Fifteen years after opening its doors, BIOSTART
Cincinnati's life sciences start-up center, is changing the way it does
business. In order to remain competitive in a fast-changing business
market, it is closing its lab space and moving from its location near
the University of Cincinnati.
President Carol Frankenstein says the organization will focus
exclusively on business services, making the hard shift as its closes
its current facility at the Hoxworth Blood Center
in September. She says the change was both a business and a strategic decision.
companies, even at the very early stages, are outsourcing their
commercialization and development activity. That includes clinical and
preclinical work, development and manufacturing," Frankenstein says.
"That increase in outsourcing reduces the cost of getting a product to
market. That makes lab space less necessary. Because of the economy,
there is so much low-cost and even free space available; our companies
have the ability to benefit from that."
serves life sciences entrepreneurs in health care service and product
development. Since 1996, it's helped 125 companies launch their business
and raise $180 million. Three-fourths of those businesses have had
successful exits or are currently in business, the organization reports.
BIOSTART is working with local business advocates, including the Hamilton County Business Center
, Uptown Consortium
and CincinnatiUSA Regional Chamber
to help its 18 tenant companies (which occupy about 65 percent of its space) to relocate.
said BIOSTART is looking for a new space downtown. She will remain with
the organization as will three entrepreneurs in residence. The
organization has received $500,000 in funding, half from the Ohio
Department of Development and half from private sources, to aid in the
"We're using the grant for the next 12 months to explore new service delivery models," she says.
current business services include helping companies put together a
management team and connecting with and applying for funding sources.By Feoshia Henderson
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