In 1963 the nonprofit University City Science Center took over four blocks, between 34th and 38th Streets along Market Street, in Philadelphia. Dean Lewis, the center's interim president and CEO, politely refers to the area as being "fairly blighted" at the time. The city had condemned the buildings along the stretch, and companies that the Science Center had courted early-on declined to move there. Over the course of almost 45 years, however, all that has changed. Lewis now describes the center as "the oldest and largest urban science park in the world and the 2006 recipient of the Outstanding Research/Science Park of the Year Award by the Association of University Research Parks."

The Science Center provides young companies with the infrastructure of offices and labs, as well as mentoring, which sparks a viable commercial path. "We raise the value of companies in the shortest time possible," says Lewis.

One company that took advantage of this resource, BioRexis Pharmaceutical Corporation, grew strong in a flash. Early in 2002 David King, cofounder and former CEO of BioRexis, and his colleagues began raising capital to fund their development of protein-based drugs. In July of the same year, the company closed on $8 million of Series A funding. "Our lab at the Science Center was ready on a Wednesday," says King, "and we started producing proteins the next week."

Although BioRexis stayed at the center less than six months, King says, "It played an extraordinary role in helping get BioRexis off the ground." He adds, "The most important thing was the lab space in their incubator facility that let us get started so quickly." Everything has moved quickly for BioRexis: In March 2004 the company raised $30 million in Series B funding, and then Pfizer acquired it in February 2007.

Although the center receives state and federal funding (as much as $11 million last year), Lewis notes that the organization is not dependent on these dollars. The center's first funding came from 11 regional universities and medical institutions that comprised its ownership. That group has expanded to 32. "Building by building, we acquired the ability to build property on this land that the city leased to us," explains Lewis. "Then we sold buildings to the occupants to make our first money."

Today the Science Center hosts 100 companies, including 44 currently in its incubator. Overall the site includes 7,500 people, and 97% of the current space is leased. In 2007 expansion continued with the center beginning construction on a 10-story, wet- and dry-laboratory facility.

To be part of the center, a company must work on science or technology. Moreover to get into the center's 36,000-sq. ft. incubator space, Lewis says a company must be able to pay rent, have a solid management team, and possess marketable technology. When needed the center connects companies with potential management and other experts. In some cases it also considers acquiring equity in a company in exchange for space and assistance.

Building in a debilitated area where few companies wanted to locate, the Science Center now selects its tenants from among of the best, both domestically and internationally. Of the 250-plus requests the center reviews each year, only about 10 companies are brought on board.