INDIANAPOLIS (June 28, 2018) — Since 2012, BioCrossroads’ New Venture Competition has uncovered a steady stream of the most promising life sciences startups by offering awards, recognition and venture capital. To date, the competition has awarded more than $350,000 to 23 startup companies, which have successfully gone on to secure an additional $35 million in follow-on funding.
“Through the competition, we have identified the next generation of life sciences start-ups – both from research done in academic settings as well as from entrepreneurs working independently and from all corners of Indiana.” said David Johnson, president and CEO, BioCrossroads. “It’s been gratifying to see some of our winners from a few years ago make progress. SpeechVive and Diagnotes have products in the market; 2013 winner Spensa Technologies was acquired; and Scioto BioSciences, who won in 2016, just raised nearly $ 2 million in venture capital from investors including BioCrossroads.”
In addition to a cash prize of $25,000 and exposure to hundreds of influencers at the Summit, the winners of the New Venture Competition will have access to the Indiana Seed Fund (ISF) staff and the fund’s network of resources to provide business planning and early-stage strategic support. They will also have the opportunity to make a presentation to the ISF investment committee for added exposure. Second and third place companies will be awarded cash prizes of $15,000 and $10,000 respectively.
The Competition is open to life sciences (biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech) and health information technology companies holding a substantial nexus to Indiana. Startups will enter a highly competitive process with first round applications due Aug. 13, 2018. Five finalists will compete for cash prizes Oct. 9 during the 2018 Indiana Life Sciences Summit and be announced at the reception that evening at the Marriott Downtown Indianapolis.
Taft Stettinius & Hollister LLP is the presenting sponsor. VisionTech Partners, Metazoa Brewing Company, Halo Capital Group and 16 Tech are also supporting the Competition through judging and sponsorships. For additional information and to apply, please visit www.biocrossroads.com/newventure
BioCrossroads (www.biocrossroads.com) is Indiana’s initiative to grow the life sciences, a public-private collaboration that supports the region’s research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises, expands collaboration and partnerships among Indiana’s life science institutions, expands science education and markets Indiana’s life sciences industry. The initiative has formed several new nonprofit organizations, including Indiana Health Information Exchange, BioCrossroadsLINX, OrthoWorx, Datalys Center and the Indiana Biosciences Research Institute.