USD Discovery District Analyzes Post-Pandemic Biotech Market - Thel Consulting, LLC

USD Discovery District Analyzes Post-Pandemic Biotech Market

June 14, 2023
By Tung Nguyen

Tenants relocate to research parks primarily for access to funding and access to workforce.

In 2023, the USD Discovery District undertook a comprehensive market study to pinpoint the driving forces behind the success of its newly established research park. The study delved into tenant profiles and the key considerations companies make when deciding to relocate to such facilities.

Infrastructure Expansion and Facility Development

USD Discovery District has recently expanded to accommodate the growing needs of its tenants by securing funds for a 50,000 square foot mixed-use facility tailored for biotechnology and life sciences. This facility adopts a core and shell design, ideal for companies in their expansion phase, fostering an environment ripe for collaboration among academia, startups, and established tech firms.

The proximity to the University of South Dakota Sioux Falls campus offers tenants access to cutting-edge equipment at the USD GEAR Center, making the district an attractive destination for research-focused companies.

Strategic Partnerships and Collaboration

The district has strengthened its position through strategic alliances with academic institutions, industry giants, and government entities. These partnerships are pivotal for research advancement, product development, and establishing South Dakota’s prominence in biotechnology and healthcare. They provide not only specialized knowledge and financial support but also enhance R&D capabilities for both emerging startups and established corporations.

Tenant Dynamics and Business Support

The USD Discovery District aims to attract mature companies that have already navigated through FDA approvals and are in the process of scaling up. The district also welcomes a variety of support businesses like consultants and contract research organizations, all with a focus on healthcare.

The primary reasons companies choose to move into a research park, according to the report, are access to a skilled workforce and financial resources. The close relationship with USD allows for direct access to students from biomedical engineering and health sciences, addressing the workforce need. However, the study noted a scarcity in local angel funding for medical device and life science startups, suggesting these companies might need to look beyond South Dakota for investment due to the lengthy regulatory and high funding requirements.

Future Aspirations

USD Discovery District plans to further expand its laboratory and office spaces to support more partnerships and cater to the evolving demands of tech-driven sectors. The goal is to make the district a model of synergy between academia and industry, potentially setting a precedent for other regions.

The 2023 market study report from the USD Discovery District highlights its transformative impact on South Dakota’s innovation landscape. Through infrastructure development, strategic collaborations, and fostering economic growth, USD Discovery District is not only nurturing its tenants but also significantly contributing to the state’s economic and technological advancement. With these initiatives, the district is well on its way to becoming a leading center for research and business expansion.

ABOUT USD Discovery District

The USD Discovery District is strategically located in Sioux Falls, South Dakota, and is currently in the process of constructing a 50,000-square-foot multi-tenant, mixed-use facility. Unlike typical incubators, the USD Discovery District is designed to support scale-up companies that are already funded, have obtained FDA approval, and are looking to expand their operations. The first building, when finished, will primarily be core and shell allowing tenants to fully customize their lab and office spaces according to their specific needs, providing a unique level of flexibility.

Read the full market study

Learn more about USD Discovery District

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