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 BII Creation House Program issues convertible loans for risk-free maturation of novel start-up companies within biomedicine, medtech, industrial and biotechnology. The objective is to accelerate early-stage technical and commercial validation and increase the scientific maturity of the start-up to attract funding that can bring new solutions and innovative products to the market.
The Creation House 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 an active part in peer-to-peer and social activities.
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, medtech, industrial and 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.
- The geographical scope for the call is the Nordic countries. This means at least one company founder must be anchored at institutions/companies in this region at the time of the application. Primary team members must have the right to reside and work in Denmark at the time of application
- Applicants must have freedom-to-operate and own or have full license to the IPR of their discovery (or at least signed pre-agreement with license holder).
- The company must be willing to relocate physically to BioInnovation Institute in Copenhagen, Denmark, where laboratories and open offices are provided at a reasonable price
LIMITATIONS AND QUARANTINE
- Companies which have received commercial investments (for equity) or certain types of loans (see call guidelines) are disqualified from applying for convertible loans (soft and non-dilutive funding are 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 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 the next round, unless the company can show clear project progression.
Funding as convertible loans can be issued by up to DKK 10 million paid in tranches over a period of a maximum 18 months based on a detailed business plan and budget (including quotes).
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 the company fails to succeed.
The Creation House Program’s convertible loans are limited to cover expenses for activities such as:
- Salary for employees
- Research activities, e.g. testing and experiments
- Development of MVP, prototypes
- Rent at BII
- Patent applications
- Regulatory strategy and compliance
- Team member education
- Commercialization costs, e.g. market analysis
The application should be completed and submitted using the electronic application system, which can be accessed from this link: https://norma.novonordiskfonden.dk
Be aware that you must register as an ‘organizational applicant’ to apply for this call. You must allow two work days for registration of a new company in the system.
The application of max. 10,000 characters and a high-quality slide-deck of max. 20 slides must cover but is not limited to the following areas:
- Scientific rationale: A description of state-of-the-art science and the expected impact.
- Business model and market: Commercialization strategy, scientific and commercial milestones, competitor landscape, customers, risk.
- Team: Overview of the project team and their scientific and commercial competencies.
- IP and regulatory strategy: Description of IP, FTO and regulatory strategy.
- Exit strategy: Demands for external funding and potential exit strategy.
In addition to the application, we ask for a budget submission in the system.
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 content and process.
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).
The BII Board of Directors makes the final decision based on the recommendations from the committee.
The call for the Creation House Program follows the schedule below:
Call opens: May 16, 2019
Call closes: September 12, 2019, 2pm
Notification: December 2019
Earliest start date: February 2020