Life sciences startups are getting an infusion. Yesterday, January 19, the Austin Technology Incubator (ATI) at The University of Texas at Austin and the Austin Community College District (ACC) announced a partnership to provide startup business mentoring services.
ACC’s Advanced Commercialization ACCelerator, which will open in late 2016 at the ACC Highland Campus, is slated to include top quality biotechnology equipment, wet lab space, conference areas and support staff. The ACCelerator has already received local, state and federal grants.
Additionally, ATI received recognition from the Kauffman Foundation as one of eight elite business incubators in the U.S. This is due to ATI’s existing education for entrepreneurs, as well as its startup business mentorship programs. ATI also boasts a best practices wet laboratory effort that has been funded by the U.S. Economic Development Administration. The combination of the two means that ATI can provide critical information to help life sciences startups succeed.
ATI’s specific role in the partnership is to mentor and help build businesses within the ACCelerator. This includes developing systems, processes, governance and a network of key individuals and funding sources that will help startups raise the capital necessary to see their businesses launch. ATI will also help find and nurture possible accelerator startup companies.
Startups are in the right place with ATI at the helm. According to its website, 85 percent of its 2012 graduating class received funding while at ATI. That same class has raised over $335 million. Additionally, over 40 percent of Texas Emerging Technology Fund awards in Central Texas were bestowed upon ATI graduates.
“ACC’s biotechnology program is a vital resource to Central Texas’ growing biotechnology sector,” said Tyler Drake, Advanced Commercialization ACCelerator director, said in a press release. “Collaborations with partners like ATI provide valuable insight and experience to further advance the commercialization of cutting-edge discoveries and technologies.”