their journey to success is the core of our work at The Innovation Space™,” said Provine. “BIO International is a marquee forum that attracts some of the most exciting life science innovations in development and we want to contribute our expertise. There is nothing more exciting than seeing hard work and new ideas come together under one roof.”

As the founder and CEO of The Innovation Space™, a not-for-profit innovation ecosystem as well as a virtual and physical home for leading science entrepreneurs, Provine has supported and cultivated dozens of science startups in their quests to become leaders in their respective industries. Provine serves on the American Association for the Advancement of Science and has decades of experience in science and engineering at DuPont, where he oversaw both the company’s global innovation centers and regional labs. 

The BIO International conference is one of the many ways that Innovation Space is supporting start-ups across the country and attracting global talent. Across the Mid-Atlantic, California and the world, The Innovation Space™ has invested in dynamic startups in the fields of healthcare, advanced materials, diagnostics, therapeutics, nutrition, chemical ingredients, industrial and agricultural biotechnology and renewable energy.  

About The Innovation Space™ (www.innovationspace.org):

The Innovation Space™ is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space™ works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, The Innovation Space™ is comprised of 130,000 ft2 of state-of-the-art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all The Innovation Space™ programs and funding opportunities.

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The Innovation Space™ Joins Delaware Business Roundtable

FOR IMMEDIATE RELEASE: April 25, 2023

Contact:   Meredith Montalto
Email: meredith@ceislermedia.com
Phone: (610) 322-1703

The Innovation Space™ Joins Delaware Business Roundtable

WILMINGTON, Del. —  The Innovation Space™, one of Delaware’s leading economic engines based on science entrepreneurship, has joined the prestigious Delaware Business Roundtable.  The partnership will focus on attracting and supporting science startups in Delaware as they build and scale their businesses.  Bill Provine, Founder and CEO, will represent Innovation Space among the Roundtable’s volunteer consortium of CEOs who help to guide economic growth in the First State.

“Delaware is my home as well as the home of The Innovation Space™. The community here has allowed our ecosystem to thrive and support some very important discoveries happening in the sciences right now; ones that enable innovations that help to cure cancer and others to confront climate change,” Provine said. “I am honored to join this group of leaders at the Roundtable and work collectively with them to intensify Delaware’s position as the best place to do business.”

Provine has spent nearly a decade cultivating and growing the Innovation Space™ ecosystem, which was formed via a public-private partnership between DuPont, the University of Delaware and the State of Delaware. Today, it includes a range of mentors, founders, and funders, who together support science entrepreneurs in their journeys from ideation to market.

Since its 2017 inception, The Innovation Space™ has supported and enabled more than 100 startups in their growth and development, which in turn, these companies have raised more than $800 million in funding and employ hundreds of people, most of those in Delaware.

Delaware Business Roundtable members head up cross-sector companies that employ more than 75,000 people across the state. As a non-partisan consortium, the Roundtable leads on and promotes broad public policy issues that impact economic growth, advocate for quality public education and resources for entrepreneurs, and offer key business community perspectives to lawmakers and regulators when called upon.

“The Innovation Space is a major contributor to the current and future growth of Delaware’s science entrepreneurship sector and business community,” said Delaware Business Roundtable CEO Bob Perkins. “We are proud to have them as Roundtable members.”

About The Innovation Space™ (www.innovationspace.org):

The Innovation Space™ is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space™ works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, The Innovation Space™ is comprised of 130,000 ft2 of state of the art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all The Innovation Space™ programs and funding opportunities.

About The Delaware Business Roundtable (www.dbrt.org):

The Delaware Business Roundtable is a non-partisan, volunteer consortium of CEOs whose companies collectively employ over 75,000 people in Delaware. Since its inception in 1981, the Roundtable’s broad mission is to enhance the quality of life in Delaware by promoting commerce, job creation and select public policy issues. In recent years, the Roundtable has been a leading supporter of public education transformation and entrepreneurs in Delaware.

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Innovation Space CEO: Public-Private Partnerships Spur Innovation

FOR IMMEDIATE RELEASE: April 17, 2023

Innovation Space CEO: Public-Private Partnerships Spur Innovation  

Innovation Space President and CEO Bill Provine Shares Experience with Attendees of University-Industry Partnership Conference

Nashville, TN. — Bill Provine, President and CEO of The Innovation Space ™ will speak to attendees of the 2023 University-Industry Development Partnership (UIDP) conference this week about the ways such partnerships can energize innovation ecosystems. The Innovation Space is a prime example of a successful partnership between the State of Delaware, DuPont, and the University of Delaware that is catalyzing scientific innovation.

While public-private partnerships (P3) have become common models for local governments to fund infrastructure needs, this dynamic is only starting to become more popular for large-scale workforce development initiatives and startup development.

As the founder and CEO of The Innovation Space™, a not-for-profit innovation ecosystem as well as a virtual and physical home for leading science entrepreneurs, Provine has supported and cultivated dozens of science and technology startups in their quests to become leaders in their respective industries. Provine serves on the boards for the National Council on Innovation and Entrepreneurship, The Resolution Project, and the American Association for the Advancement of Science. He has decades of experience in science and engineering- based innovation and commercialization at DuPont, where he oversaw both the company’s global innovation centers and regional labs.

“What we have found with the Innovation Space model is that early-stage startups thrive in an ecosystem where many resources can be brought to bear to support them,” said Provine. “We’ve combined a strong innovation pipeline through our partners and networks at leading research universities such as the University of Delaware combined with the industry leadership and commercialization expertise of DuPont and the investment of our state government to create a platform that has launched and accelerated over 100 companies. This model has catalyzed innovation on both a regional and nationwide scale through our virtual programs and state-of-the art scientific laboratories.”

