The biotechnology industry is growing rapidly, and this bodes great things for the future of the Roanoke-Blacksburg region. A regional coalition is building a biotechnology hub, including new lab space and an innovation studio, in Downtown Roanoke.
The Virginia Department of Housing and Community Development recently approved the release of $15.7 million in funding provided by the City of Roanoke to create 40,000 square feet of shared lab space in Roanoke. The project is a collaboration like no other for this region with partners to build, manage, and develop programs in one building in Roanoke’s transformation corridor.
But success doesn’t just come in the lab space. Bringing a concept to market involves successfully navigating regulatory, legal, financial, and business requirements on top of doing good research. Thanks to Verge’s (RBTC part of the Verge alliance) new project, a regional innovation studio, scientists and technologists launching biotech and technology startups in Roanoke have access to coaching, business services and three levels of accelerators with programming and facilities that support business growth.
We are on a mission to nurture local research startups, talent and attract life science companies from outside the area. This project includes an innovation studio designed to take the hassle out of an entrepreneur so that ideas can move from the research lab to the bedside more seamlessly.
What is unique about this project is that the region has three levels of business accelerators to help startups and entrepreneurs at every stage of their growth.
In addition, it can be a place that helps scientists to know what is the best business acceleration based on the maturity of their business. Business accelerators give startups access to education, investors, and other support to accelerate their growth. Verge and RBTC have relationships with three different accelerators (one of which is our own, RAMP) tailored to support startups at different stages of development. Accelerators can be layered together such as a bachelor’s degree, master’s degree and a Ph.D.
What makes business facilitation in this region so special is its personal approach. Verge (to include RBTC and RAMP) meticulously researched innovation support programs from around the country and created a program like no other. It is unique in its assets in the region and is proud to partner with innovation powerhouses such as the Fralin Biomedical Research Institute, Virginia Tech Carilion School of Medicine, Virginia Western Community College, and Radford University to name just a few. We know that biotech commercialization takes a village and that’s what the innovation studio provides.
“Thanks to this forward-thinking collaboration, Roanoke has emerged as a destination for biotech companies,” said Marc Nelson, City of Roanoke Director of Economic Development. “The latest, affordable lab space, education pipelines, and wrap-around business support have created an environment that produces life-changing technologies.”
Additional innovation studio programs will be led by an expert director who will work one-on-one with scientists to understand their research and business proposal, assess the maturity of their current business plan, and create a customized access through regional and state- wide innovation resources. The innovation studio can also connect scientists with funding sources, executive and business support, mentors, and office and lab space.
The biotechnology hub is expected to create 250 jobs with an average salary of $70,000 per year over five years, with a $17.5 million return in job-related income for the local economy.
We are excited to add capacity to strengthen the regional program for early stage biotechnology and technology companies. With the support of our partners, the region has become a startup hub with all the elements of support and a strong ecosystem where science and technology companies can grow and develop.