Idealab launches ASU-affiliated startup studio to support new businesses

PHOENIX — A new studio made in partnership with Arizona State University has launched to support tech startups around the state.

Idealab Arizona kicked off earlier this month. It’s aimed to support innovative entrepreneurs in key sectors like AI, advanced manufacturing and health care.

Its focus on key sectors matches with current global trends, which could bolster cutting-edge businesses originating in metro Phoenix.

Furthermore, its creation reflects the Valley’s ripe landscape for business development, according to a press release from the Greater Phoenix Economic Council (GPEC).

How will Idealab Arizona impact business?

Working with organizations like GPEC to foster partnerships with fledgling businesses could help tech startups better access funding and resources.

Essentially, the studio could play a key role in bolstering the Valley’s business ecosystem, according to GPEC CEO Chris Camacho.

“Greater Phoenix has emerged as one of the leading markets for startup and funding opportunities,” Camacho said in the release.

In fact, Phoenix brought in more than $9 billion in venture capital as well as angel and seed funding from 2018 to 2023, according to the release.

“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,” Camacho said.

He hopes the studio will tap into the Valley’s wide talent pool.

Its partnership with ASU already gives it access to the university’s wide network of researchers and innovators.

Partnership with ASU already impacting tech startups

Companies founded with the help of Idealab Studio have already worked with ASU in the past.

One previous venture involved CarbonCapture, which worked with ASU to build a hub for regional direct air capturing and eventually signed a lease for a Mesa facility.

Idealab Arizona’s CEO, Allen Morgan, said he hopes to see many similar success stories in the future.

“Idealab Arizona will leverage our unique approach to generating durable startups and resilient founders,” Morgan said in the release. “We’re excited to launch and begin collaborating with entrepreneurs who will generate meaningful change.”

He also said he hopes this will bolster job creation across the state.

“With that as our mission, ASU is the best university in the world with which we could hope to partner,” Morgan said.