West Michigan Science & Technology Initiative Gets $100K State Grant
The West Michigan Science & Technology Initiative in Grand Rapids has been awarded a $100,000 grant from the Michigan Economic Development Corp.'s Michigan Strategic Fund.
The MEDC grant will provide WMSTI with the opportunity to build on past achievements, expand its geographical reach to the greater West Michigan region, and offer access to its high-tech Venture Center for business incubation and acceleration in the life science industry.
WMSTI will use the grant to:
* Launch an affordable "mini-lab" option that provides early-stage companies bench space and access to nearly 100 pieces of sophisticated lab equipment and instrumentation, in addition to offering the services provided by WMSTI's valuable "Virtual Company Alliance," a program that provides business development resources, such as: general legal, marketing and design, intellectual property, and investor and public relation services
* Enhance WMSTI's business and community outreach efforts in order to attract and retain biotech start-ups to the new mini-lab option
* Support the MEDC's strategic objectives to attract, retain and support Michigan businesses, promote the development of life science companies, diversify the economy, and advocate for a favorable business climate for small businesses and entrepreneurs.
"WMSTI's mini-lab option offers life sciences entrepreneurs an opportunity that is without parallel in Michigan," said Rich Cook, WMSTI Venture Center director. "In addition to making WMSTI's world-class lab space and extensive support services available at an affordable price, our mini-labs offer proximity and connections to a premier research institute, nationally ranked teaching hospital, a Big 10 medical school, local university faculty researchers and undergraduate and graduate student interns – all within walking distance from WMSTI's facilities."
WMSTI is dedicated to creating an environment that advances innovation and supports the commercialization of life science products and technologies. Since 2003, it has helped to create infrastructure and community-wide collaborations that have helped to enable the commercialization of multiple ideas transform into new products. In the past three years alone, WMSTI has:
* Incubated 16 companies, with 13 still operating
* Supported the creation of what will become in five years nearly 1,200 high tech jobs
* Provided entrepreneurial coaching and key commercialization services to more than 400 clients
* Worked with organizations to raise more than $10 million in grants and much more in investment
* Developed life science commercialization infrastructure through IdeaCycle, the West Michigan Medical Device Consortium, ClinXus, Grand Rapids Aseptic Manufacturing, and other programmatic efforts
* Supported local universities faculty and student research that have resulted in commercialization of their business, product or idea
Housed in Grand Valley State University's Cook-DeVos Center for Health Sciences in downtown Grand Rapids, WMSTI maintains unique wet lab and shared equipment space that is an important asset for incubating and accelerating start up businesses in the high-tech and life science industry. WMSTI's Venture Center has been fully occupied over the past three years and now that several of its incubator members have successfully graduated from the accelerator program, WMSTI has the opportunity to assist new life science start-ups in need of its space and services.
Current lab resident Syzygy Biotech Solutions LLC, has experienced firsthand the benefits provided by WMSTI's high-end lab space.
"WMSTI is enabling us to defer the acquisition of over a quarter-million dollars in equipment," said Syzygy co-founder Barry Nowak. "That's why we've chosen Grand Rapids, because of how much WMSTI has lowered the cost of entry. There's no other incubator like it in Michigan."
With its focus on creating an environment that advances innovation and supports the commercialization of life science products and technologies, WMSTI is located in the Grand Rapids SmartZone, a collaboration originally formed between Grand Valley State University, Van Andel Research Institute, the City of Grand Rapids, Grand Rapids Community College and The Right Place. The collaboration has expanded to include Spectrum Health, Saint Mary's Health Care, Mary Free Bed Rehabilitation Hospital and the Grand Angels. Together, the organizations assist in the commercialization of ideas and corresponding new products, develop collaborations for infrastructure and possibilities for new product development, and provide valuable connections that bring together individuals and businesses to spark new opportunities.
