RESEARCH TRIANGLE PARK – First Flight Venture Center has a new strategic plan, centered on three pillars, and one of those pillars is a new building.

The strategic plan was announced at an event celebrating the organization’s 30th Anniversary by Krista Covey, president of First Flight Venture Center.

The plan centers on the organization’s next 30 years.

“First Flight’s mission is to propel early-stage science focused companies through the delivery of comprehensive resources and to empower the innovator to transform good ideas into great success,” said Covey.

The first pillar of the plan is a new building that will be constructed on land already owned by First Flight Venture Center, said Covey, with the objective of expanding lab space, consolidate its prototyping assets and centralize the organization’s programming.

The second pillar will be a new accelerator program, Wheels Up, a 12-week cohort-based accelerator for science startups that will be conducted in partnership with the Biomedical Research and Development Authority (BARDA), said Covey.

Covey added that the accelerator will provide funds to participating companies and that First Flight has already secured $100,000 in prize money.

The third pillar, said Covey, is a new capital fund that will “provide critical financial support for the long runway science-focused companies face.”

The new building will be built at 2 Davis Drive, and is expected to be some 100,000 square feet.  The current facility is about 24,000 square feet.

“We intend to maximize our prime RTP location to develop our land and establish First Flight as an international center of innovation excellence,” said Covey.

First Flight shared in a statement that the organization would announce further updates on the implementation of the new strategic plan in 2022.