Background/Summary:
As part of the EDIS I, the City of Peoria made a long-range investment in entrepreneurship and innovation-driven economic development with the launch of the BioInspire medical device incubator/accelerator. Since inception, the program has attracted 12 early-stage biomedical device companies, brought in more than $14 million in additional private funding, which has supported the creation of 62 jobs. The 5-year contract with BioAccel to operate and manage BioInspire has ended, and the City is now in a position to build on the success, as well as diversify the portfolio of offerings beyond the medical device industry.
In December 2015, the city council approved the EDIS II, which includes goals and initiatives related to business attraction, retention, expansion and entrepreneurial development. These initiatives set the foundation for the city to build an entrepreneurial ecosystem in the areas of innovation, technology, and commercial activities, as well as enhanced economic development efforts through promoting locally-available resources, improved access to talent and capital.
Arizona State University (ASU), in close collaboration with Mayo Clinic, has submitted a proposal to manage and operate the BioInspire Program by serving a far broader range of entrepreneurs, to add clinical validation of promising new technologies through the Mayo Clinic network, and access the research support, entrepreneurial training, investor connections and commercialization expertise delivered by ASU. The new business model will provide enhanced service offerings including MedTech Acceleration, Accelerator Management and Tech-Transfer Services.