Recursion and the University of Utah’s Center for Technology & Venture Commercialization (TVC) have signed a memorandum of understanding to explore the launch, programming and management of an incubator for life science and technology startups. The incubator will be located in Recursion’s former Research Park offices, and the company will sponsor the space for an initial period of three years.
“Recursion’s faster-than-anticipated success and growth meant that we needed to expand before our lease expired,” said Chris Gibson, co-founder and chief executive officer of Recursion. “With the space sitting dormant, we realized we had the opportunity to repurpose it to help foster the next generation of biotech and tech companies in Salt Lake City. Supporting the valley’s innovationecosystem directly furthers our goals for recruitment and our thirst for new ideas and perspectives.”
The 14,500-square-foot facility includes 5,000 square feet of wet laboratory space, which is in extremely short supply in the Salt Lake Valley. The space also contains offices, co-working space, and multi-function rooms.
It is anticipated that Recursion and TVC will jointly select an onsite program manager to operate the space and provide comprehensive support for the tenant companies—including mentoring, educational opportunities, exposure to potential investors and referrals for basic business services.
“TVC has launched more than 150 companies—including Recursion—in the past decade,” said Keith Marmer, TVC’s executive director. “We know that finding affordable lab and office space is one of the biggest obstacles to building any company. Providing these resources—both the physical space and the accompanying support network—will greatly accelerate the companies’ go-to-market timelines.” Companies fostered in an incubator are twice as likely to succeed as those that do not receive similar support, according to research conducted by the National Business Incubation Association.
The Recursion/TVC incubator will give preference to university startups and will encourage applications from startups led by historically underrepresented founders, particularly those who have traditionally faced additional barriers to growth and funding.
“Innovative companies grow from diverse perspectives,” said Tina Larson, chief operating officer of Recursion. “We need to do everything we can to promote opportunities for women and individuals who have been historically underrepresented in science and technology—paying special attention to developing the next generation of business and technology leaders. This incubator will do just that.”
Full financial terms of the MOU were not disclosed.
Expressions of interest for laboratory and office space should be sent to Paul Corson, deputy director & senior director of entrepreneurship at TVC: email@example.com; 801.585.5016.