BioVentures Center Business Incubator Opens at UI Research Park

BioVentures Center is the largest wet laboratory business incubator in the state of Iowa

The University of Iowa Research Park has opened its BioVentures Center, a business incubator that will house both start-up companies commercializing UI biotechnology research as well as life science ventures wanting to locate near the university and use its research capabilities.

The 35,000-square-foot business incubator facility, located at 2500 Crosspark Road in Coralville, Iowa, provides 20 "wet laboratories" and 16 offices for start-up and early stage biotech companies. Wet laboratories are specially constructed areas with appropriate plumbing, ventilation, and equipment to allow for hands-on scientific research and experimentation.

The BioVentures Center is the largest wet laboratory business incubator in the state of Iowa and is the first major wet laboratory space for start-up companies to open at UI, according to Thomas Sharpe, associate vice president for economic development at the UI and executive director of the UI Research Park.

In addition to the wet labs and offices, tenants have access to shared space including a board room, shared equipment room, break room, conference rooms, and multi-purpose room that supports meetings of up to 60 people. The center houses the UI Research Park staff members, who provide tenants access to university services and resources, as well as conduct regular roundtable programs and educational seminars.

The $8.5 million cost of the BioVentures Center was supported in part by Grow Iowa Values Funds from the State of Iowa and tax increment funding from the City of Coralville. Construction started in November 2007 and was substantially completed by November 2008. 

The Ryan Companies has constructed a 45,000-square-foot west wing of the building that is presently shell space and ready for fit-out construction to meet the needs of more established companies and laboratories that may want to locate at the UI Research Park.  Ryan will lease and manage that wing of the project.

The UI Research Park was established in 1989 to encourage sustained research relationships between the UI and industry. The park offers leased building sites and space to corporations engaged in research and development activities and related services, production and marketing. With the completion of the BioVentures Center and the new LMS North America facilities, are 14 buildings at the park totaling 432,000 square feet. Companies and UI anchor labs on the park or affiliated with the BioVentures Center and Technology Innovation Center incubators have nearly 2,000 employees who live in 91 communities in 29 counties in Iowa.

The UI Research Park is one of six centers of the IOWA Centers for Enterprise -- which integrates existing economic development activities at the UI, offers a comprehensive program that promotes economic development and technology transfer, provides assistance to Iowa startups and existing Iowa businesses and communities, and helps the state of Iowa develop a creative, entrepreneurial workforce. IOWA Centers for Enterprise optimizes the flow of university intellectual property into opportunities for licensing, commercialization and business development.