Austin (TX) Technology Incubator – Feasibility Study for Wet Lab Incubator
ChallengeIn mid 2010 the Austin Technology Incubator (ATI) received a grant from the U.S. Department of Commerce’s Economic Development Administration (EDA) to determine the feasibility of developing wet-lab space for life-sciences companies in Austin. The ATI study is intended to determine best practices for existing wet-lab facilities, identify costs and potential sites for the lab and evaluate the overall economic impact of the new facility.
ApproachTIP Strategies will work with a consortium of local stakeholders, including the Austin Technology Incubator, City of Austin and the Greater Austin Chamber of Commerce to develop the facility feasibility study. TIP’s focus will be on market research and site selection. TIP’s tasks include an evaluation of the market and a survey of best practices for wet lab incubators across the US; identification of potential sites; and analysis of the economic impact of the project for target neighborhood. The final report will outline the findings for the 3 most promising sites, along with a final development recommendation and supporting selection rationale.
OutcomeGiven positive results, this study has the potential to be the first phase of a wet lab incubator initiative that could have significant impact on the Bioscience cluster and Austin’s economic development for years to come.
Photo credit Sachi Gahan
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