USD 500 million Technology, Healthcare, & Life Sciences Co-working Community

USD 500 Million Technology

The Discovery Labs, a platform business established by MLP Ventures, announced at BIO 2019 that it is redeveloping GlaxoSmithKline’s one million square foot Upper Merion West grounds and the 640,000 Innovation at Renaissance grounds in King of Prussia into the most extensive “co-working” ecosystem for life sciences, healthcare, and technology-enabled corporations in the country.

The Discovery Labs is humongous in size and much larger than the normal co-working space, such as WeWork, and presents the mission-critical infrastructure required to operate life sciences, healthcare, and technology-enabled businesses. The size of each Discovery Labs empowers enterprise-level companies to work alongside with startup and developing companies and enjoy the advantages of the co-working phenomenon, according to Audrey Greenberg, Chief Financial Officer, The Discovery Labs. The Labs will be the first of a network of extensive co-working properties which will promote powerful, collaborative discovery on an international level.

According to Richard Heany, President of The Discovery Labs, the Labs draws together healthcare, life sciences and technology-enabled businesses that rely massively on enterprise-level infrastructure and who want to utilize space specifically designed for a contemporary, tech-enabled workforce with all the facilities necessary to hire top talent.

This one-of-a-kind atmosphere provides a creative and entrepreneurial structure that stimulates synergistic collaboration, where businesses, large and small grow from each other’s energy, experience, and innovation.

The Discovery Labs embodies the first, large-scale co-working lab for modification of its kind, where the best and brilliant minds in healthcare, life sciences, and technology-enabled industry come together to communicate with one another to generate energy, encouraging innovation in one massive, team-oriented enterprise. The Discovery Labs supports planned and spontaneous meetings among CEOs and workers to spark creative reflection and a free exchange of views.

At the heart of the society is IQ Connect, The Discovery Labs incubator, a collaboration with The Pennsylvania Biotechnology Center, is the most prosperous incubator operatives around the world. IQ Connect is a 100,000-square-foot business incubator and lab, which brings together experts, entrepreneurs, and product improvement startups, along with human resources, investment capital, venture banking, and other business assistance to pursue discovery and improvement of transformative scientific, life sciences, tech-enabled manufacturing, venture, and consumer merchandises.

The Pennsylvania Biotechnology Hub has a strong track background of growing flourishing new companies through their unique mixture of resources and professional assistance. The Pennsylvania Biotechnology Center is excited to expand its model to The Discovery Labs to develop an environment that nourishes entrepreneurs and brings new discoveries to business.

Unusual to The Discovery Labs is the assumption of the lab as a workplace. Initially created for large-scale pharmaceutical R&D, the campus leverages its tall roofs, extensive infrastructure, and in-place labs to create a workspace which encourages creativity while leveraging technology.

Philadelphia remains recognized as one of the fast-increasing biotech hubs in the world and recognized as the “Cellicon Valley” for its effectiveness in research and development of gene and cell therapy. Prosperous companies such as Spark Therapeutics, which acquired the FDA’s first gene-therapy approval for a genetic disease, have flourished in Philadelphia. As per the research from CBRE, Philadelphia ranked fourth for Medical Research & Health Services on a record of the country’s top biotech batches.

There’s a rush of life science startups in Pennsylvania, with more than half of these businesses staffing fewer than ten employees. The co-working laboratories facilities of Discovery Labs can help encourage the growth of small business with billions of dollars of foundation, so they can spend resources on the development of lifesaving and life-enhancing products, new technologies making lab space affordable to startups of any capacity.  This is specifically the type of facility that can help their entrepreneurs increase each other’s energy, enlightenment, and innovation.

Co-working spaces employ 27 million square feet of space beyond the U.S. and have developed by 200 percent over the past few years. These areas are typically equipped toward smaller tenants, excluding big companies who wish to redevelop themselves. Millennials boosted on technology, favor collaboration, and are driving employers to move to areas that are more open and community adapted. They also necessitate excitement and socialization in the workplace.