As per data from the Bureau of Labor Statistics, Bioengineering employment is expected to increase by 5% from 2022 to 2032, which is faster than the average for all occupations. In response to this trend, Case Western Reserve University (CWRU) is currently renovating one of its buildings to create a business incubator.
The aim of the incubator is to support startup businesses in the fields of biotech, health tech, and engineering. The renovations for the building are expected to cost around $50 million and will be done incrementally, with an estimated completion date of October 2026.
Michael Oakes, the senior vice president of resource and technology management at CWRU, emphasized that the incubator will offer businesses access to lab equipment and resources available at the university. The facility aims to attract businesses from various locations, including international locations like Australia, seeking to benefit from the university’s resources.
Andrew Cornwell, director of the business incubator, stressed that the application process for businesses looking to work out of the incubator is straightforward. The incubator is designed to facilitate human interaction, which is crucial for innovation and scientific advancements.
Oakes highlighted that with the support of hospital partners and the medical school, the business incubator will provide a significant advantage to businesses in the biotech sector. The growth in biotech is expected to increase in Ohio, making the business incubator a valuable resource for entrepreneurs and businesses in the field.
In summary, Case Western Reserve University’s new business incubator aims to provide a platform for startups in biotech, health tech