4 min read August 2023 — Invest: spoke with Gabby Everett, site director of life sciences coworking space BioLabs Pegasus Park, about how it provides a “nucleation point to bring everything together” for the biosciences in North Texas. She also discussed the company’s outstanding occupancy rate at their new lab in Texas. “We provide the lab space, scientific equipment, and community that our entrepreneurs need to build their biotech. We give them a platform to advance their technology so that it gets to patients and the clinics faster,” she said.
What has been the overall impact or contribution of BioLabs in North Texas?
The biotech community in North Texas, before BioLabs, was primarily clustered around universities. Although the regional ecosystem was primed and growing, we didn’t really have a catalyzing nucleation point around which to coalesce, yet. Startup companies coming out of universities in the area went somewhere else because there wasn’t cost-effective lab space to de-risk their science. Many went to San Francisco or Boston, and they took their IP, investment dollars and talent with them. Now, we’re retaining those companies in North Texas. We’re also seeing an influx of biotech companies from the coasts and they are bringing jobs with them. That growth is really exciting to be a part of.
What opportunities are you looking to take advantage of?
We leverage the local biotech ecosystem in many ways to support startups and attract companies to the region. We have multiple accelerator groups like Health Wildcatters, MassChallenge and Capital Factory to mentor companies through the early stages of their growth. Locally, we also have programs like the Small Business Innovation Research (SBIR) Phase 0 program at HSC Next which helps companies apply for non dilutive federal funding. We also have an incredible network of local biotech investors who advise companies coming out of the universities. To put it simply, BioLabs isn’t just about real estate and lab space; it is about community. The appetite for biotech in North Texas is very strong, which has resulted in rapid growth for us. Our occupancy is 85% and we didn’t expect to be there for another few years. Our region is now able to retain companies coming out of the local universities and we’re attracting companies from the coasts. These opportunities also allow us to retain top talent and attract investment dollars, which will attract even more to the region.
What are the keys to successfully marketing to potential clients, partners or staff?
Marketing has been grassroots for us. BioLabs is well known in our industry and our name is strong in the biotech ecosystems in the Northeast and in California; entrepreneurs and universities know it. Locally, we have developed great relationships with universities, accelerator organizations, and vendors. The effort here in North Texas has been focused on letting people know what we do, what our value add is and that we’re here for them when they need us. Word of mouth is the best advertising for us.
What factors are driving increased demand?
Biotech is an extremely expensive industry. A single piece of equipment can cost you hundreds of thousands of dollars, let alone a lab that needs lots of equipment. BioLabs is a fully equipped, fully supported lab space so companies can focus on their science and we take care of everything else. We provide the lab space, scientific equipment and community that our entrepreneurs need to build their biotech. We give them a platform to advance their technology so that it gets to patients and the clinics faster. Our model is flexible with no-strings attached and it is very attractive to entrepreneurs and investors, which is why we have been growing for 10-plus years globally.
Investors love BioLabs for their companies because we offer them a space to de-risk their technology rapidly. To that end, we’re starting to attract venture capital from the coast to North Texas. Investors are starting to see what is happening here and they want in on it.
How is BioLabs accommodating the hybrid or nontraditional work environment?
Bench research must happen in the lab, but management of that research doesn’t necessarily have to. We have several hybrid teams in which the home base is in California or the CEO is in the Northeast and the lab is here in North Texas. One thing every biotech company needs is a good management team who know the industry. Oftentimes those executives or advisory board members are someplace else, so many of them are remote. In addition, funding often comes from outside of North Texas. The hybrid work environment is important for biotech because it allows managers, advisors and investors to be an easy video call away.
BioLabs has multiple conference rooms that are equipped with screens, webcams and microphones for quick connections with teams all over the globe.
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