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

Idealab Arizona launched earlier this month. Its goal is to support innovative entrepreneurs in key sectors such as AI, advanced manufacturing and healthcare.

The focus on key sectors aligns with current global trends, which could strengthen cutting-edge companies originating from the Phoenix metro area.

In addition, its creation reflects the landscape conducive to business development in the valley, according to a press release of the Greater Phoenix Economic Council (GPEC).

How will Idealab Arizona impact business?

Working with organizations like GPEC to foster partnerships with early-stage companies could help tech startups better access funding and resources.

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

“The Grand Phoenix has become one of the leading markets for startup and financing opportunities,” Camacho said in the release.

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

“This collaboration between longtime entrepreneurs and investors and the largest public university education system in the United States amplifies access opportunities for local innovators,” Camacho said.

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

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

ASU Partnership Already Impacting Tech Startups

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

A previous venture involved CarbonCapture, which worked with ASU to build a regional direct air capture platform and ultimately signed a deal. lease for a Mesa facility.

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

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

He also said he hopes it will spur job creation across the state.

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