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Affordable workspace can be difficult for biotechnology and life science startups to secure. But thanks to a generous co-sponsorship by Faber Daefuer & Itrato, one emerging company will receive a year’s worth of free access to an innovative workspace.
LabShares Newton has developed a state-of-the-art facility that is fully permitted and professionally maintained, offering a variety of support services and amenities to early-stage research companies at an affordable cost. Initially launching in October 2018, the coveted LabShares space opened at near capacity. In an effort to provide even greater assistance, they recently expanded the facility to accommodate up to 30 companies.
“LabShares is committed to creating a dynamic community for life science start-ups in Newton,” said Jeff Behrens, Co-founder and Chief Executive Officer of LabShares. “Our goal is to provide a cutting-edge lab and work space at a cost-effective price, and to offer the necessary services, resources, professional development, and networking opportunities to provide a foundation for biotech start-ups to thrive. As vacancy rates for biotech lab and office space continue to fall and rents continue to rise in Cambridge, emerging companies are looking elsewhere for space. With our recent expansion, LabShares is uniquely positioned to meet this growing demand.”
To mark their new expansion, the company announced Launch@LabShares, a pitch competition to determine which emerging company will receive the free one-year membership co-sponsored by Faber. This $50,000 prize will supply the winner with much needed support in their administrative and research needs. The state-of-the-art facility provides a collaborative, cost-effective and entrepreneurial research environment in a convenient location close to Cambridge and Boston.
“We are excited to offer a year-long membership to a biotech start-up through our Launch@LabShares contest and help support new and emerging companies in the space,” explained Behrens. “We hope that LabShares will become a central part of the growing life science ecosystem.”
The winner of the pitch competition will have access to a shared office and lab space for one scientist. They can also utilize all LabShares amenities, including basic administrative support, shipping and receiving, access to conference rooms, and a fully-stocked kitchen. Shared office park amenities also include a fitness center with showers, indoor bike storage, a café, and free parking.
Another extremely useful resource offered to LabShares tenants is a monthly lunchtime speaker series, featuring successful biotech executives, scientific thought leaders, and professional advisors. As explained by Behrens, the series is meant to “provide members with a forum for information exchange and to learn about industry best practices.” Lawyers from Faber will be featured at the November 2019 LabShares event to discuss start-up stage financing and deal making.