BioInnovation Institute (BII) promotes 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 BioInnovation Institute (BII) Creation House Program issues convertible loans for risk-free maturation of novel life-science start-ups with technical proof of concept and a solid business plan. The objective is to accelerate early-stage technical and commercial validation and increase the scientific maturity of the start-up in order to attract funding that can bring new solutions and innovative products to the market.
The Creation House Program is executed on-site at BII, which is located at COBIS in Copenhagen. It is expected that loan recipients relocate to BII where open offices and laboratories are offered at a reasonable price.
Success for life sciences companies that complete the Creation House Program is the attraction of external funding for further development through agreements with investors, venture capital, corporate investments, trade sale or revenue.
AREAS OF SUPPORT
The Creation House Program supports life science start-ups with technical proof of concept and a solid business plan. The aim is to accelerate the development of new products or applications with the goal of bringing new discoveries within biomedicine, medical technologies and industrial biotechnology.
- 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.
- Companies must establish a company registration number (CVR) in Denmark upon approval of the application.
- Primary team members must have the right to reside and work in Denmark at the time of project initiation.
- Applicants must own or have full access to the IPR of their discovery under market terms for early-stage startups (or at minimum a signed pre-agreement with license holder).
- The company must be willing to have a presence BioInnovation Institute in Copenhagen, Denmark, where laboratories and open offices are provided at a reasonable price. We require the CEO of the company to be present at BII.
- BII can only provide convertible loans to early-stage companies. Companies that have received commercial investments, certain types of loans or are owned by corporates/investors/ foundations are disqualified from applying for convertible loans. Please see annex section 4 in the Guidelines and contact BII well in advance to get an evaluation of your company eligibility. Non-dilutive funding is accepted.
- Simultaneous applications for BII’s Proof of Concept Program and Creation House Program are not accepted.
- Only one application per company is permitted for each call round.
- 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 the convertible loan for the next round, unless the company can show a clear project progression.
It is important that applicants carefully read ”Information and Guidelines for Applicants“, before initiating the application process.
Participation in the Creation House program is supported by convertible loans, i.e. loans that are issued unsecured, leaving the companies free from repayment in case their company fails to succeed.
The project can run over a maximum period of 18 months. Each convertible loan is DKK 5-10 million paid in tranches based on the fulfillment of predefined milestones. The application for a convertible loan must consequently be submitted with a detailed budget linked to the company’s scientific and commercial development milestones.
- The convertible loan can cover expenses such as:
- Salary for employees
- Research activities, e.g. testing and experiments
- Development of MVP, prototypes
- Rent at BII
- Patent priority applications and fees associated with a license agreement
- Regulatory strategy and compliance
- Team member education
- Commercialization costs, e.g. market analysis
- Administrative support
Apply using the ‘Apply now’ button at the top. Be aware that you must register as an ‘organizational applicant’ to apply for this call. You must allow two workdays for registration of a new company in the system.
The BioInnovation Institute’s Creation House selection committee will evaluate the applications and base their assessment and recommendation on a holistic view of the following criteria:
- Significance and originality of the idea
- Commercial potential (e.g. impact, time to market)
- The qualifications of the applying project team and their commitment and ability to further progress the project
- The IPR and legal situation and regulatory strategy for the research findings behind the project
- The suggested approach for further development (funding, exit strategy).
As part of the evaluation, projects qualifying as top candidates will receive an invitation to a pitch and Q&A session of 30 minutes duration at BII. Invitations will be sent one week before.
The BII Board of Directors makes the final decision based on the recommendations from the committee.
Call opens: October 28, 2019
Call closes: February 12, 2020, 2 pm
Pitch at BII: April 23, 2020
Notification: May 2020
Earliest start date: July 2020