Thermo Fisher Scientific is to support a new collaborative laboratory and office space for growing biotech businesses in Florida as a founding sponsor. The firm says its involvement with Momentum Labs in Alachua, Florida is part of its efforts to support emerging biotechnology companies as they address key challenges in bringing new therapies to market.
The venture is spearheaded by Concept Companies, a national real estate development firm headquartered in Gainesville.
“From a regional and state perspective, Momentum Labs provides critical infrastructure and business development resources to support the growth of life sciences in Florida, giving the ecosystem the opportunity to retain companies rather than losing them to other communities,” said Abhinav Akhoury, VP Corporate Accounts, Thermo Fisher Scientific. “Through our sponsorship, Momentum Labs has the ability to provide the latest innovative technologies to high-growth life science companies that are developing tomorrow’s life-changing medicines.”
The North Central region of Florida is one of the largest biotech clusters in the state, home to over 100 life sciences companies and supporting around 1,200 jobs. Despite this established footing, there is a lack of flexible growth space, making it difficult for emerging companies to succeed. Momentum Labs will be the first space of its type in the region, providing growing life science companies with the ability to scale without having to move to other markets.
Companies that receive support from incubator programs are 87% more likely to survive after five years. Upon graduation, 84% of those companies stay in the communities where they received their support and funding. In partnership with Thermo Fisher, members of Momentum Labs will have access to innovative life science instruments and state-of-the-art lab equipment, infrastructure and resources within the region to support their growth.
“It’s challenging for growing companies to stay ahead of their space needs,” said Brian Crawford, CEO at Concept Companies. “Not only is there a large expense for all the equipment needed, but there are also often extraordinary lead times associated with the acquisition and installation. Partnering with Thermo Fisher Scientific gives us the ability to offer the latest innovative instrumentation and equipment to our members allowing them to leverage their capital for growth.”