BioInnovation Institute (BII) has released its annual Impact Report that highlights key data, developments and stories from BII in 2021.
BII maintains a vision of supporting world-class life science innovation that drives the development of new solutions by early-stage life science start-ups to benefit people and society.
The impact report focuses on BII’s development in three areas: Building a catalyst platform, supporting a thriving portfolio and outreach, community building and collaborations.
Expanding our ‘catalyst platform’
In 2021, BII tested, evaluated, and shaped its programs to meet the needs of early acceleration to maturation towards Series A investment. Besides the Venture Lab and Creation House program, BII has set up BII Residence and transformed BII Faculty into Bio Studio to foster the start-ups of tomorrow.
Through the Bio Studio program, BII will host 15-20 top-level entrepreneurial scientists worldwide to translate their science into new solutions. The Bio Studio program projects will join BII and establish a team that will work in BII’s office and lab space.
From 2020-to 2021, BII saw an increase of 38 percent of applicants to its programs. A development underlining how BII plays an essential role in the life science ecosystem in close collaboration with partners and stakeholders. Where BII in 2020 experienced an increase in the number of Nordic applicants, 2021 showed a rise in predominantly European applications indicating that BII has further broadened its international scope. Attracting international applicants are essential in making BII increasingly more global. However, there is still an unexploited potential to attract even more talented internationals to reside at BII’s premises.
Supporting a thriving portfolio
27 early-stage start-ups were supported in 2021, and since 2018 BII has awarded 56.3 million euros in grants and loans.
BII focuses on life science start-ups within therapeutics, health tech and bioindustrials. Areas that hold potential in tackling significant societal challenges and unmet needs. By the end of 2021, the start-ups incubated raised 145.5 million euros and most of the money was raised by start-ups operating in the therapeutic space. However, health tech start-ups play a crucial role in improving patient safety by reducing medication errors, reducing adverse drug reactions, and paving the way for more personalized treatment methods shifting away from a “one size fits all” approach. On the other hand, bioindustrial start-ups are essential for creating more sustainable food production and efficient biobased manufacturing methods to improve planetary health.
Outreach, community and collaborations
None of the results mentioned above could have been achieved by BII alone. Since its inauguration, BII has focused on nurturing and developing its network of partners, stakeholders and collaborators. Despite the overarching challenge caused by Covid-19 in 2021, BII managed to gather and strengthen the community with new and innovative solutions proving the importance of being able to adapt to a different reality quickly.
Through close collaborations with key stakeholders and essential institutes nationally and internationally, BII has brought more ideas to life and research to market.