In October of 2014, the Texas Medical Center launched the life science accelerator, TMCx. Today, TMCx is hosting over 40 startup companies, hailing from across the United States and beyond. While these are still early days, there is great excitement and support throughout the medical center and Houston. TMCx serves as the cornerstone of the Innovation Institute, comprised of several additional and equally important elements.
The TMCx accelerator is ideal for early-stage startups that require resources and expertise to help companies migrate from an idea to a viable health care solution As companies successfully navigate across the “valley of death,” and receive initial financing, their challenges expand from the technological to the operational. This is a critical time, as companies move from makeshift offices to ones that can support their early stage of growth. Typically, startup companies have no credit history, and are unable to afford market-rate rental prices or qualify for long-term rental agreements, making this an especially challenging transition.
In recognition of these challenges, the Texas Medical Center recently completed the development of a new area designed to meet the needs of emerging companies. It is called TMCx+. Located adjacent to the TMCx accelerator, TMCx+, as the name indicates, possesses those additional capabilities and resources required by more established companies.
TMCx+ is a fully furnished space containing 13 suites of secure, lockable offices for emerging companies. Each suite has two executive offices and a pod of desks that can support up to eight people. The TMCx+ space is equipped with a large community space, a café and six conference rooms.
Developed with no prior commitments, the TMCx+ space opened in late May. One month later, the space is fully occupied and the waiting list is growing every week. This is yet another indicator of the exponential demand and momentum of the entrepreneurial community in Houston.
It is very exciting to see how the Innovation Institute has become a place where innovators from throughout the medical center and across the city of Houston come together to share ideas and perspectives. We can’t wait to see how it will evolve and expand over the coming months.