Idealab Arizona (a partner of Idealab Studio, the leading technology incubator) announced launching a startup studio that co-founds Arizona State University-affiliated tech startups to increase commercialized intellectual property, startups, and jobs in Arizona.
Idealab Arizona will focus on startups in climate, medical, AI, and advanced manufacturing to drive sustainable solutions for a healthier planet and humankind. Allen Morgan—who has over 40 years of investing in successful Silicon Valley startups and is a member of the Idealab Studio board of directors—will serve as Chairman and CEO of the company. Bill Gross, entrepreneur and founder and CEO of Idealab Studio will join the board.
ASU and Gross previously collaborated in ventures, including CarbonCapture, an Idealab Studio-founded company working with ASU to build a regional direct air capture (DAC) hub with funding from the U.S. Department of Energy. And in June, CarbonCapture signed a lease in Mesa, Arizona for the world’s first DAC manufacturing facility.
Idealab Arizona will collaborate with the Greater Phoenix Economic Council (GPEC), which is globally recognized as a top economic development organization, and several public-private partnerships and large industry partners to sponsor and co-create startups. And Greater Phoenix has been one of the most successful regions in the nation at attracting venture capital, angel, and seed funding in recent years, with over $9 billion brought into the area from 2018-23. Between the first quarters of 2023-2024, it experienced a year-over-year increase in VC funding of 6% while many competitor markets and the nation overall saw negative growth.
KEY QUOTES:
“Idealab Arizona will leverage our unique approach to generating durable startups and resilient founders and we’re excited to launch and begin collaborating with entrepreneurs who will generate meaningful change. With that as our mission, ASU is the best university in the world with which we could hope to partner.”
Allen Morgan, Chairman and CEO, Idealab Arizona
“I believe that entrepreneurship unlocks human potential to solve big problems in the world. Since there are so many talented students and faculty at ASU, we are thrilled to partner with ASU President Michael Crow to support the launch of Idealab Arizona and to create important and impactful companies together to solve humanity’s biggest challenges. The partnership with ASU has already accomplished so much in such a short period of time, we are excited to imagine the new companies which Idealab Arizona and ASU will create together in the future!”
Bill Gross, Founder and CEO, Idealab Studio
“Arizona State University is thrilled to partner with Idealab Arizona, a collaboration that underscores our shared commitment to driving innovation and economic growth in Arizona. By nurturing cutting-edge startups in areas like climate technology, AI, and advanced manufacturing, we see immense potential to create transformative solutions that will not only benefit our local communities but also position Arizona as a global leader in innovation and sustainability.”
ASU President Michael M. Crow
“Greater Phoenix has emerged as one of the leading markets for startup and funding opportunities, and this collaboration between long-time entrepreneurs and investors and the largest public university education system in the United States amplifies the access possibilities for local innovators. The No. 1 university in innovation joining forces with Idealab Arizona is a natural partnership that will be able to leverage Greater Phoenix’s established climate technology, advanced manufacturing and healthcare innovation ecosystems to drive continued growth in a variety of industries.”
GPEC President & CEO Chris Camacho
