Making your innovation our business.
Schedule a Consult to Get the Commercialization Resource Packet
Schedule a pro bono consultation with our Commercialization Team! We’ve created a Commercialization Resource Packet that includes a detailed Bio-Entrepreneur Startup Kit. The highlight of this kit is a Map to Financing that outlines the sources of capital available to life science startup companies, and explains the characteristics of successful fundees at each stage of fundraising. Plus, we’ve added new content that outlines a focused process of establishing feasibility of your concept, technology or idea before going too far along the path of business planning.
All groups that utilize our consulting program receive the Resource Packet and Kit. Contact firstname.lastname@example.org to set up a meeting today. WBBA members are eligible for unlimited consulting, and non-members can take advantage of an initial pro bono consult.
Are you a service provider who wants to connect with early stage companies and entrepreneurs? Sponsor our consultation services and get continued exposure to up to 100 early stage life science companies.
WBBA’s Commercialization Consulting program is generously supported by Frommer Lawrence & Haug LLP, ProvenOps Consulting, and the Life Sciences Discovery Fund.
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Funding for your Startup from the NIH
SBIR & STTR experts from the National Cancer Institute (NCI) and National Institute of Allergy and Infectious Disease (NIAID) visited Seattle on Thursday, October 31 to explain the new rules governing SBIR/STTR funding, timelines, and granting mechanisms, as well as secrets to success, to over 100 event attendees (slides here). Following the presentation, Drs. Greg Evans and Lawrence Prograis met with WBBA members one-on-one to discuss specific grant opportunities and proposals.
We thank Product Creation Studio for supporting this event!
Do you have an NIH Phase I SBIR? Get a FREE Technology Niche Analysis!
The NIH’s SBIR/STTR Niche Assessment Program (NAP) is a nationwide program to help jump-start an SBIR/STTR Phase I awardee's commercialization efforts. Technology Niche Analyses® are provided by Foresight for 138 NIH SBIR/STTR Phase I awardees. These analyses are often awarded on a first come, first served basis and assess potential applications for a technology and then for one viable application, it provides an assessment of the:
1. needs and concerns of end-users;
2. competing technologies and competing products;
3. competitive advantage of the SBIR/STTR-developed technology;
4. market size and potential market;
5. barriers to market entry (pricing, competition, government regulations, manufacturing challenges, capital, etc.);
6. market drivers;
7. status of market and industry trends;
8. potential customers, licensees, investors, or other commercialization partners; and,
9. the price customers are likely to pay.
Each participant receives an in-depth report. Oftentimes the small business can use this information in their commercialization plans for their Phase II applications. For more information, see Notice NOT-OD-13-109 that was placed in the NIH Guide for Grants and Contracts on August 28, 2013.
Life Sciences Discovery Fund Update
The Life Sciences Discovery Fund (LSDF) is now accepting applications from Washington state for-profit and non-profit organizations for Proof of Concept grants.
Proof of Concept grants provide up to $250,000 in total costs to enhance the commercial viability of health-related technologies or concepts developed by non-profit organizations or enhance the competitiveness of early-stage companies for private equity investment.
Up to $4.5 million is available for Proof of Concept grants through August 2014, with no specific allocations or quotas by applicant organization type (for-profit vs. non-profit).
The Request for Proposals, application documents, grant competition calendar, and balance of available funds are at http://www.lsdfa.org/apply/competitions/2013-2014-Proof-of-Concept.
For more information about LSDF’s granting programs, call 206-456-9577 or email email@example.com.
Faster Cures TRAIN Inventory
The fifth annual Partnering for Cures Conference recently took place in New York City. The conference is sponsored by Faster Cures, an offshoot of the Milken Institute, to accelerate development of treatments for disease and to bring people with common interests in those diseases together in an atmosphere of collaboration.
Faster Cures maintains a list of non-profit disease research foundations on their website. These 55 groups make grants for research and some of them actively partner with companies to move therapies forward. We urge you to check out their list and re-check it quarterly for updates. Hopefully, members may find possible sources of funding for their work after looking through the list.
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SEED AND EARLY STAGE CAPITAL
WINGS Angels Invest in Washington’s Med Tech Startups
WINGS, The Washington Medical Technology Angel Network, is a joint initiative of WBBA and the medical technology community. WINGS’s mission is to close the gap in early stage funding to accelerate the translation of medical technology innovation from the lab bench to patients. Since the inception of WINGS, 43 companies have been selected to present at 15 Investor Meetings from 178 deals screened. To date, WINGS is responsible for $8.7 million of investment in 11 Washington med tech companies.
WINGS held its final Investor Meeting of 2013 on October 15th with three company presentations from CoLabs, Monitor Mask, and Nasseo, Inc., and an update from Mirador Biomedical.
