Umeå Biotech Incubator (UBI) has been granted financing for the ERDF project “Life science city”, which will further develop the life science industry in the region 2024-2026.
”It feels gratifying that we get to build on our long-term goal,” says UBI’s Operations coordinator, Peter Jacobsson. ”Developments in recent years have shown the potential in Life science-Umeå. We have a university with cutting-edge research, we have a municipality and region that understands the value of life science, and we have both small and large growing companies that attract international attention. With the new project, we can stimulate Life science-Umeå to further sharpen their collaborations and benefit from each other’s knowledge.”
In 2019, Umeå Biotech Incubator launched “Life science motorn 2.0”, a regional fund project with funding until autumn 2023, with the goal of building a growing industry in Umeå. The number of jobs within Life science-Umeå has increased by 17 percent annually since then, the total turnover has tripled, from SEK 200 million to SEK 600 million, and the life science companies in Umeå have attracted approximately 800 million SEK in capital in four years.
Life science motorn 2.0 (financed by Umeå University, Umeå Municipality, Region Västerbotten and the Agency for Growth through ERDF) recently received the award “Regio Stars Västerbotten” and was awarded by Region Västerbotten as the best regional fund project in 2023 in the category “A region with place-based sustainable business development”.
Life science city
Now, Umeå Biotech Incubator has received the go-ahead for a new ERDF project. The Structure Fund Partnership Övre Norrland has announced that it is granting the “Life science city” project 14 million SEK from the Agency for Growth (Tillväxtverket) through ERDF (European Regional Development Fund).
The long-term goal that the project will contribute to is that companies with their headquarters in Umeå in 2030 will have 2,000 employees and a turnover of over 1.5 billion SEK.”
The project starts on 1 January 2024 and aims to further develop the life science industry in Umeå. The long-term goal that the project will contribute to is that companies with their headquarters in Umeå in 2030 will have 2,000 employees and a turnover of over 1.5 billion SEK.
The project is divided into four work packages; improve individuals’ ability to transform knowledge into innovation, increase the ability to build businesses that are attractive even in difficult times, stimulate new ideas and collaborations through competitive arenas and meeting places within Life science-Umeå and increase companies’ ability to cooperate in terms of skills supply.
Photo of the UBI staff