Drexel, University City Science Center and DreamIt Ventures Partner to Foster Innovation in Philadelphia

Drexel and Science Center to Create Innovation Hub at 3401 Market St. DreamIt to Open World Headquarters at the Hub and Drexel to Invest in DreamIt Fund

PHILADELPHIA (December 11, 2013) ­­– Drexel University, the University City Science Center and DreamIt Ventures are on a mission to support innovators and entrepreneurs in the Philadelphia region and have formed a strategic partnership that creates a hub for start-ups to test their wings and the capital that will support their continued growth. Drexel and the Science Center have collaborated to form a 17,500-square-foot innovation hub that will serve as a launching pad for companies by offering business incubation and accelerator spaces and services to support idea generation, innovation and growth as well as support for later-stage companies. The innovation hub, which will officially open in April 2014 on the second and third floors of the Science Center building at 3401 Market Street, will include a suite of flexible workspaces designed to foster collaboration throughout the entrepreneurial ecosystem. It will also house the world headquarters for DreamIt Ventures, a global business accelerator that is well-versed in helping start-ups take flight. “This partnership not only supports Drexel’s and the Science Center’s shared vision for University City, it’s a major step forward in accomplishing Drexel’s goal of creating an innovation nexus on our campus,” said Drexel President John A. Fry. “It also marks an important step in creating a path to success for burgeoning entrepreneurs to follow.” The goal of Drexel and the Science Center’s collaboration is to support emerging technologies. It builds on Drexel’s strategic plan and the mission of Drexel’s Expressive and Creative Interaction Technologies (ExCITe) Center; and the Science Center’s long and successful tradition of supporting startups and convening communities around innovation and entrepreneurship through programs such as its Port business incubator and Quorum, the entrepreneurs’ clubhouse. The ExCITe Center, which opened on the first floor of the 3401 Market Street. building last fall, has already become a hub for Philadelphia’s technological innovation community. Just up the street, at 3711 Market Street, the Port has been developing successful models of business incubation since 2001, which will now be extended to the 3401 innovation hub. “The Science Center and Drexel University share an innate strength and experience in emerging technologies,” said Dr. Stephen S. Tang, president and CEO of the Science Center. “This partnership leverages that strength to create an environment where tech entrepreneurs can connect, collaborate and thrive – ultimately strengthening Philadelphia’s role as a supportive environment for tech startups. And we are pleased to be able to strengthen our long-term relationship with our friends at DreamIt, by offering them a permanent home on our campus.” “We are putting another stake in the ground to create our Innovation Neighborhood and illustrate how committed we are to supporting entrepreneurs in the Philadelphia region,” said Drexel’s Senior Vice President for Corporate Relations and Economic Development Keith Orris. “We want to support start-up companies, help them grow and keep them here in Philadelphia.” Click here to read more.