Altitude Lab Startups Raise Over $120M in Capital
Altitude Lab's incubating startups have raised over $120M in early-stage funding since 2020. The launch of the Chris and Summer Gibson Founder Fellowship aims to support early-career scientists to launch their own startups. The fellowship offers up to $100,000 in funding, scientific tools, laboratories, and monthly mentoring with Chris Gibson to two fellows each year.
The announcement by Altitude Lab regarding the successful fundraising of over $120M for its incubating startups is indicative of the robust growth within Utah's biotech sector. This figure is particularly noteworthy given the current challenging funding climate for early-stage ventures, especially in the biotechnology field, which is typically capital-intensive due to high research and development costs. The doubling of the initial funding target of $50M underscores investor confidence in the region's potential to become a significant biotechnology hub.
From a market research perspective, the launch of the Chris and Summer Gibson Founder Fellowship can be seen as a strategic move to foster innovation and retain talent within the state. By addressing the resource and mentorship gap for young and underrepresented entrepreneurs, particularly those transitioning from academia to industry, Altitude Lab is positioning itself as a key player in nurturing the next generation of biotech companies. This could lead to a more vibrant startup ecosystem, potentially attracting further investment and fostering job creation in the sector.
The focus on enabling early-career scientists to bring medical innovations from the lab to patients is crucial for the progression of the biotech industry. The academic environment is ripe with potential groundbreaking discoveries, yet the transition from research to a commercial product is fraught with challenges. The fellowship's provision of up to $100,000 in funding, access to scientific tools and laboratories and monthly mentoring tackles key barriers to entry for these entrepreneurs. This initiative could accelerate the development of novel therapies and diagnostics, ultimately benefiting patient care.
Furthermore, the emphasis on diversity through the fellowship aligns with the broader industry trend of increasing inclusivity in STEM fields. By supporting underrepresented groups, the initiative may contribute to a more diverse pool of ideas and approaches to problem-solving in biotech, which is essential for driving innovation.
The economic implications of Altitude Lab's initiatives extend beyond the immediate biotech sector. By fostering a conducive environment for startup growth, they are contributing to the economic diversification and resilience of Utah's economy. The success of these startups could lead to increased economic activity and tax revenues for the state. Additionally, the fellowship program may serve as a blueprint for public-private partnerships aimed at economic development through innovation.
It's also worth noting that the biotech industry has a multiplier effect on the economy; it stimulates demand in ancillary sectors such as manufacturing, logistics and professional services. The development of a biotech hub in Utah could, therefore, have far-reaching economic benefits, attracting not only direct investment in biotech but also in these related industries.
01/24/2024 - 09:00 AM
Launches Fellowship Grant Opportunity for Early Career Entrepreneurs
SALT LAKE CITY, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Altitude Lab $120M in early-stage funding since commencing operations in 2020. Altitude Lab was founded by Recursion to support burgeoning startups and underrepresented entrepreneurs in Utah with fully equipped laboratories, a network of investors, business operations education, and a community of founders. To further advance this mission, the incubator also announced today the launch of the Chris and Summer Gibson Founder Fellowship
“Despite an extremely challenging funding climate, our 18 startups have continued to be creative and build impressive companies and technologies. Investors are increasingly watching Utah as a growing biotechnology hub. In 2021 we announced our investor coalition $50M in funding for our startups. It's a really proud moment to more than double that goal today,” said Chandana Haque, executive director of Altitude Lab.
While this funding milestone speaks to the strong growth of Utah’s biotech ecosystem, enabling young and underrepresented entrepreneurs continues to be a challenge. Many promising technologies are developed in academic research labs where students are inventing medical breakthroughs but are unaware of how to bring their innovations to patients. Universities have improved the racial and gender diversity in their programs but these students still lack the resources and mentorship to inspire company building. In partnership with Chris and Summer Gibson, Altitude Lab has launched the Chris and Summer Gibson Founder Fellowship
“Unlike other STEM fields, life science has an extremely diverse funnel of talent. If we want this talent to stay in Utah, take the entrepreneurial leap, and build the next era of medicine, we need to arm them with the resources, mentors, and funding to do it. That’s why my wife, Summer Gibson, MD, and I are thrilled to support this fellowship,” said Chris Gibson, PhD, Co-Founder and CEO of Recursion. “Recursion founded Altitude Lab to provide the infrastructure Utah needed to excel in biotechnology. This fellowship allows us to support entrepreneurs in a much more personal way. Summer and I both did our graduate training in Utah and we are very proud to help more ambitious students translate their work to patients and shape Utah’s biotech industry.”
The Founder Fellowship offers up to $100,000 in funding, scientific tools and laboratories, and monthly mentoring with Chris Gibson to two fellows each year. Fellows must be within 12 months of finishing their training to qualify for the fellowship. Applications are open now and close April 12, 2024. Learn more about Altitude Lab and apply for residency and the Founder Fellowship at altitudelab.org.
About Altitude Lab Altitude Lab BioHive . Currently located in Gateway’s BioHive Hub in Salt Lake City, Altitude Lab is an incubator focused on early stage life science and health care companies. The initiative is part of a larger city plan and collaborative vision from Recursion to foster socially-responsible entrepreneurship, job creation, and economic productivity. The Recursion Foundation, under which Altitude Lab operates, is a 501(c)(3) nonprofit organization.altitudelab.org or connect on X About Recursion
Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive www.Recursion.com Twitter LinkedIn
What is the purpose of Altitude Lab's Chris and Summer Gibson Founder Fellowship?
The purpose of the fellowship is to support early-career scientists to launch their own startups.
How much funding does the Founder Fellowship offer?
The Founder Fellowship offers up to $100,000 in funding.
Who is eligible for the Founder Fellowship?
Fellows must be within 12 months of finishing their training to qualify for the fellowship.
When do applications for the Founder Fellowship close?
Applications are open now and close on April 12, 2024.
