The demand for bioengineering professionals is expected to rise by 5% between 2022 and 2032, which is faster than the average growth rate for all occupations, according to data from the Bureau of Labor Statistics.
Case Western Reserve University (CWRU) has announced plans to renovate one of its buildings into a business incubator, aimed at supporting startup businesses in biotech, health tech, and engineering. The renovation process will cost approximately $50 million and is scheduled to be completed by October 2026.
Michael Oakes, the senior vice president of resource and technology management at CWRU, stated that the incubator will provide a platform for businesses in Northeast Ohio to leverage technology, create jobs and contribute positively to society. The facility will offer access to lab equipment and resources available at the university, attracting businesses from various locations, including international ones like Australia.
Andrew Cornwell, director of the business incubator, emphasized that the application process for businesses looking to work out of the incubator is straightforward. The incubator is designed to facilitate human interaction, which is crucial for innovation and scientific advancements.
Oakes highlighted that with the support of hospital partners and the medical school, the business incubator will provide a significant advantage to businesses in the biotech sector. The growth in biotech is expected to increase in Ohio, making the business incubator a valuable resource for entrepreneurs and businesses in the field.