NewHavenBIZ

22 n e w h a v e n B I Z | S e p t e m b e r 2 0 2 1 | n e w h a v e n b i z . c o m Making Room growth. All leases will be renewable for up to one year. Interest in the Innovation Labs space has already been steady, with dozens of applications in the pipeline, Kelly said, noting the majority have been biotech companies, with some medical device startups as well. In addition to the space to advance potentially commercially viable discoveries, Kelly says incubators are equally important to provide networking opportunities and teach the business side of startups, including human resources, accounting and, most importantly, how to access venture capital. "Among the challenges startups face," Kelly said, "funding is always near the top." at's particularly true in the bioscience sector, says Paul Pescatello, executive director of the Connecticut Business & Industry Association's Bioscience Growth Council, because the total cost of bringing a pharmaceutical from proof of concept to Food and Drug Administration (FDA) approval can run between $2 billion to $3 billion, according to data from the John Hopkins Bloomberg School of Public Health. at investment — through multiple rounds of clinical trials — can take years with little guarantee of success, Pescatello explained. He says today there's a greater appreciation among state governments and venture capitalists about the long-term benefits of bioscience R&D and a vibrant startup culture, particularly considering the pace of the COVID vaccine development. "Ten years ago, there might have been more frustration with the amount of investment and hype around biotech," he said. "But now [with COVID] we're starting to reap the rewards." A compelling message One of the leading national players of startup incubator space is BioLabs LLC, founded in Cambridge, Mass., in 2009. Since then, it has grown to include 10 locations nationwide. Currently more than 300 startups are part of the BioLabs network, according to Susan Chase, the company's vice president of business development. e company was selected by developer Carter Winstanley to run the 101 College St.'s Yale-backed incubator when the building opens in two years. Chase says that while all BioLabs locations provide a standard level of services, core equipment and access to industry, there are unique features for each. ose details are in the works for 101 College, but Chase says that unlike some incubator spaces that can only accommodate the earliest phases of startup development, the 101 College St. location will provide larger facilities for companies to graduate into. e plan, she says, is to provide a variety of spaces from a lab bench to the earliest- stage startups, to up to a quarter, half, or full floor as, she hopes, companies grow. "We are helping companies to reach their milestones and move to the next [phase] in a productive way," Chase said, noting the average occupancy for BioLabs tenants ranges from 18 to 24 months. Chase said she is bullish on New Haven, too. Kim Kelly Dawn Hocevar Continued from Page 21 "ere's a compelling message that New Haven has around [bioscience] real estate," Chase said. "ere's excitement around [startup] companies and pent-up demand for lab space and the confluence of COVID has brought life sciences into the spotlight." Hocevar, of BioCT, said she continues to be encouraged by the developments and trends she sees in the New Haven region, including a new BioPath initiative at Southern Connecticut State University that aims to grow interest and participation in bioscience. "We have everything that is needed for a successful biotech [sector] in Connecticut," Hocevar said, pointing to the state's leading research institutions, centers of excellence and growing venture capital base. "e ecosystem exists. We just need to keep it growing and make it grow even faster." n Carter Winstanley is the developer of the planned 10-story, 500,000-square-foot life sciences tower at 101 College St. in New Haven. A look inside (top and bottom photos) the New Haven Innovation Labs that will debut this October at the Yale Medical School campus.

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