Pennsylvania Gov. Josh Shapiro announces $125M startup accelerator
Pennsylvania Gov. Josh Shapiro on Tuesday announced that the state’s 2026-27 budget, which was enacted this month, includes $125 million for the creation of Innovate in PA 2.0, a program that will provide funding to promising startups.
It will also create a statewide clinical trial network for the life sciences: modern medicine, biotechnology and agriculture. Its name stems from a 2012 initiative, the Innovate in Pennsylvania Program, which generated $100 million capital to invest in the commonwealth’s biotech and life sciences industries. The funds will enhance the innovation network to help young companies succeed in Pennsylvania, a news release said.
Shapiro announced the program at B+labs, a life sciences incubator in Philadelphia’s Schuylkill Yards. It features state-of-the-art wet and dry chemistry labs, shared research equipment and “grad labs” for individuals looking to scale startups.
Pennsylvania’s life sciences sector employs at least 100,000 people across more than 3,000 companies and world-renowned research institutions. In 2025, Colliers National Life Sciences Report ranked Philadelphia as a top five region for both life sciences investments and leasing opportunities, highlighting the ability of the region to support and sustain growth in the industry.
“Pennsylvania has always been a place where big ideas become world-changing innovations, and with this budget, we’re making sure the next generation of breakthroughs happen right here in the Commonwealth,” Shapiro said in the release. “Innovate in PA 2.0 will help promising startups grow, strengthen our life sciences ecosystem, and connect more Pennsylvanians to good-paying jobs that will define the future. From biotech and robotics to advanced manufacturing and energy, we’re making strategic investments that help Pennsylvania compete, win, and lead the nation in innovation.”
