University Of Florida Signs Deal To Create Giant Start-up Factory

Main Category: Public Health
Article Date: 10 Dec 2007 - 1:00 PDT

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Frustrated by a glut of undeveloped technologies and a dearth of funding and facilities to move them forward, the University of Florida signed a deal with a California company to build what amounts to a huge start-up factory. The company, Alexandria Real Estate Equities Inc., will build two 75,000-square-foot buildings designed for research and incubation, and will also provide venture capital to help commercialize inventions developed by UF researchers.

The firm will "get first shot at some of the faculty's ideas," said UF President Bernie Machen. The university already has a 40,000-square-foot incubator, but Machen says that space isn't sufficient for the school's needs, and Gainesville isn't exactly teeming with venture capitalists who can help move technologies from labs to the marketplace. "We have hundreds of patents that we think could be developed, but we don't have any seed capital, and we don't have any incubator space," he said.

The project, to be known as The Innovation Center, "is precisely the kind of boost we need to keep our stellar technology transfer program on the right trajectory," Machen added. According to David Day, director of UF's Office of Technology Development, the deal will help solve a problem that in essence stems from the school's success in tech transfer -- its high level of entrepreneurism has led to a waiting list at the existing incubator and a shortage of next-stage space for companies that outgrow it. "We have really reached a critical mass in terms of technology transfer and new company development," noted Win Phillips, UF's vice president for research.

"By partnering with Alexandria, the university can offer our own spin-off companies and others premier laboratory and office space close to our most valuable campus resources - faculty and graduate students." Alexandria is building a similar facility in North Carolina's research triangle, and it already has facilities in Seattle, New York City and several other areas across the U.S. and Canada.

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