Startups in general are facing an uphill battle, but especially those in life sciences. While many tech startups need very little capital to get a prototype up and running – or even to launch to the general public – startups in life sciences require huge amounts of capital before any work has even been done. Even if the appropriate capital can be raised, profitable results may be years, even decades away.
Johnson & Johnson, one of the world’s largest CPG (consumer packaged goods) companies is making it a little easier for life science startups in Toronto by opening JLABS, a 40,000 sq. ft. incubator facility. Located within the MaRS Discovery District, JLABS offers startups shared office and lab space as well as access to premier industry experts.
Betakit describes the new space as “an odd mix between the stereotypical hospital setting and tech incubator – sanitary with fresh white walls and complete with scientific lab testing materials, yet balanced out with the colourful furniture and open concept workspaces that’s become quintessential to the ideal coworking space.”
As for life sciences startups, they’re already eagerly clamouring for a placement – JLABS has filled 22 of the 50 spots available.
The incubator space will not only provide startup entrepreneurs with much-needed affordable work space, but also with access to highly specialized (and expensive) tools that startups would struggle to purchase on their own.
In turn, Johnson & Johnson will benefit from the innovative qualities that arise in a startup environment and are typically lacking from large corporate organizations. Melinda Richter, head of JLABS, describes Johnson & Johnson’s role as “[removing] hurdles so the best talent can progress, and by doing that we’re creating more opportunities and solutions possible for patients around the world. Our goal is to say our workforce is not 120,000 people strong, our workforce is millions of innovators strong.”
Richter also expressed that the design was key in fostering innovation. “One of the things we want to do in all of our facilities is democratize where you are, so you’re never a lab rat stuck in a dingy, dark room,” commented Richter. “In every lab, as you go through, you can see through to the outside. Everyone has an equal access to a great environment.”
Life science startups in Toronto can get excited, but so can everyone else. Breakthroughs in the life science industries are hard and very expensive to come by. Perhaps by nurturing young talent and helping startups overcome some of those initial hurdles, Johnson & Johnson will help improve life for everyone with some truly creative, out-of-the-box, innovative breakthroughs.