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Lucy Chard
13 Jan 2023

Thermo Fisher Scientific sponsors lab facility to support emerging biotechs

To assist with the growth of the biotechnology industry and support newly emerging biotech companies, Thermo Fisher Scientific have made the move to be a founding sponsor of Momentum Labs in Alachua, FL, USA. 

Momentum Labs is a space that can be used by start-up biotechs, for laboratory space or office space to help facilitate their work and progress in injecting new therapies into the market, a hurdle that would otherwise slow or even prevent such companies from doing so. The laboratory is managed by Concept Companies, a real estate development firm in the area. 

“From a regional and state perspective, Momentum Labs provides critical infrastructure and business development resources to support the growth of life sciences in Florida, giving the ecosystem the opportunity to retain companies rather than losing them to other communities,” explained Abhinav Akhoury, vice president, corporate accounts, Thermo Fisher Scientific. “Through our sponsorship, Momentum Labs has the ability to provide the latest innovative technologies to high-growth life science companies that are developing tomorrow’s life-changing medicines.”

This region of Florida is a hub of biotech activity, with over 100 life sciences companies in the area, making a huge impact on the local economy and providing 1,200 jobs in the state. However, despite this established market, there is little room for growth and the micro industry here is dominated by larger biotech companies. This means it is increasingly difficult for small companies who are just starting out, with good ideas, to develop in this space. Momentum Labs will provide this initial space for the growing companies, giving them a solid grounding to scale up from, without having to abandon the market in North central Florida. 

Incubator programmes such as these are shown to support the survival of companies by increasing the likelihood of their continuance by 87% after five years. After this, the companies are 84% more likely to stay in the hubs where they received their support. With Thermo Fisher’s support, more companies will be able to take advantage of this scheme and have viable access to much needed equipment and infrastructure, and solidify their debuts into the industry as valued players. 
“It’s challenging for growing companies to stay ahead of their space needs,” commented Brian Crawford, chief executive officer at Concept Companies. “Not only is there a large expense for all the equipment needed, but there are also often extraordinary lead times associated with the acquisition and installation. Partnering with Thermo Fisher Scientific gives us the ability to offer the latest innovative instrumentation and equipment to our members allowing them to leverage their capital for growth.”

“By developing a purpose-built facility for emerging science in the Gainesville community, Momentum Labs is providing critical lab space, access to quality equipment, instrumentation and services, and tailored business development support these companies need for continued exponential growth,” explained Kyla Frye, director of science and technology ecosystems and lead for Momentum Labs. “This ultimately helps us retain growing life sciences companies and their talent in the region while giving them the vital resources to advance their therapies from research to the clinic.”

Mentioned Companies
Thermo Fisher Scientific Inc.
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Lucy Chard
Digital Editor - Pharma

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