The U.S. Economic Development Administration (EDA) has awarded $53 million to 60 organizations as part of its highly competitive “Build to Scale” Grant program, aimed at promoting venture activity and entrepreneurship for regional economies. The Houston-based First Bight Ventures and the founder of BioWell, a nonprofit accelerator for early-stage synthetic biology startups, received $741,925 from the funding.
BioWell will use the funding to support a vibrant bioeconomy by accelerating the commercialization and scaling of bio-industrial startups through access to a unique combination of pilot bioproduction infrastructure. Executive Director Paul Palmer said that startups at BioWell will benefit from a robust ecosystem, expertise, mentorship, and financial resources essential for successfully commercializing their bio-industrial innovations.
The Urban Partnerships Community Development Corporation (UP CDC), has played a strategic role in shaping BioWell’s overall mission and development endeavors based on its successful work at the Houston-based East End Maker Hub, a manufacturing center for innovators. UP CDC’s CEO Patrick Ezzell said that BioWell chose to partner with UP CDC for the EDA grant to continue the successful model that UP CDC has created at the East End Maker Hub for advanced manufacturing.
Veronica Wu, the founder of First Bight Ventures and BioWell, said that early-stage startups often face challenges in generating sufficient revenue for their stability and longevity. She added that the “Build to Scale” program’s support would help offset these challenges in the bio-industrial space.
BioWell is committed to offering startups key business and operational resources and face-to-face engagement with large corporations to help them further develop their technology products and better understand the business climate. Houston is establishing itself as an innovation ecosystem, with startups receiving more than $6 billion in venture funding over the last five years, according to the Greater Houston Partnership. However, BioWell is still in its infancy as an accelerator and is actively seeking resources to open a dedicated workspace.
