By Jesse Schwartz
In an effort to keep its start-ups from relocating out of Baltimore, Johns Hopkins University (JHU) has launched a new tech incubator as part of a $65 million expansion project.
The new incubator, FastForward 1812, boasts 8,000 square feet of office and collaboration space, plus 15,000 square feet of lab space. The incubator is now hosting 19 start-ups in health tech sectors including diabetes treatment, cancer therapeutics and telemedicine platforms.
“For too long, Baltimore hasn’t had robust infrastructure in place to support the number and types of life science start-ups spinning out of our academic and research institutions,” says Christy Wyskiel, senior advisor to JHU president Ronald J. Daniels. “Our FastForward spaces and the resources they provide are making it easier to keep start-ups in the city.”
A special innovation committee spearheaded the incubator’s opening in response to the fact that 85% of the $1.1 billion JHU raised since 2012 in start-up funding has gone to companies that eventually moved their businesses elsewhere. The new center is the third FastForward site, doubling the university’s innovation space in Baltimore.
In addition to supporting JHU-spawned companies, FastForward welcomes other start-ups from the region. While it focuses on businesses that work in biotech, it also includes start-ups from other industries, such as commercial manufacturing and social innovation.
“Johns Hopkins founded our university more than 140 years ago with the mission to bring the benefits of discovery to the world,” says Daniels. “FastForward 1812 promises to build on our rich history of innovation and provide the best minds at Johns Hopkins and across Baltimore with the support they need to build start-ups that bring life-changing technologies directly into people’s lives.”
Source: Health Car Business Daily News
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