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 (Incubation) 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 in the field of life science research or equivalent qualification at the time of application.
- A successful candidate must establish a company CVR-registered in Denmark before the start date of the Academy.
- Companies applying for the BAA Program must have obtained technical proof of concept and are about to step into the non-scientific fields of commercialization.
- A minimum of two employees/owners must commit to attending the three months BAA Program full time (exception: one-person businesses).
- Only one application is allowed per company per call.
- Simultaneous applications for BAA and one of the other BII programs (Proof of Concept grants or Incubation convertible loans) are accepted.
- 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 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 nondilutive funding are accepted).
BAA participants receive three types of support during the BAA Program: A cash grant, training/mentoring and in-kind service offerings.
A cash grant covers expenses related to participation in the BAA Program at a maximum of DKK 250,000 over a period of 3 months. The grant can be used to cover expenses for activities such as:
- Salary for staff
- Consultancy costs
- Relocation and project-related travel
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 marked, 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 case work 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).
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. 10 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 (PoC, feasibility, superiority to other discoveries/products)
- Description of the unmet market need of the discovery
- Evaluation of the market potential of the discovery
- Approach for translation of research into commercial opportunity, i.e. key assumptions for ability to commercialize the research
- Risk identification and mitigation plan for the commercial opportunity
- Overview of IPR/legal aspects
In addition to the application, we ask for:
- A budget covering the 3 months
- CVs for all company owners and other employees relevant to BAA
- 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
For 2019, the call for the Business Acceleration Academy Program follows the below schedule:
Call open: February 4, 2019
Call close: March 19, 2019, 12 noon
Notification: End June 2019
BAA start: Sept, 2019