JPMorgan Chase's gift will also enable QB3@953 to hire interns from economically disadvantaged neighborhoods. Because startup companies often expand quickly, the interns will be well-placed to take advantage of any employment opportunities that may emerge at the incubator.
QB3@953, located near the Mission Bay campus of the University of California, San Francisco, provides laboratory and office space for up to 30 life science startups. As in QB3's four other incubator sites in the San Francisco Bay Area, space is leased in amounts as small as a single research bench, making state-of-the-art laboratory space affordable for fledgling operations.
The incubator formally launched today with 23 companies already on board. Based on existing data from the QB3 incubator network, the startups will bring over $50 million in investments into the neighborhood each year.
About JPMorgan ChaseJPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com . About QB3 QB3 is a cooperative effort among private industry and more than 220 scientists at UC San Francisco, UC Berkeley and UC Santa Cruz. One of four technology institutes created in 2000 by former California Governor Gray Davis, QB3 has a joint mission of supporting science, driving the California economy and transforming scientific research into public good. Fundamental to the latter two missions are QB3's efforts to commercialize University of California science by creating mutually beneficial partnerships with industry and supporting innovative entrepreneurs. The effort has led to 54 bioscience startup companies currently in QB3's incubator network. QB3 also operates Mission Bay Capital, an $11.3M seed-stage venture capital fund designed to support UC startups. For more information on QB3, visit www.qb3.org. SOURCE QB3