The UIDP brings together university and private industry entities to share challenges and successes and build new partnerships. Provine will be joined by Clarence Anthony Jr., the Workforce Development Program Manager for the Partnership for Inclusive Innovation. The full UIDP schedule can be found here.

In just six years since its inception in 2017, Innovation Space, located on the Experimental Station campus in Wilmington, Delaware, has supported and enabled more than 100 startups in their growth journeys, which in turn has raised over $800 million in private capital.

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About The Innovation Space (www.innovationspace.org):

The Innovation Space ™ is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space™ works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, The Innovation Space™ is comprised of 130,000 ft2 of state of the art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all The Innovation Space™ programs and funding opportunities.

Contact: Meredith Montalto  

610-322-1703  

meredith@ceislermedia.com 

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Innovation Space Marks 100th Company Milestone
As 12 New Start-Ups Join Science Inc. Accelerator Program

FOR IMMEDIATE RELEASE: March 9, 2023

Innovation Space Marks 100th Company Milestone As 12 New Start-ups Join Science Inc. Accelerator Program

Spring cohort includes companies specializing in therapies to improve medical outcomes, reduce climate pollution and protect the environment

(Wilmington, DE)- The Innovation Space ™ has accepted 12 companies for the Spring 2023 Science Inc.™ Accelerator Program, a virtual, cohort-based accelerator for early-stage science-based startups.  With the support of expert coaches (Entrepreneurs-in-Residence), Science Inc. ™ participants will work toward major milestones in order to ramp up their businesses quickly and successfully.

Science Inc.™ gives companies access to industry and investment experts who can advise them on decision-making in the critical early stages of their development. Through those connections with experts and their cohort, participants cultivate a network of potential funders and collaborators.  

Eligible startups also have an opportunity to apply for up to an additional $200k in support through the First Fund™ investment program.

“We are proud to announce that the Spring 2023 Science Inc.™ cohort is our largest to date and  marks a milestone of 100 portfolio companies from 15 states and four countries supported in their endeavors to improve the world in which we live,” said Innovation Space ™ founder and CEO Bill Provine. “We are excited to partner with these startups and accelerate their speed to market with the support of our incredible mentors and experts.” 

Companies participating in the Spring 2023 cohort include the following:

A.I. Whoo is a movement analytics company that provides gait assessment software to physical therapists via mobile application to help increase patient throughput and improve patient care.

Baleena closes the loop with a platform to capture and recirculate textile waste and prevent the flow of microplastic fibers into our waterways.

CaperRX is a therapeutics company developing a first in class proprietary peptide therapy for the safe and effective treatment of residual glioblastoma with the goal to maintain patient quality of life and significantly prolong time to recurrence of tumor and overall survival.

Cellergy Pharma is developing novel cellular therapies and bispecific antibodies for treating severe allergic disease.

Chiima Therapeutics is a biotech company developing early-stage molecules that include the delivery of safe, effective, and easy-to-use therapeutic compounds for acute and chronic pain.

FireSafe offers a novel, high-performing fire-retardant polymer that enhances fire-retardant properties of products in market segments such as Textiles, Building Construction and Electronics while also reducing risk to humans and the environment.

Nitro Biosciences retrains the immune system to target antigens for vaccination which are inaccessible via common immunization methods.

Ren Bioscience is developing a unique retinal disease treatment that preserves retinal cells by inhibiting pro-inflammatory molecules.

sHYp uses salt water sources to produce green hydrogen and other valuable products such as magnesium hydroxide at lower energy and lower CO2 footprint.

SingleTime Microneedles has developed a removable microneedle platform that can deliver single, multi-dose, and longitudinal dose vaccines in one patch. It eliminates biohazard waste, pain, the need for booster administration, and cold-chain transportation, all while improving immunity.

Sonogen Medical is working to commercialize a next-generation ultrasonic bone fracture healing device with built-in diagnostic fracture healing capability.

Torev Motors develops next- generation double axial flux electric motors using a patented stator structure that addresses rare earth metal consumption without sacrificing efficiency.

To date and including the current cohort, Science Inc.™ has supported 47 startup participants from 15 states and four countries, including the U.S. 

Ken Mitchell, CEO of Atlas Fermentech, an alumnus of the Fall 2022 cohort offered,  “In Science Inc., we were provided exceptional guidance and support in building our pitch materials and crafting a clear message for investors about the value we are creating. With the coaching from an expert group of entrepreneurs and advisors in Science Inc., we are now prepared to seek financing from the investment community.”

The Science Inc.™ Accelerator program accepts companies twice per year, in the fall and spring. The selective program receives applications from across the United States and beyond, with special consideration given to startups who are located or interested in locating within the Mid-Atlantic region. 

Eligible industries include: Aerospace, Agriculture, Biotechnology, Chemicals and Chemical Products, Diagnostics, Clean Technology , Electronics/Instrumentation, Food and Beverage, Healthcare Services, Industrial/Energy, Marine, Medical Devices and Equipment, Nanotechnology, Oil and Gas, Renewables/Renewable Energy, Semiconductors, Telecommunications, Therapeutics, and Transportation. 

Science Inc.™ is among a suite of Innovation Space programs funded by a $1.5 million U.S. Department of Commerce grant, which is designed to build regional economies by supporting the growth of technology-oriented startups.

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About The Innovation Space:

The Innovation Space™ is a not-for-profit innovation ecosystem and is a virtual and physical home for leading science entrepreneurs.  The Innovation Space™ works to “transform science and technology startups into industry leading companies.” Located on the historic Experimental Station campus in Wilmington, Delaware, The Innovation Space™ is comprised of 130,000 ft2 of state of the art lab and office space with access to cutting edge equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth. Register for more information and updates to learn more about all The Innovation Space™ programs and funding opportunities.