UB Technology Incubator named world’s top life sciences university business incubator
Release Date: June 17, 2013
BUFFALO, N.Y. — The University at Buffalo Technology Incubator has been named the world’s top life sciences university incubator by the University Business Incubator (UBI) Index, a Stockholm-based startup that provides expertise in starting and transforming incubators.
UBI made the selection after conducting 150 case studies of university business incubators in 22 countries.
The index looked at more than 50 performance indicators, and the UB Technology Incubator scored highly in areas that included talent retention, network enhancement and post-incubation relationships, according to a UBI press release.
“By providing resources and valuable guidance to some of Western New York’s most promising new companies, we are helping to grow the region’s high-tech economy,” said UB Vice Provost Robert Genco, DDS, PhD, who oversees UB’s Office of Science, Technology Transfer and Economic Outreach (STOR), which administers the incubator.
The UB Technology Incubator is located at UB’s Baird Research Park on Sweet Home Road in Amherst, N.Y. The facility rents office and laboratory space to emerging high-tech companies, including startups founded by UB students and faculty members.
The incubator’s mission is to provide an environment that assists companies in becoming independent, thriving businesses.
Tenants receive services such as:
- Mentoring. Each client company works one-on-one with a mentor who has been successful in the company’s industry.
- Seminars and training on topics like financial planning and capital acquisition.
- Assistance in applying for federal research and development funding, or connecting with capital sources including banks, venture capitalists, angel investors and corporate strategic partners.
- Easy access to resources including student interns, technical experts, library materials and faculty members with relevant expertise.
The incubator currently houses 13 companies. Since its inception in 1988, the facility has assisted more than 100 tenants and graduates, with 84 percent of those firms surviving for five or more years, according to the latest data available.
“Being in an incubator can increase a startup’s chance of survival,” said UB Associate Vice Provost Woody Maggard, who directs STOR’s incubator program. “We are proud of the work that we do. Startups don’t always have in-house expertise in legal, technical or financial matters, and our clients know that they can come to us for reliable advice and help in locating experts who can assist them.”
The UB Technology Incubator has worked with companies specializing in software, engineering, education, environmental technologies, pharmaceuticals and other fields. The university expanded its incubation program in 2012 with the opening of the UB Biosciences Incubator at the Clinical and Translational Research Center in downtown Buffalo.