The employment rate in bioengineering is projected to increase by 5% from 2022 to 2032, which is faster than the average for all occupations, as per data from the Bureau of Labor Statistics. This growth presents an opportunity for entrepreneurs and businesses looking to break into the biotech sector.
Case Western Reserve University (CWRU) has taken advantage of this trend by renovating one of its buildings to create a business incubator. The aim is to support startup businesses in the fields of biotech, health tech, and engineering. The renovation process for the building will cost around $50 million and will take place incrementally until October 2026 when it is expected to open.
Michael Oakes, senior vice president of resource and technology management at CWRU, emphasized that the incubator’s primary goal is to provide a platform for businesses in Northeast Ohio to leverage technology, create jobs, and contribute positively to society. He highlighted that the facility will offer access to lab equipment and resources available at the university, making it attractive for businesses seeking such resources.
Andrew Cornwell, director of the business incubator at CWRU, stated that the application process for businesses looking to work out of the incubator is straightforward. He noted that human interaction is crucial for innovation and scientific advancements, which is why the facility has been designed with this in mind.
Oakes stressed that with support from hospital partners and medical schools, the business incubator will provide a significant advantage to businesses in the biotech sector. The growth in biotech is expected to increase in Ohio, making this business incubator an excellent resource for entrepreneurs and businesses in this field.
In conclusion, bioengineering employment rates are expected to grow significantly between 2022 and 2032. Case Western Reserve University’s decision to create a business incubator aimed at supporting startups in biotech fields could be an excellent opportunity for entrepreneurs looking to break into this industry or expand their existing business operations.
