FOR IMMEDIATE RELEASE: February 6, 2023
The Innovation Space™ Receives Federal Funding to Expand and Enhance Support For Science Start-Ups
Wilmington, Del. — The Innovation Space ™ will receive $2.475 million in congressional funding for a project to upgrade and expand its scientific facilities on Wilmington’s Experimental Station campus. New lab spaces with additional scientific equipment and upgraded mechanical and HVAC capabilities will enable The Innovation Space to aggressively support the needs of more science startups in the next phase of its mission.
“This investment marks an exciting milestone for The Innovation Space as we continue to grow and help cultivate the next generation of innovators,” said Bill Provine, Founder and CEO of The Innovation Space™. “We appreciate the support of the leaders who advocated for this funding and are committed to supporting our mission of creating and scaling companies in the biotechnology, cleantech, and advanced materials sectors, knowing it will advance scientific discovery as well as yield economic benefits for our region.”
Innovation Space™ leaders plan to allocate funding toward expanded laboratory capabilities with the addition of more flexible lab and office space for growing startups in addition to providing state of the art biotechnology, chemistry and material science modular lab space.
In just six years since its inception in 2017, The Innovation Space™ has supported and enabled more than 100 startups in their growth journeys in which these companies have raised over $800 million in investment.
“We see The Innovation Space™ as a leading example of how to pull together a powerful coalition of organizations in a structured way to advance and grow science-based start-up companies that can ultimately impact all our lives,” said New Castle County Executive Matthew Meyer.
Across the Mid-Atlantic and throughout the country, The Innovation Space™ has invested in dynamic startups in the fields of health care, advanced materials, diagnostics, therapeutics, nutrition, chemical ingredients, industrial and agricultural biotechnology, clean technology and renewables. Innovation Space™ clients are working to advance science and improve lives from cancer treatments to climate change solutions and nearly everything in between.
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