SEATTLE – Washington State University has entered into a strategic partnership with the Seattle-based biotech investment and management company Accelerator Corp., becoming one of eight new Northwest institutional partners in the company’s $51.1 million venture.
“This partnership adds value to our efforts to commercialize WSU faculty-driven innovations in the marketplace,” said Anson Fatland, WSU associate vice president for economic development and external affairs. “We are pleased and excited about the potential.”
Sharing tech facilities, startup expertise
WSU faculty will benefit from Accelerator’s mentorship, support and evaluation of early-stage biotech research and ventures that are candidates for forming a startup company.
In turn, WSU’s faculty expertise and state-of-the-art technological support facilities will become part of the shared core assets available to Accelerator companies, enhancing scientific collaboration across the region.
Commercializing more WSU faculty technologies for the good of the community and society will broaden WSU’s commitment to its economic development mission as a land-grant institution.
About Accelerator Corp.
Accelerator offers unique solutions to the problems often innate to emerging and startup projects. Some of those solutions include bridging funding gaps with seed money, identifying, evaluating and managing development milestones, and providing access to other experts.
“Accelerator’s partnership with WSU will be a win-win,” said Thong Q. Le, the company’s chief executive officer. “We are thrilled about the reciprocal opportunities it affords in terms of sharing knowledge, resources and facilities. We look forward to making a difference in the startup development environment.”
The company’s seven other Northwest partners are the Benaroya Research Institute at Virginia Mason Medical Center, the Infectious Disease Research Institute, the Institute for Systems Biology, the Pacific Northwest Diabetes Research Institute, the Puget Sound Blood Center Research Institute, the Seattle Children’s Research Institute and Seattle BioMed.
Accelerator Corp. (http://www.acceleratorcorp.com) was established in Seattle in 2003 and will soon expand to New York City. It has formed and invested in 12 startup companies, raised $105 million in committed capital and established a reputation for successful growth and fast-track development of early-stage biotech projects using the four elements of venture capital, management, scientific expertise and world-class facilities.
Contacts:
Alyssa Patrick, WSU Economic Development & External Affairs communications, 206-219-2427, apatrick12@wsu.edu
Sita Pappu, WSU Office of Commercialization director, 509-335-1120, spappu@wsu.edu