QB3 and JPMorgan Chase Announce Breakthrough Collaboration
$200,000 Grant Will Fund Incubator Program Management and Student Internships
SAN FRANCISCO, Oct. 30, 2013 /PRNewswire-USNewswire/ -- QB3, a state institute that connects private industry with more than 220 scientists at UC San Francisco, UC Berkeley and UC Santa Cruz, today announced a new partnership with JPMorgan Chase to promote biotech innovation in San Francisco.
JPMorgan Chase awarded $200,000 to fund an entrepreneurship program manager position at QB3's new biotech incubator. The grant will also fund internships at the center to assist students from economically disadvantaged neighborhoods in their efforts to enter the biotech industry.
The gift will allow QB3 to expand its programs and facilities to support entrepreneurs and thus help to develop the innovation corridor between the San Francisco neighborhoods of Mission Bay and Hunter's Point.
"QB3@953 is our first incubator designed from the ground up to provide everything entrepreneurs need to get successful biotech companies going," said Regis Kelly, director of QB3. "A professional, full-time manager will handle the day-to-day needs of the entrepreneurs and will guide the interaction with the local community. If our incubator prospers in a region that has lost most of its manufacturing jobs, it could provide a national model for disadvantaged neighborhoods. We are grateful to JPMorgan Chase for making this possible."
Alice Rodriguez, California Region Manager of Chase Business Banking, said, "JPMorgan Chase is committed to doing our part to assist in the economic development of the communities we serve. We are excited to work with such an innovative collaboration and we look forward to the results of QB3's efforts as they spur economic growth in the region."
The manager, who has yet to be hired, will manage the property, handle environmental health and safety concerns and screen tenants. He or she will organize social events and workshops for incubator companies, as well as open houses for the community, including local high schools.
JPMorgan Chase's gift will also enable QB3@953 to hire interns from economically disadvantaged neighborhoods. Because startup companies often expand quickly, the interns will be well-placed to take advantage of any employment opportunities that may emerge at the incubator.
QB3@953, located near the Mission Bay campus of the University of California, San Francisco, provides laboratory and office space for up to 30 life science startups. As in QB3's four other incubator sites in the San Francisco Bay Area, space is leased in amounts as small as a single research bench, making state-of-the-art laboratory space affordable for fledgling operations.
The incubator formally launched today with 23 companies already on board. Based on existing data from the QB3 incubator network, the startups will bring over $50 million in investments into the neighborhood each year.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
QB3 is a cooperative effort among private industry and more than 220 scientists at UC San Francisco, UC Berkeley and UC Santa Cruz. One of four technology institutes created in 2000 by former California Governor Gray Davis, QB3 has a joint mission of supporting science, driving the California economy and transforming scientific research into public good.
Fundamental to the latter two missions are QB3's efforts to commercialize University of California science by creating mutually beneficial partnerships with industry and supporting innovative entrepreneurs. The effort has led to 54 bioscience startup companies currently in QB3's incubator network. QB3 also operates Mission Bay Capital, an $11.3M seed-stage venture capital fund designed to support UC startups. For more information on QB3, visit www.qb3.org.