BioInnovation Institute is right now looking for start-ups in medtech, biotech and pharma that are ready to join the 18 months long Creation House program with funding of up to DKK 10M in a founder-friendly convertible loan. Next deadline is February 18, 2020.
The program is for companies with a strong, initial business plan and a team with both commercial and scientific competencies. As part of the program, teams must relocate to BII’s state-of-the-art lab facilities and office space in the center of Copenhagen Science City to join the expanding environment at BII close to start-ups, experts and deal-takers.
“We are looking for companies that already have a clear plan for their commercial trajectory. The company must show a thorough analysis of the market, competitors, exit strategy, risks, regulatory issue. We do not expect that the company is on top of everything, but it is important that they are able to identify weak spots,” says Hervør Lykke Olsen, scientific advisor at BII.
Companies that have received investments are not eligible for the program, however, BII welcomes applications from companies that have already been backed with non-dilutive grants. Hervør Lykke Olsen also advises start-ups to build a scientific advisory board, establish partnerships or in other ways demonstrate the need and interest for the technology or product.
“In general, we are very pleased with the high quality of science from the applying companies, but we are looking for companies with a strong focus on commercialization. The slide deck that the company must provide in the application needs a clear storyline including both the scientific and the commercial aspects of the project.”, she says.
BII accepts applications from Nordic companies and six promising start-ups with strong scientific technologies are currently part of the program. Apply online here before February 18, 2020.