Indiana Bioscience Innovation: IU LAB and Plug and Play Cohort

A collaboration between Indiana University’s IU LAB and the global venture capital firm Plug and Play is aiming to boost bioscience innovation in Indiana. Their partnership seeks to accelerate the growth and development of startups in the life sciences sector, in an effort to position Indiana as a recognised and vibrant ecosystem for biotech innovation.

The IU LAB Lifetech Accelerator program recently announced its inaugural cohort consisting of 12 startups. These companies originate from eight different U.S. states, with the majority from the Midwest, alongside companies from outside the country including OmniSpirant Therapeutics from Ireland and OsseoLabs from Thailand. They represent cutting-edge developments in therapeutics, medical devices, biotechnology, and diagnostics. The initiative is supported by prominent local stakeholders including BioCrossroads, IU Health, and Indiana University, which collectively aim to leverage Indiana’s academic institutions and corporate networks to foster a fertile environment for bioscience entrepreneurship.

The accelerator was opened back in September, with a ribbon cutting ceremony that attracted a diverse group of entrepreneurs, university executives, local government officials, and investors. All of which helped to emphasize the ambition to be a central node for life sciences innovation in the Midwest and beyond. At the time, president of Indiana University, Pamela Whitten, declared that "the future of Indiana's life sciences industry is being built at Indiana University,”adding that  "This new accelerator is one more example of IU's commitment to innovation and impact in Indiana and beyond."

The IU LAB Lifetech Accelerator is also part of a broader strategy to bolster Indiana’s bioscience sector. The University announced earlier this year that it has exceeded $1 billion in research funding for the first time and a $250 million investment was made in 2023 to boost bioscience innovation. The accelerator, supported by a $1.5 million annual sponsorship from IU Health, aims to incubate up to 40 human health startups per year through pre-accelerator and accelerator programs. Additionally, partnerships with entities such as gBeta by Gener8tor and the Central Indiana Corporate Partnership aim to bring together capital, corporate leaders, and innovation experts to nurture any high-potential startups.

With a bioscience focus that is rapidly evolving - just like many of its Midwestern neighbors - Indiana is trying to position itself to support the next generation of bioscience startups, and hopefully transform ideas into impactful solutions that advance global health right here from the Midwest.