Princeton University and Biolabs have teamed up to open a business incubator for high-tech startups that require access to lab space.
Biolabs’ said their incubators were created to provide startups with access to costly resources such as lab space. The company has other labs based in Boston, San Diego, San Francisco and North Carolina.
The 31,000-square-foot space in Princeton will offer a total of 68 lab benches, entrepreneurs will be able to expand across multiple benches or move into private spaces as their project scales in size. The center will offer events where entrepreneurs can speak to experts who can guide them through early business challenges such as filing for patents or handling intellectual property.
The center will evaluate each application based on scientific viability, business plan merits, team experience and ability to execute, and funding to date. If applicants pass the initial selection process, they’ll be given the opportunity to give a 30-minute presentation for a selection committee made up of individuals with pharmaceutical, entrepreneurial and academic experience.
Fruehauf said the center’s “rigorous filter” is meant to retain high-quality startups rather than fill the space.
“Once you implant them here, you don’t need to put the handcuffs on,” he added. “You just need to make it easy and logical for them to do business here and they will stay.”
The Princeton Innovation Center is now accepting applications and plans to begin housing startups by April.