Successful entrepreneur ecosystems and communities require several key components including research to generate new innovations, business expertise and support, venture funding, access to incubators and specialized equipment, and a talented workforce. UB and its Hub partners have a strong innovation portfolio from faculty, staff, researchers and students. The Hub will provide the necessary resources to move those innovations from the classroom, lab or clinic into the market place through new startups.
The Innovation Hub project involves three main components, including:
- Planning, design, renovation, construction, furniture, fixtures and equipment funds for the approximately $7 million conversion of UB’s Center of Excellence for Bioinformatics & Life Sciences into incubation and entrepreneur support space. The space will be made available to companies affiliated with UB and partner organizations, including Roswell Park Comprehensive Cancer Center, Kaleida Health, Hauptman-Woodward Medical Research Institute, and the Jacobs Institute. UB will utilize additional space in the Center for Excellence for entrepreneur support programs, events, education and related services.
- Establish a $13.5 million Investment Fund to provide proof-of-concept and pre-seed/seed investments for startups.
- Provide outreach to and engagement with UB and participating institutions’ faculty, staff and students to increase the number and quality of startup opportunities, coordinate and execute startup support programming and develop new initiatives to guide startups through all phases of development, and personnel support to administer the new programs and services. This component will utilize approximately $11.5 million of the funds over five years. Programs began in 2018.
New programs and services started to come online in 2018 with additional coming in the following years.
The investment fund is expected to launch in early 2019.
The first phase of the incubation space is expected to become available in late 2019.
The Innovation Hub’s goal is to dramatically accelerate the commercialization of technologies generated by the University at Buffalo, Hauptman-Woodward Medical Research Institute, Roswell Park Comprehensive Cancer Center, Kaleida Health and the Jacobs Institute. It will increase the startup and growth of technology companies, which will ultimately grow private investment and jobs in Western New York. Buffalo Billion Phase II provides $40 million to create an Innovation Hub on the Buffalo Niagara Medical Campus, with $32 million being used by UB for this first phase of expanding WNY’s entrepreneurial ecosystem.