On May 17th Princeton University formally opened its new incubator Princeton Innovation Center biolabs with a ribbon cutting ceremony attended by university leaders, faculty, researchers and invited guests—bringing together many supporters of New Jersey’s entrepreneurial tech ecosystem. The opening heralds in another stage for the university in its ongoing mission to be a leader and key contributor to the local and regional ecosystems that help spur economic growth.
Located a short distance from the university’s campus in Plainsboro, New Jersey, the facility will be the home to technology and life sciences startups where they will have access to offices and wet labs, while benefitting from the talent and resources of the university. The facility which also includes co-working spaces will be overseen by BioLabs, a Massachusetts based co-working space company that has established life science focused facilities in a number of states.
Princeton University President Christopher L. Eisgruber led the ceremony, stating, “I welcome you to a facility that enhances a vital aspect of the university’s educational mission. This dynamic incubator space for high potential startups and new ventures pursues a vision shared by members of our campus community and others in the surrounding municipalities. Increasingly our students, faculty and researchers seek to make a difference in the world through innovative entrepreneurial ventures that address societal needs”.
President Eisgruber went on to describe how the opening of the incubator will benefit both Princeton University and others, fostering new connections that will catalyze innovative discoveries and contribute to the economy. He noted that the incubator is one of a number of initiatives the university is undertaking to strengthen the Central New Jersey ecosystem and expand the impact of Princeton’s teaching and research.
While some of the university’s best scholars will reach out into the ecosystem to establish collaborations outside of academia, the biolabs’s facility will draw in innovators from the wider New Jersey community to work with Princeton researchers. It is foreseen that these new and meaningful interactions will help researchers find interesting questions that are important to society.
In recognition of the valuable connections, both local and national, that will emerge from the launch of the incubator, Plainsboro Mayor Peter Cantu and BioLabs CEO Johannes Fruehauf offered remarks at the ceremony. The Mayor acknowledged the multi-decade relationship that Princeton University has had with both him and the town, stating, “It has been a tremendous partnership. It has been one that has been mutually beneficial”. He also acknowledged the attendance of Deputy Mayor Neil Lewis and Councilman Nuran Nabi, PhD.
Fruehauf emphasized the experience his firm brings and the connections that will come from his company’s national network of co-working facilities. These are the building blocks that the collaboration of the two organizations put in place with the new incubator that will help accelerate the progress of the life science startups residing there.
“We are thrilled to work together with the Princeton Innovation Center team to help now nurture local Princeton and New Jersey startups into becoming grownup successful companies and ultimately graduate.” Fruehauf said. “Given our successful graduation rate, as we had in discussion with Mayor Cantu, [I said] you will have to build more space!”
