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.
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. This will be the first freestanding incubator with wet lab space in all of Utah. 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.