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New Competition Spurs Life Sciences Innovations
By: Matt Hall - Project Director, BioCrossroads
Categories: Health, Healthcare, Life Sciences
Each year, 44 new life sciences companies are added to the Indiana landscape. Some start out as projects in laboratories, others are out-licensed intellectual property from large companies, several are the result of university-based research that has embarked upon a path towards commercialization, and some are now being spawned by our vast health information technology capabilities. They all have varied origins, but all start with an innovative idea and a goal to improve health and healthcare.
IIB Twitter WatchBioCrossroads' mission is to serve as a catalyst for growth in Indiana's life sciences sector. To accomplish that mission, we actively work to encourage entrepreneurialism and have organized two dedicated seed funds to invest critical early-stage capital to enable start-ups to move along the path to market. Our first fund, Indiana Seed Fund I, is now fully committed in a portfolio of 12 Indiana life sciences companies. One of those companies has secured a development deal with a biotech company that could garner a sizable return; another start-up has an FDA-approved medical device on the market; and another is currently seeking regulatory clearances in both Europe and the U.S. Our second seed fund, Indiana Seed Fund II, recently had its final close and is actively reviewing companies for investment.
And, now we have a new tool to help spur innovation: the BioCrossroads New Venture Competition presented by Krieg DeVault. The New Venture Competition is an early stage business competition open to life sciences (biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech) and health information technology companies holding a substantial nexus to Indiana and a high potential for attracting investment capital. Companies must either be Indiana-based or be able to demonstrate a significant Indiana presence.
In addition to a cash prize of $25,000, the winner of the competition will have access to the Indiana Seed Fund II staff and the fund's network of resources to provide business planning and early-stage strategic support. They will also have the opportunity to make a presentation to the Indiana Seed Fund II investment committee.
The competition winner will be announced at the Indiana Life Sciences Summit Networking Reception on October 22, 2012. Second and third place companies will be awarded cash prizes of $15,000 and $10,000 respectively. There will also be a Pre-Venture prize of $10,000 for a promising technology that is very early in its development.
Indiana's history is marked by more than 100 years of life sciences entrepreneurs who have discovered incredible medical breakthroughs that have been developed into industry-leading products, improving the lives of people in Indiana and all over the world. Revra DePuy revolutionized the splint, and started the orthopedics industry; Colonel Eli Lilly, a pharmaceutical chemist, developed his own medicines in his downtown Indianapolis pharmacy, and more recently Bill Cook created groundbreaking cardiovascular devices out of his Bloomington apartment.
Through this new competition, BioCrossroads is looking to advance the next generation of discoveries that will add to Indiana's substantial contribution to the improvement of health and healthcare through innovation.
Applications are available at www.biocrossroads.com and must be submitted by Tuesday, July 31, 2012.
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