This fall, Harvard University plans to open the Harvard Life Lab, a 15,000-square-foot facility with wet lab space and offices for up to 30 new biotech or medical device ventures.
The goal is to help these startups reach the Series A funding stage faster. Jodi Goldstein, the head of the Harvard Innovation Lab, estimates startups will stay in the Life Lab for about 18 months.
While Cambridge, Mass.-based Harvard has spent over $15 million to build the Life Lab, it plans to charge $2,500 a month for a lab bench, office space and access to equipment. That's about half the cost of most wet lab spaces today.
Each startup must have at least one Harvard student, alum or faculty member on its founding team.
The selection process for Life Lab tenants is underway. The selection committee is comprised of Harvard faculty and local leaders from Polaris Partners, Novartis and LabCentral, among other organizations.
Decisions will be based on the projects' future potential and impact on the world.
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