The BioWell Accelerator, a First Bight-Led initiative, Receives Prestigious Federal Grant

Funds from U.S. Dept. of Commerce's "Build to Scale" program will help accelerate the commercialization and scaling of bio-industrial startups

HOUSTON, Dec. 13, 2023 /PRNewswire/ -- The U.S. Economic Development Administration, a division of the U.S. Department of Commerce, has awarded $53 million for its highly competitive "Build to Scale" Grant program to enhances and promotes venture activity and entrepreneurship for regional economies. Only 60 organizations were funded out of the many applications received. The Houston-based First Bight Ventures, and the founder of BioWell, a nonprofit accelerator aimed at early-stage synthetic biology startups, was awarded $741,925.

Funding will be used to support a vibrant bioeconomy by accelerating the commercialization and scaling of bio-industrial startups through access to a unique combination of pilot bioproduction infrastructure. "Startups at BioWell will gain access to a robust ecosystem, expertise, mentorship, and financial resources essential for successfully commercializing their bio-industrial innovations," said BioWell Executive Director Paul Palmer.

Urban Partnerships Community Development Corporation (UP CDC), which led the application process on this federal grant, has played a strategic role in shaping BioWell's overall mission and development endeavors, based on the successful work it has done at Houston-based East End Maker Hub, a manufacturing center for innovators. "BioWell chose to partner with UP CDC for the EDA grant, to continue the successful model that UP CDC has created at the East End Maker Hub for advanced manufacturing. UP CDC looks forward to continuing our partnership with BioWell in the UP CDC's BioCity project that will position Houston at the forefront of bio-manufacturing," said UP CDC's CEO Patrick Ezzell.

"Often times, early-stage startups gain momentum and hit important milestones, but ultimately find themselves heading toward the 'Valley of Death,' where progress is made on their enterprise, but no sufficient revenue is generated for the company's stability and longevity," said First Bight Ventures Founder Veronica Wu, who has also led the formation of BioWell. "This 'Build to Scale' program's support will help offset these inevitable challenges in our bio-industrial space," she added.

BioWell is committed to offering startups key business and operational resources and face-to-face engagement with large corporations. These relations are designed to help startups further develop their technology product and better understand the ever-evolving business climate. Houston is establishing itself as an innovation ecosystem. Over the last five years, startups have received more than $6 billion in venture funding, per the Greater Houston Partnership.

Because BioWell is still in its infancy as an accelerator, it is actively trying to secure resources with the goal of opening a dedicated workspace.

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SOURCE First Bight Ventures