Home Economy Economic Activity Ocean State Labs to drive innovation, continued economic success for R.I.

Ocean State Labs to drive innovation, continued economic success for R.I.

By

Katie Castellani

-

12/10/2024

Ocean State Labs press conference — NEIL D. STEINBERG, chairman of the R.I. Life Science Hub board of directors, speaks about the new Ocean State Labs incubator space during a press conference at the Statehouse. Seated, from left, are Marc Crisafulli, chairman of the I-195 Redevelopment District Commission; Marc B. Parlange, president of the University of Rhode Island; Gov. Daniel J. McKee; House Speaker K. Joseph Shekarchi and state Sen. Louis DiPalma. / PBN PHOTO/KATIE CASTELLANI

PROVIDENCE – A year from now, Neil D. Steinberg hopes to be walking through the halls of the highly anticipated Ocean State Labs, which will serve as the state’s first incubator space for life science startup companies. “We’re incredibly optimistic. There’s a lot of energy. There’s a lot of buzz,” Steinberg, chairman of the R.I.

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PROVIDENCE – A year from now, Neil D. Steinberg hopes to be walking through the halls of the highly anticipated Ocean State Labs, which will serve as the state’s first incubator space for life science startup companies. “We’re incredibly optimistic. There's a lot of energy. There's a lot of buzz,” Steinberg, chairman of the R.I. Life Science Hub board of directors, said during a press conference at the Statehouse Tuesday. “The time is now to build this path forward.” The lab space, which will be located on the fourth floor of a seven-story building currently under construction at 150 Richmond St. that is anticipated to open by the end of 2025, will be home for up to 30 life science startups. The 30,000 square feet of lab space will include several private labs, flex and open lab spaces, a freezer room, space dedicated to microbiology, a microscope, as well as offices and collaboration rooms. The incubator space will sit below dedicated commercial lab space on the upper floors and above the R.I. Department of Health Laboratories on the lower floors, which is projected to open in July 2025. Brown University has invested $13 million over 10 years to lease 30,000 square feet of space at 150 Richmond St., which it will sublease at no cost to the hub to house Ocean State Labs. Christina H. Paxson, president of Brown, is confident it will be worth the investment, especially since it will fill the current lack of incubator lab space in Rhode Island. “We have scientists. They have ideas,” Paxson said. “They want to start companies, and right now they have to leave Rhode Island to do that.” Indeed, House Speaker K. Joseph Shekarchi said he has heard positive feedback from many companies that are excited about the opportunity to come to Rhode Island. But he says the incubator lab space is only the beginning. He expects the real benefits of the space to come in two to five years, and beyond, when startups begin developing into successful companies based in Rhode Island. Along with Brown University’s contribution, the hub will receive $1 million from the I-195 Redevelopment District Commission, and $9 million of the hub's three-year, $45 million allocation in Gov. Daniel J. McKee's state budget will be used for development and construction costs. The hub recently finalized an agreement with developer Ancora L&G to create the space. Global commercial real estate services and investment management company Jones Lang Lasalle Inc., doing business as JLL, will serve as project manager on behalf of the R.I. Life Science Hub. An Incubator Advisory Committee and a Selection Committee will be created to oversee the incubator operations and determine which startup companies will be accepted into the incubator and guide the development of programs. Marc Crisafulli, chairman of the I-195 Redevelopment District Commission, said the lab space directly aligns with the commission’s mission for economic development. “A flourishing innovation economy means more than just progress in the labs," Crisafulli said. "It's about boosting commerce, supporting those businesses and strengthening the economic future of our state.” McKee said the space will foster innovation that leads to long-term economic success for Rhode Island. “Without innovation, we'll basically just be repeating all the things and what we've done,” McKee said. “But we need to make that shift; not just protect the industries and the economy that we have, but seek out new ideas and new approaches that will continue to build amazing incomes and personal wealth.” Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.