BioInnovation Institute (BII) will promote collaborative, interdisciplinary, research-based innovation in the life sciences and help build viable start-up companies with the necessary skills to ensure such innovations become widely available solutions for the benefit of human welfare and society.
The BII Incubation Program issues convertible loans for novel, Danish start-up companies within biomedicine, medical technology and biotechnology. Objective is to increase the scientific maturity, attract commercial funding and bring new solutions and innovative products to the market.
The BII Incubation Program is executed on site at the Institute’s incubator, which is located at COBIS in Copenhagen. It is expected that loan recipients relocate to the incubator where open offices and laboratories are offered at a reasonable cost. Here, the companies must carry out their main activities and take active part in the peer-to-peer and social activities.
Success for life sciences companies that complete the BII Incubation Program is attraction of external funding for further development through agreements with investors, venture capital, corporate investments, trade sale or revenue.
AREAS OF SUPPORT
Support is provided for life science companies built on a scientific idea/technology that has obtained technical Proof of Concept which may lead to development of new products or services with a commercial potential within biomedicine, medical technology and biotechnology.
Non-scientific aspects, identified in the business plan, are equally supported by the BII Incubation Program’s convertible loans, e.g. fulfilling regulatory requirements or educational needs.
Established companies (CVR registered in Denmark) can submit a convertible loan application for the BII Incubation Program. Company founders from Nordic countries are accepted.
Applying companies must have obtained technical Proof of Concept with clear commercial aspirations, have a solid initial business plan and own/have full license to the IPR of their discovery.
Simultaneous applications for other BII programs (Proof of Concept or Business Acceleration Academy grants) and Incubation are not accepted. Only one application per company is permitted for submission.
If a company submits the same (or a very similar) application in two consecutive application rounds without being granted funding, the company will be quarantined from applying for Incubation convertible loan for a year, except if the company changes to a very different character and focus.
Funding as convertible loans can be issued by up to DKK 10 million paid in tranches over a period of maximum 18 months.
Participation in the BII Incubation Program is supported by convertible loans, i.e. loans that are issued unsecured, leaving the companies free from repayment in case their company fail to succeed.
If the company is unable to generate a return, the loan will be converted into a donation (see ”Information and Guidelines for Applicants” for more detailed information on the convertible loans).
The BII Incubation Program’s convertible loans are limited to cover expenses for activities such as:
- Salary for staff
- Research activities, e.g. testing and experiments, CROs
- Development of MVP, prototypes
- Patent applications
- Commercialization costs, i.e. market analysis
Companies which have received profit funding up front are disqualified from applying for convertible loans (soft and non-dilutive funding is accepted).
The application should be completed and submitted using the electronic application system, which can be accessed from this link:
It is important that applicants carefully read ”Information and Guidelines for Applicants”, before initiating the application process, as this document contains the complete call as well as detailed instructions for the application process.
The BII Incubator Program application of max. 10,000 characters (supplementary slide-deck of max. 20 slides) must cover but is not limited to the following areas:
- Overview of the project team and their scientific and commercial competencies
- Demonstration of scientific excellence of research
- Business plan, including an overview of scientific/commercial milestones
- A draft vision for the company following the BII Incubation Program, i.e. what kind of external funding and additional maturity activities are expected for post incubation growth of the company
In addition to the application, we ask for a high-level budget submission in the system as well as upload of detailed budget in Excel as described in the associated instructions.
Please also upload CVs for all company owners.
The BioInnovation Institute’s selection committee will evaluate the applications and base their assessment and recommendation on the following criteria.
- The qualifications of the applying project team and their commitment and ability to further progress the project
- Significance and originality of the idea
- Commercial potential
- The IPR and legal situation for the research findings behind the project
- The suggested approach for further development