CoLabs is creating a smarter advanced airway for use during CPR that requires less training and skill to place properly. Monitor Mask’s CO2 detecting oxygen mask solves the problem of monitoring patient breathing during surgery. Nasseo’s new nano-technology enabled dental implant provides dentists with a low-cost and more effective option for dental implants. Mirador’s line of disposable devices makes use of pressure transducers to help solve problems with vascular access, lumbar puncture, thoracentesis and more. Find out more about these companies by contacting Brady Ryan.
The WINGS network is already gearing up for its next meeting on February 12, 2014. For more information on how to apply to present, to become a WINGS investor or to sponsor WINGS, visit medtechwings.com or email WINGS Project Manager Brady Ryan or WINGS Managing Director Christiana DelloRusso.
WINGS thanks the generous support of its sponsors: WBBA, Perkins Coie, Ernst & Young, Fenwick & West LLP, RBC Wealth Management and Capital Markets, WRF Capital, University of Washington Center for Commercialization, Silicon Valley Bank, SonoSite, Stratos, Varitrex, Philips, Physio-Control, J.P. Morgan, the Coulter Foundation at the University of Washington, and The Rainier Club.
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VENTURE CAPITAL and STRATEGIC PARTNERSHIPS
VIP Forum: Novo Nordisk
During WBBA’s Venture Investment and Partnering (VIP) Forums, venture investors and multi-national strategic partners (VIPs) travel to Seattle to participate in two related events. First, the VIP gives an overview of their firm at a Plenary Session and Networking Reception open to the life science community. Second, the VIP participates in a customized, day-long schedule of 1:1 meetings with the region’s most promising life science companies, entrepreneurs and researchers who are pre-selected during an application process. Since this program began in 2009, 145 local companies and research groups have met 1:1 with visiting VIPs. Based on a recent follow up survey, nearly 60% of these meetings have led to a second meeting or follow up discussion.
Since opening a new research center in Seattle in 2009, Novo Nordisk continues to increase their profile and presence in Washington. On December 5th, executives from the Danish headquarters and the local research center visited the WBBA for our last VIP Forum of 2013. Over 70 attendees from across Washington and British Columbia attended a Plenary Session and Networking Reception during which Novo executives outlined the history of the Seattle Research Center, explained their partnering strategies and sourcing process with academic researchers and startup companies, and discussed a lesser known interest of Novo Nordisk: their expanding presence in inflammation and autoimmune disorders.
The following day, executives from Novo Nordisk’s Biopharmaceuticals and Diabetes and Obesity divisions met one-on-one with fourteen WBBA member companies and research groups to discuss future partnership opportunities.
2014 will be another busy year for our VIP Forums, with Sofinnova Ventures scheduled for March and Eli Lilly scheduled for April. Keep an eye out for announcements in 2014!
VIP Forums are generously supported by Cooley LLP, PriceWaterhouseCoopers and Knobbe Martens. If your organization is interested in sponsoring a VIP Forum, information can be found in the WBBA’s Sponsorship Prospectus.
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SERVICE PROVIDERS & CONSULTANTS - GET NOTICED BY LIFE SCIENCE COMPANIES!
Sponsor WBBA’s Commercialization Programs
Since 2009, the Commercialization Team has provided consulting services to over 235 new emerging life science companies, entrepreneurs and research groups as they sought advice on matters relating to company formation, intellectual property, capital sources, investor pitches, research studies and clinical trials, product design, development and manufacturing, regulatory strategy, accounting/finance and management. Often these companies are in the very early stages of formation and development, and thus have no website or public presence.
We are offering service providers with expertise in these areas a unique opportunity to connect with these early stage companies that we support. This exciting, win-win program offers service providers visibility and connection with these early stage life science companies, and at the same time, provides the startups and entrepreneurs with some crucial, initial services and information for no cost.
The Commercialization Team has created a Commercialization Resource Packet that includes a detailed Bio-Entrepreneur Startup Kit. The highlight of this kit is a Map to Financing that outlines the sources of capital available to life science startup companies, and explains the characteristics of successful fundees at each stage of fundraising. All groups that utilize our consulting program receive the Resource Packet and Kit. Your company can be featured in the Packet as a sponsor of the Consulting program. Your company one-pager will describe your area of expertise, service offerings and the offer of at least two hours of initial pro bono services.
We envision that more than 100 early stage life science companies will receive this packet, creating an instant connection to your unique services. For more information on this valuable opportunity, see the Commercialization Consulting Sponsorship, or contact Vice President of Commercialization Christiana DelloRusso.
Sponsor the Commercialization Resource WIKI website
This integrated resource for life science entrepreneurs and companies in Washington State provides prominent, year-long visibility to a multitude of audiences. New expanded content reflects the results of a grant project funded by the Washington State Department of Commerce in partnership with the UW Center for Commercialization and the Washington Global Health Alliance. More information about the opportunity to Sponsor this important resource for entrepreneurs can be found online.
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