Arizona continues its trend of attracting new tech investments. In this newest installment, Arizona State University (ASU) has partnered with Idealab Arizona, a partner of the longest-running technology incubator, Idealab. The Idealab studio was founded in 1996 and has taken part in the creation of over 150 companies with more than 45 Initial public offerings (IPO) and acquisitions. This new collaborative venture between ASU and Idealab Arizona will create a startup launch studio that co-founds ASU-affiliated tech startups, focusing on climate, medical, artificial intelligence (AI), and advanced manufacturing to drive sustainable solutions for a healthier planet. This partnership will also increase commercialized intellectual property, startups, and jobs in Arizona, much like the work being done by FreewayPHX.
Allen Morgan, a member of the board of directors at Idealab studio who has over 40 years of investment experience in Silicon Valley startups, will serve as Chairman and CEO of the company. Bill Gross, entrepreneur and Founder and CEO of Idealab will join the board.
ASU has collaborated on ventures with Gross in the past. CarbonCapture was born from a previous joint venture, with funding from the U.S. Department of Energy. CarbonCapture recently secured a lease in June in Mesa. CarbonCapture works to build a regional direct air capture (DAC) hub, and this facility in Mesa will be the world’s first DAC manufacturing facility.
Morgan released a statement in a press release, along with statements from Gross and Micheal Crow, president of ASU.
“Idealab Arizona will leverage our unique approach to generating durable startups and resilient founders and we're excited to launch and begin collaborating with entrepreneurs who will generate meaningful change. With that as our mission, ASU is the best university in the world with which we could hope to partner,” said Gross.
“I believe that entrepreneurship unlocks human potential to solve big problems in the world,” Gross continued. “Since there are so many talented students and faculty at ASU, we are thrilled to partner with ASU President Michael Crow to support the launch of Idealab Arizona and to create important and impactful companies together to solve humanity's biggest challenges. The partnership with ASU has already accomplished so much in such a short period of time, we are excited to imagine the new companies which Idealab Arizona and ASU will create together in the future!”
“Arizona State University is thrilled to partner with Idealab Arizona, a collaboration that underscores our shared commitment to driving innovation and economic growth in Arizona,” said Crow. “By nurturing cutting-edge startups in areas like climate technology, AI, and advanced manufacturing, we see immense potential to create transformative solutions that will not only benefit our local communities but also position Arizona as a global leader in innovation and sustainability.”
Globally recognized as a top economic development organization, The Greater Phoenix Economic Council (GPEC) will also be a collaborative partner, along with several public-private partnerships and large industry partners, to aid in sponsoring and co-creating startups.
“Greater Phoenix has emerged as one of the leading markets for startup and funding opportunities, and this collaboration between long-time entrepreneurs and investors and the largest public university education system in the United States amplifies the access possibilities for local innovators,” said GPEC President and CEO Chris Camacho. “The No. 1 university in innovation (ASU) joining forces with Idealab Arizona is a natural partnership that will be able to leverage Greater Phoenix’s established climate technology, advanced manufacturing and healthcare innovation ecosystems to drive continued growth in a variety of industries.”
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