We are excited to launch Yoo & Co. Accelerators at the Phoenix Biomedical Campus (PBC) Innovation Center, a.k.a., the 850PBC Building developed by Wexford Science & Technology, LLC in downtown Phoenix. Or, as we fondly refer to our new home, "@850PBC".
We join other inaugural members focused on fostering great new startups - ASU's J. Orin Edison Entrepreneurship + Innovation Institute, ASU's Health Entrepreneurship Accelerator Lab (HEALab), and the Center for Entrepreneurial Innovation (CEI). In addition to the focus on Healthcare & Life Sciences startups, the building will be occupied by researchers from ASU's College of Health Solutions and the Edson College of Nursing and Health Innovation, as well as exciting science and technology focused companies coming soon. We are excited to be part of the growing entrepreneurial ecosystem downtown.
Despite the difficult business situation resulting from the COVID-19 pandemic, I'm very encouraged by the resilience of our local economy and the courage of entrepreneurs to see the dramatic shift in how we work as opportunities to build new, valuable startups. In fact, last year saw the highest number of new applications to start new companies in the U.S. since 2007. Arizona mirrors this increase, starting more new businesses in 2020 than anytime since 2008.
(U.S. Census Data. See latest Business Formation Statistics, January 2021 for more details)
This burst of new company formation has continued in the month of January 2021, demonstrating the promising role of entrepreneurs to help the U.S. recover from the economic distress of the pandemic. While 2020 was undoubtedly challenging for small and medium businesses, the fast pace of new startups forming here in Arizona bodes well for a faster recovery. Our business community can help support that, by providing the right environment for startups to thrive.
At Yoo & Co. Accelerators, our mission is to partner with a select group of startups to accelerate their products or services to market. Our job is to provide the resources they need to successfully transition from pre-revenue to rapidly scalable, revenue-generating growth. Each new venture will require a unique blend of support, and together with the founders of those ventures, we determine what that potent mix is. We often start by aligning our incentives, providing seed financing in exchange for equity in the new company. We then provide operational support to focus on execution - from a productive environment to work in, to marketing and business development, to corporate strategy and financing - we will even provide interim management leadership where required. Our model relies on picking the right revenue-ready teams that need to prove their offering in the market, and aligning our success with companies that will succeed with growth. We've already started working with new companies that have the opportunity to transform health, wellness, and the prevention of disease, and we couldn't be more excited to introduce their innovative solutions to you over the coming months.
If you are an entrepreneur building a startup ready for rapid growth, and this sounds like the right growth strategy for your business, we invite you to contact us to learn more. We look forward to accelerating successful new startups here in Phoenix, Arizona!