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NATIONAL
SHORTAGES Citing a national shortage in wet lab space available to life sciences researchers, the Louisiana Department of Economic Development under former Governor Foster commissioned a study on the benefits of developing a wet lab incubator in the state.
The new incubator will provide a wide range of services to young biotechnology companies, many of which are started by researchers. LETC will assist companies with the commercialization of their technologies, including determining a product’s appeal and market viability, as well as physical resources, such as lab and office space. “Because wet lab space is extremely expensive and in short supply, LETC is providing an opportunity for company researchers to develop new technologies that can potentially cure diseases and pour dollars back into Louisiana’s economy,” says Paula Jacobi, chief executive officer of the LSU System Research & Technology Foundation. The types of companies the incubator will house could potentially employ thousands of people and invest millions in Baton Rouge. Knowledge-based companies, as they are known, continually perform research to improve their methods and technologies, and access to LSU resources is critical to their success. LETC will also work with other existing incubators in Baton Rouge. “We will be working with the Louisiana Business & Technology Center at LSU and the Louisiana Research Park at Bon Carre to provide a network of support and support services to these companies,” says Jacobi. She also says that the Legislature’s initial investment of $30 million is a sign of recognition and support of the lure of higher paying jobs, such as those created by biotechnology companies. “The leadership at the state level and universities are really beginning to recognize that if we want to bring our children home to Louisiana, we have to create jobs that they will be interested in,” says Jacobi. Jacobi is currently spearheading a national search for an executive director for the LETC to begin recruiting companies for the incubator later this year. The Foundation is also working to create a venture capital fund to help Louisiana companies. The Louisiana Economic Development Corporation has already committed $5 million, provided the Foundation can raise an additional $10 million. Indeed, an additional $10 million was recently pumped into the fund by the Teachers’ Retirement System of Louisiana. Speaking with both institutional and private investors, Jacobi says they hope to reach $35 million for the venture capital fund by the LETC opening early next spring. ON
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In
2002, the findings of the study were released and it was determined
that wet lab space is vital to a thriving biotechnology industry.
The Louisiana Legislature appropriated $10 million each to Baton
Rouge, New Orleans, and Shreveport to develop and build wet lab
space. In Baton Rouge, the LSU System Research & Technology
Foundation is overseeing the construction of the Louisiana Emerging
Technology Center (LETC), a 60,000-square foot wet lab incubator
for use by life sciences businesses, which include environmental,
food sciences, nutrition, and agricultural businesses, and will
manage and operate the center once it is complete.