MUSC and Zucker Institute for Innovation Commercialization secure significant grant from Innosphere and the U.S. Economic Development Administration

MUSC – Medical University of South Carolina and the Zucker Institute for Innovation Commercialization secured a significant victory by winning a $2 million grant from Innosphere Ventures and the U.S. Economic Development Administration. This funding will support entrepreneurial teams and startups at MUSC over a 3-year period as part of the Regional Life Sciences Incubation Program, aiming to propel #lifesciences #innovation across six states, including South Carolina.

Detailed Press Release

Innosphere Ventures Awarded $2 Million Grant from the U.S. Economic Development Administration to Advance Life Sciences Innovation Across 6 States

Innosphere Ventures, in partnership with bioscience trade associations and universities across a 6 state region, has been awarded a Build to Scale Venture Challenge grant from the Office of Innovation and Entrepreneurship (OIE), part of the U.S. Economic Development Administration (EDA). The grant will fund the Regional Life Sciences Incubator over the course of 3 years – accelerating high-quality job growth, creating economic opportunity, and supporting the next generation of industry-leading companies in the life sciences sector.

The U.S. EDA award signifies a critical investment in the future of life sciences innovation. With approximately 30 science and tech-based companies benefiting from Innosphere programs annually, Innosphere is at the forefront of organizing early-stage capital and providing critical business support to entrepreneurial startup teams within the ecosystem. The Regional Life Sciences Incubation Program will support startups that are developing or commercializing technologies, products, devices, and life-saving breakthroughs, accelerate the journey from laboratory discoveries to market, and catalyze economic growth.

“EDA is proud to partner with Innosphere Ventures to support life sciences entrepreneurship,” said Angela Martinez, Director of EDA’s Denver Regional Office. “This investment will help further the Regional Life Sciences Incubator by harnessing the strengths of research universities across six states to fuel transformative innovation, grow regional economies, and create high-value jobs.”

Innosphere Ventures is eager to engage with partners in the 6 participating states, including Colorado, Nebraska, Utah, Texas, New Mexico, and South Carolina, who share our commitment to technology ecosystem building. Innosphere’s Build to Scale Venture Challenge application was selected for funding from among more than 220 proposals that will further technology-based economic development initiatives and support the acceleration of technology entrepreneurship.

Mike Freeman, CEO of Innosphere Ventures, expressed his gratitude for U.S. EDA’s support, stating, “We are immensely thankful for the EDA’s belief in our mission. This grant enables us to drive innovation, strengthen the life sciences ecosystem, and create lasting economic impact not just locally but for the entire United States.”

Partners of the Regional Life Sciences Incubation Program include non-profit trade associations that represent their state’s life sciences industries, including: Bio Nebraska, BioUtah, and the Colorado BioScience Association.

University partners across the 6 states include Colorado State University (CSU) through CSU STRATA, the Medical University of South Carolina through the Zucker Institute for Innovation Commercialization, Texas Tech University through its Office of Research and Innovation, University of Colorado – Anshutz, University of Colorado – Boulder (CU Boulder), University of Nebraska – Lincoln (UNL) through NUtech Ventures, University of Nebraska Medical Center (UNeMed Corporation), University of New Mexico through UNM Rainforest Innovations, and the University of Utah’s Vice President for Research.

“We extend a warm invitation to entrepreneurs, university faculty, investors, foundations, and all stakeholders who share our vision of advancing the life sciences ecosystem. Your involvement is crucial to the success of this endeavor. Together, we can amplify our impact, provide vital resources, and create an even more dynamic and innovative landscape. We encourage you to join us in this transformative journey as we collaborate to fuel the growth of life sciences and science-based startups and drive economic prosperity across the region,” said Freeman.

This grant represents a pivotal moment for Innosphere Ventures and the broader innovation community in the central United States. It reinforces our dedication to powering technology entrepreneurship, fueling economic growth, and building a brighter future for all.