BioInnovation Institute (BII) promotes collaborative, interdisciplinary, research-based innovations by helping start-up companies in biomedicine, medtech and biotech explore the commercial potential of their research.
In the Business Acceleration Academy (BAA), companies develop a solid, initial business plan and entrepreneurial skills, and prepare for dialogue with investors. The companies work hands-on with their projects in the three months full-time program at BII (Copenhagen). During this time, they gain clarity on topics such as product and market strategy, IP/legal situation, business model, organization and finance.
BioInnovation Institute works for the benefit of human welfare and society and offers three different programs for projects at various maturity levels. All programs have the same objective of commercializing research to bring new solutions to the market. By the end of the Business Acceleration Academy program, the companies will have developed a solid business plan and the skillset to apply for the BII Creation House program.
Areas of support
The BAA Program supports novel, Danish research innovation companies that have obtained technical proof of concept. Support is provided for very early life science companies (CVR registered in Denmark when starting the BAA Program) with a clear commercial focus and ambitions of bringing new discoveries within biomedicine, medical technology and biotechnology for both industrial and nutritional applications to the market.
- One or more of the company owners must have obtained a master’s degree or equivalent qualification in the field of life science at the time of application.
- If the application is approved, the main applicant must establish a company in the CVR register in Denmark before the start date of the BAA.
- Companies applying for the BAA program must have obtained technical proof of concept and must be about to step into the non-scientific fields of commercialization.
- A minimum of two employees/owners must commit to attending the three-month BAA program full-time. Participants must have decision power on key company issues (e.g. be majority shareholders and/or have the mandate to execute).
- Only one application is allowed per company per call.
- Simultaneous applications for BAA and one of the other BII programs (either Proof of Concept grants or Creation House) are accepted.
- If a company submits the same (or very similar) application in two consecutive application rounds without being granted funding, the company will be quarantined from applying for BAA grants for the next round, unless the company can show clear project progression.
- Companies which have received investments are disqualified from applying (soft and non-dilutive funding are accepted). Companies are encouraged to seek additional funding from other institutions to support the company’s acceleration.
BAA participants receive three types of support during the BAA Program: A cash grant, training/mentoring and in-kind service offerings.
A cash grant maximum of DKK 350,000 covers expenses related to participation in the BAA Program over a period of 3 months. The grant can be used to cover the following expenses:
- Salary for staff (up to DKK 250,000)
- Relocation costs
- Up to DKK 50,000 for companies situated on Funen
- Up to DKK 100,000 for companies situated in Jutland and further away
The cash grant cannot be used for:
- Overhead (e.g. insurance, telephone or utilities)
- Conferences (incl. travel to conferences)
Training and mentoring
Each company will be offered an external mentor. The mentor is carefully selected to match the needs of the individual companies. The mentor could be an industry specialist with a background in bringing products to market or an academic expert with an extensive background within the same field as the company. The company will also have daily support from a dedicated BII anchor, who will offer sparring and support throughout the full program and help keep track of project progression.
During the program, the participants will go through a training course covering business aspects and casework based on individual project needs. Lunch, office space and good coffee are provided as well.
The program is individually customized based on maturity, industry and needs of the participating companies identified in the beginning of the program. Consequently, BII offers a variety of services provided in-kind: Mentoring, access to subject matter experts, and business partner services (IP & regulatory, finance, legal, communications, business model development). Training, mentoring, facilities and in-kind services are valued at DKK 375,000. BII can also support each team with the financing of consultancy/service costs and project-related travels up to DKK 200,000.
Applicants are encouraged to seek additional soft and non-dilutive funding from other institutions to support the company’s acceleration.
The application should be completed and submitted using the electronic application system, which can be accessed from this link: https://norma.novonordiskfonden.dk
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 BAA Program application of max. 5,000 characters (supplementary slide-deck of max. 20 slides) must cover but is not limited to the following areas:
- Scientific excellence: demonstrate how your solution goes beyond state-of-the-art (e.g. high-quality research or clinical insights, PoC data, feasibility, KOLs support).
- IPR: provide an overview of IPR/legal aspects (e.g. list of published patent applications or describe how you plan to protect your invention).
- Impact: describe how your innovation creates a significant impact on healthcare, quality of life or health economics.
- Opportunity: describe the unmet market need for your solution. Provide a description of potential customers/users of your solution.
- Competitor information: provide a list of most relevant competitors and/or alternative solutions.
- Commercial partners: explain if you have demonstrated interest from potential collaboration partners, customers, investors, etc.
- Team: Provide an overview of the company and individual scientific and commercial competencies, including information on who will participate full-time in the Business Acceleration Academy.
In addition to the application, we ask for:
- A budget covering the 3 months
- Short CVs of max 2 pages per person (applicant, founders and relevant team members).
- Quality slide deck of maximum 20 slides supporting the project description.
- A list of relevant publications (if applicable)
The BioInnovation Institute’s BAA 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 company
- Commercial potential (e.g. impact, time to market)
- Significance and originality of the idea
- The IPR and legal situation for the research findings behind the company
- The suggested approach for further development
The call for the Business Acceleration Academy Program follows the below schedule:
Call open: August 15, 2019
Call close: November 12, 2019, 2 pm
Pitch day: December 16, 2019
Notification: End December 2019
BAA start: March 2, 2020