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The UF business incubator Sid Martin Biotechnology Institute was named the 2017 Top Global Incubator of the Year.

The International Business Innovation Association recognized the institute March 28, said Mark Long, the institutes director. The institute received $1,500 for winning the award out of 30 other incubators.

The biotechnology institute provides lab space, equipment, business and legal advice at a low cost for new biotech companies, Long said.

Scientists need help understanding business and addressing the market, he said. Were here to help them out with that.

The institutes 40,000 square foot facility is at Progress Park in Alachua. Its used as office and laboratory space thats rented out to new companies unable to afford commercial space.

Getting an award like this is a real marketing tool in attracting new companies and investors for these companies, Long said.

He said since the institute started in 1995, businesses theyve served have a 78 percent success rate, meaning 78 percent of businesses stay open after the first five years. Since 2003, the success rate has improved to 93 percent.

Meekah Chaderton, a manager at the startup food development company Captozyme, said the institute helped improve the companys business.

Chaderton said Captozyme plans to move out of the institute and into their own space in June.

Small companies cant afford to buy a lot of equipment and lab space, so renting affordable space from Sid Martin has made us more competitive, Chaderton said.

Read more from the original source:
UF biotechnology institute named Incubator of the Year - The Independent Florida Alligator

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