The University of Rochester Medical Center, supported by funding from New York State’s Gen*NY*sis program, converted a former Wyeth laboratory building into 40,000 square feet of office and laboratory space.
Opened in July 2007, The Rochester BioVenture Center is the first technology incubator in the region with the wet lab facilities that are required by biotechnology companies and serves as an important link in the chain of resources necessary to promote and foster the growth of early stage life science companies on a regional scale.
The Rochester BioVenture Center is open to any qualified early stage life science, biotech, chemical, pharmaceutical, medical, dental, or health services company that needs wet lab facilities, regardless of its relationship to the University.
The facility is managed by High Tech Rochester (HTR), which also manages the Lennox Tech Enterprise Center in Henrietta, New York. The Lennox Tech Center caters to non-biotechnology-based clients. HTR is extending its business support services – business and marketing plan development, entrepreneurs-in-residence, and networking with potential clients and investors – to BioVenture Center clients.
By bringing these professional support services and specialized facilities under one roof the BioVenture Center will play a critical role in regional economic development.
New “bio” ventures emerge in the Rochester region each year and it is anticipated that new company formations will accelerate as the region becomes more entrepreneurial and local universities generate more innovations with commercial potential. Early stage biotechnology ventures often require long periods of development and validation and in many instances must conduct this work with limited financial investment. Consequently, a critical need for these companies is access to facilities which keep overhead at a minimum. Incubators serve as a temporary home for new companies and allow them to transition from the early research and development phase to active commercialization while operating in an environment that links these entrepreneurs with services, advisors, and potential clients and investors.