PHILADELPHIA, March 6, 2012 (GLOBE NEWSWIRE) -- University City just got one university stronger. Temple University has established a satellite office at the University City Science Center's Port Business Incubator in Philadelphia. Temple will use the satellite location to provide a launching point for companies commercializing the university's technologies.
Startup companies coming out of Temple University require off-campus space, but don't always have the financial means to pay for office and lab space. Temple's newest outpost at the Port Business Incubator will offer these growing companies space as well as access to Science Center programming.
In addition to office and lab space, the Science Center's Port Business Incubator offers an environment containing the elements necessary for young companies to succeed, including interactions with other entrepreneurs and investors, access to IT services and shared conference rooms and a variety of free programs and events.
"This is a great example of how regional collaboration can help grow companies and create jobs, while enhancing Greater Philadelphia's reputation as a technology commercialization hub," says Stephen S. Tang, Ph.D., MBA, president & CEO of the University City Science Center. "We're honored that Temple chose the Science Center to establish its first presence in an incubator, and we're delighted to play a role in the commercialization of technologies coming out of the university."
Temple University will financially support the space to augment its research and commercialization efforts while allowing spin-out companies to launch from the Port. However, companies will have a defined "graduation date" stipulated by Temple. Temple will cover its investment through licensing agreements with the companies. The goal is to create an evergreen model for continued funding of the incubation space at the Science Center's Port.
"From a commercialization aspect, Temple has experienced a phenomenal increase in revenue. Temple has always had outstanding researchers and scholars, but now there is a focused effort to assist our faculty in developing their technologies for use in societal applications. This growth in revenue has enabled us to join the Port Incubator which provides us dedicated office space for our companies and entrepreneurs at the Science Center. This is an important leg in a strategy to build and enhance Temple's capabilities along the commercialization pathway. Having dedicated incubation space is a key component in allowing Temple to spin out companies in an off campus environment" explains Anthony Lowman, Ph.D., Temple University's Vice Provost for Research and Business Development.
About the Science Center
The University City Science Center accelerates technology commercialization, regional economic development, and the market availability of life-enhancing scientific breakthroughs by bringing together innovations, scientists, entrepreneurs, funding, laboratory facilities, and business services. Established in 1963 and headquartered in Philadelphia, PA, the Science Center was the first, and remains the largest, urban research park in the United States. Graduate organizations and current residents of the University City Science Center's Port business incubators have created more than 15,000 jobs that remain in the Greater Philadelphia region today and contribute more than $9 billion to the regional economy annually. For more information about the Science Center, go to www.sciencecenter.org .
About Temple University
Founded in 1884 by Dr. Russell Conwell, Temple University has evolved into a comprehensive urban research and academic institution. Temple's 39,000 students can choose from nine campuses and 333 academic programs, leading to associate's, bachelor's, master's and doctoral degrees. Temple also offers seven first-professional degrees in dentistry, law, medicine, pharmacy and podiatric medicine. With more than $136 million in external funding to support advanced research by its scholars, scientists and students, Temple actively seeks to attract the investment necessary to commercialize new discoveries. Temple discoveries in the marketplace include sustained drug delivery technology for nutraceuticals and pharmaceuticals, diagnostic tests for chronic fatigue syndrome, instruments for the diagnosis and treatment of tooth decay, and pheromone attractant technology for pest control. Through continued advancement of the university's research enterprise, Temple is ensuring its place as a nexus of discovery, education, translational research and service, dedicated to improving quality of life and expanding our understand`ding of the world for the benefit of society. For more information, go to www.temple.edu .
The Port business incubator offers start-up companies more than just physical resources. It also surrounds emerging ventures with the other ingredients required to grow and be successful. The Port offers its residents access to free programming including Lunch for Hungry Minds scientific presentations and Smart Talk's business building advice. The Science Center's Scientific Advisory Committee connects Port companies with a vast array of clinical and technical expertise and facilities. Current committee members include the senior research administrators (or equivalent) from academic, healthcare and research institutions, as well as from leading local companies in the life sciences and other industry sectors. The Port is one of 23 business incubation programs in the world that hold the Soft Landings International Incubator designation from the National Business Incubation Association (NBIA). The NBIA's Soft Landings Program recognizes incubators that are especially capable of helping nondomestic companies enter the incubator's domestic market.
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