As it begins the application process for the fifth annual New Venture Competition, BioCrossroads is celebrating the success the competition has brought to startup businesses. Indiana’s life sciences initiative says 16 startups have raised $21 million in funding since the competition began in 2012.
The competition has given more than $240,000 thus far to startups. The winner of each competition not only receives a cash prize of $25,000, but access to the staff and resources of the Indiana Seed Fund II.
The New Venture Competition is open to early-stage biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech and health information technology companies. Applications are being accepted through August 15 and finalists will present their ideas to judges before the Indiana Life Sciences Summit in October.
Last year, Purdue Research Park-based Phytoption LLC, took home the grand prize.