LOS ANGELES--(BUSINESS WIRE)--Magnify, the California NanoSystems Institute (CNSI) incubator, is currently seeking companies that are innovating technologies in life science, medtech, IT, and advanced materials in the greater Los Angeles area to join its diverse portfolio.
Located at UCLA, Magnify helps Los Angeles startups by providing access to over $36 million worth of scientific equipment and advanced instrumentation, a rich network of mentors and investors, and a growing community of entrepreneurs. Magnify currently supports 21 companies originating from across the US, 80% of which are in the life-science space. As of 2014, companies in the incubator have raised $115 million in funding and generated over 185 new jobs.
“Magnify was directly responsible for us securing $8 million in Small Business Innovation Research (SBIR) grant funding from the NIH to perform preclinical trials,” said Dr. Chia Soo, professor and vice chair for research in the division of plastic and reconstructive surgery at the David Geffen School of Medicine at UCLA. Soo is the founder of Scarless Laboratories, an early-stage biotechnology company focusing on a peptide drug for wound healing.
There is a growing number of deep technology startups in Los Angeles. But due to the high cost of equipment and space, many of these companies are not able to turn their ideas into products. Magnify is changing this paradigm and helping entrepreneurial innovators bring their products to market. Magnify offers highly motivated entrepreneurs the ability to conduct key activities necessary to attract follow-on investment or acquisition. Recently, Omega Biosystems, one of Magnify’s members, was acquired by Becton, Dickinson and Company (BD).
“Our goal is to help companies reduce the time and capital needed to transform their ideas into a scalable, fundable business,” said Brian Benson, who oversees Magnify as director of entrepreneurship and commercialization at CNSI. “Magnify provides critical resources including mentorship, business development, and funding advice that can lead to a company’s success.”
To be eligible for the incubator, companies should have sufficient working capital to achieve critical technical and business milestones while covering incubator fees for at least six months. Companies should also be incorporated for less than five years and have their primary residence in the incubator at Magnify.
Admission is through a competitive review process starting with an online application that is initially screened by the Magnify team. Selected applicants are invited to present to the Magnify advisory committee, on a quarterly basis. The advisory committee is comprised of industry leaders from premier biotech, material, and investment firms. Acceptance decisions are made by the Magnify director along with input from the advisory committee.
Magnify is seeking to bring in four to six new companies each quarter. The next round of applications is due June 15, 2018 and can be submitted here: www.cnsi.ucla.edu/incubator/apply.
In addition, Magnify welcomes dynamic partners to support its mission of accelerating the growth and success of transformative technology companies. Entrepreneurs, mentors, investors, and industry partners who are looking to get involved in the startup community are encouraged to contact the Magnify team at firstname.lastname@example.org.
Magnify, the California NanoSystems Institute (CNSI) incubator, accelerates the growth and success of transformative technology startups in the greater Los Angeles area by providing high-quality, affordable facilities, services, and expertise in a vibrant community of innovation. Centrally located at UCLA, Magnify offers entrepreneurs unique access to a collection of advanced instrumentation, business development and funding advice, as well as entrepreneurial networking and mentorship opportunities to vastly increase a startup's likelihood for success.
The California NanoSystems Institute (CNSI) at UCLA produces life-changing scientific, economic and social impact in California and across the world. The CNSI environment fosters interdisciplinary teams that collaborate on high-impact research, leveraging the Institute’s leading-edge facilities and expert services to address grand challenges of our time. The Institute supports innovative startups with progressive training and infrastructure to drive commercialization of research-based technologies. CNSI also provides unique educational opportunities for the modern scientific leader by engaging learners from primary school students to established scientists and industry professionals.