The Innovation Space, a Wilmington, Del.-based not-for-profit innovation ecosystem and a virtual and physical home for science entrepreneurs, has been selected for a U.S. Department of Commerce Economic Development Administration (EDA) grant.
The award will provide $750,000 in support for First Fund, the Wilmington-based innovation ecosystem’s signature seed stage investment program for early-stage science startups. The program will offer state-of-the-art lab space, capital funding and access to an international network of mentors, experts, and investors.
Funding will be dedicated to increasing staffing for Innovation Space’s First Fund program, which will enhance the ability to expand geographic reach, attract private co-investors, and deepen the support the Innovation Space can provide to science entrepreneurs.
Led by Bill Provine, Founder and CEO, Innovation Space works to transform science and technology startups into industry leading companies. Located on the historic Experimental Station campus in Wilmington, Delaware, the Innovation Space is comprised of 130,000 ft2 of state of the art lab and office space with access to equipment alongside a suite of entrepreneurship programs and opportunities supporting startup growth.
In six years since its inception in 2017, Innovation Space has supported and enabled more than 100 startups through their growth journeys in which these companies have raised more than $1 billion in investments. Across the Mid-Atlantic and throughout the country, the organization has invested in dynamic startups in the fields of health care, advanced materials, diagnostics, therapeutics, nutrition, chemical ingredients, industrial and agricultural biotechnology, clean technology and renewables. Clients are working to advance science and improve lives from cancer treatments to climate change solutions and nearly everything in between.