BioInnovation Institute offers three different programs for life science projects and start-ups at different stages of maturity. The programs all serve the same purpose of helping life science entrepreneurs get their research one step closer to the market for the benefit of society. Read the brief intro to our programs below to find out which one is right for your project.
Proof of Concept
The Proof of Concept program is 12 months long and eligible for university projects. Projects receive a grant of DKK 1M and work at the university throughout the program to establish the preliminary, technical proof of concept for the science.
As BII is looking for projects that have a clear commercial potential, it is essential that applicants describe how the technology can impact society.
“Our selection committee is focused on which problems the technology can solve. So we recommend that applicants identify and focus on where and how the technology can be used. We also like to see which next steps the applicant intends to take after the Proof of Concept program”, says Hervør Lykke Olsen, scientific advisor at BII.
Business Acceleration Academy
The BAA program is a three months long program for start-ups that have established their preliminary, technical proof of concept and is ready to focus on the business development of their project. During the three months, the start-up teams of at least two people relocate to the 24/7 access co-working space and state-of-the-art lab at BII in Copenhagen to work on their individual business plans.
“Early life science start-ups are sometimes so focused on the science that they underestimate how important it is to be able to present a good business plan. If you are not able to do a sharp pitch to investors, it is very challenging to get the funding you need to proceed”, says Hervør Lykke Olsen.
In the Business Acceleration Academy start-ups work on that and have access to experts on IP, lawyers, serials entrepreneurs, corporate deal takers, the expanding BII alumni network and mentors that can help identify how to accelerate their start-up. The program is free and comes with a grant of up to 250,000 DKK to cover various expenses. BII takes no equity.
The Creation House program is for companies that have already developed a solid, initial business plan. That means that the company has done thorough work in identifying strengths and weaknesses, has put together a team with broad competencies, has developed a go-to-market strategy.
“We don’t mind a few weak points in the business plan – it is actually important that the company demonstrates its capability to identifying soft stops and have a clear idea of how BII can take part in developing the start-up,” says Hervør Lykke Olsen.
To be part of the Creation House, the entire team must relocate to BII’s offices and fully equipped biosafety level class 1 and 2 lab in Copenhagen for 18 months. Accepted companies are funded with a founder-friendly convertible loan of up to DKK 10M.
Calls are open
There are currently open calls for the Proof of Concept program (deadline August 26) and the Creation House program (deadline September 12). The next Business Acceleration Academy call is expected to open in mid-August.
Projects do not have to go through all programs but can come in at any level if they meet the requirements. If you have questions, check out our program overview, our FAQ section on our website or reach out to scientific advisor Hervør Lykke Olsen, to Cathrine Nygaard or Monika Luniewska Jensen if you have questions.