There is a Hollywood sparkle to the business success stories that started in a garage: Google, Nike, Apple, Disney, to name a few. The not-so-glossy side of those stories is that they underscore how, early on, the creators of those enterprises lacked financial, mentoring and logistical support. If we are to create the jobs and economy of tomorrow, we should provide promising innovators the support they need and not just marvel at those who persevered in its absence.
Pima County has the opportunity to create an incubator that will help move entrepreneurial ideas in medicine and pharmaceuticals from the workbench to the marketplace. The county bond program on the ballot in November would fund a 50,000-square-foot bioscience incubator in Oro Valley’s Innovation Park. (The Oro Valley Business Accelerator is part of Prop. 426 “Economic Development, Libraries and Workforce Training.)
Without presuming to tell the voters of Pima County how to cast their ballots, let me tell you why I personally support this project.
This idea accelerator will be run by BIOSA-Innovation, a Southern Arizona non-profit that exists to help encourage the growth of biomedical ventures in the area. The incubator would include: office space, labs, a biospecimens collection and repository, conference space, video and teleconference resources and training suites. Scientists working in this space, whether from industry or academia, will have the opportunity to expedite new discoveries and shorten the product development cycle.
Full disclosure, ASU will be a tenant in this project. But my principal interest is more about diversifying and growing the economy in southern Arizona and throughout the state, which benefits, not just ASU, but all of the state’s people and businesses.
The forward-thinking proponents of this incubator understand that the way we expand the economy is through efforts that encourage new businesses and new industries. They also share the philosophy of moving past the traditional idea that entrepreneurship is a business plan competition and embracing the concept that entrepreneurship is a mindset, a new and multidisciplinary way of approaching, not just venture creation, but also learning and education.
I speak from experience with business incubators. ASU has worked with faculty, investors and industry partners to speed the flow of innovation from laboratory to application. EndoVantage is one example. CEO Robert Green explained that they commercialize computer-simulation technology that is used to plan medical procedures before patient treatment.
“Despite being based on great ideas, many start-ups stagnate or fail because they lack the right resources and connections,” Green said. The physical and intellectual resources provided by an incubator mean that “EndoVantage and other high-potential start-ups will have the critical support they need to be game changers in their field.”
That’s the future-focused capability that the leaders behind the Oro Valley project and its partner companies can bring to Southern Arizona.
