A baker’s dozen life sciences startups with local connections showcased their concepts at a conference Thursday held at University of North Carolina Wilmington’s MARBIONC Center.
The conference, Life Sciences in Wilmington: Funding and Growth, also gave those entrepreneurs an opportunity to hear from experts about such essential matters as writing successful grants, attracting investment, developing business plans, protecting their intellectual property and evaluating the benefits of corporate partnerships.
The startups ranged from drugs in development – some in partnership with UNCW researchers – to a breathing device being developed at Elite Innovations, Wilmington’s new maker space. In the mix also is a robot that kills ticks in outdoor settings and a precise marker that ophthalmology surgeons can use on a patient’s cornea before corrective surgery.
Regardless of their stage of life, all the companies represented were eager to know about how to write successful grant applications and pitch their products effectively to investors. And they got plenty of advice from three panels of resource professionals, some of whom literally had to phone in their presentations, thanks to wintery weather elsewhere in the state that hampered their ability to travel.
“Engage us early in the process,” said John Ujvari of the Raleigh office of the N.C. Small Business and Technology Development Center. Ujvari told the assembled entrepreneurs that the SBTDC – which also has an office in Wilmington – helps startups prepare to apply for federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants, which are very competitive. The SBTDC’s services are free of charge and confidential, he told the group.
John Hardin, representing the N.C. Board of Science, Technology and Innovation – part of the N.C. Department of Commerce – outlined the state’s matching grant program for startups that have already snagged SBIR or STTR grants. The grant pool is likely to increase from this year’s $2.5 million to $5 million in the 2016 fiscal year, he said.
Mike Rhoades of the Wilmington Investor Network was among a panel of three early-stage investors who detailed what they look for in requests for capital. Because WIN collaborates with other angel investor networks in the region, a good prospect could get funding from various sources, while a poorly prepared or premature pitch for funds could make it difficult for a startup to approach those other angel investors, Rhoades said.
The investors agreed that a startup CEO should also be the company’s chief sales officer, a good “pitch man” and communicator.
“Are you coachable?” Rhoades asked the CEOs in the room. “That means having a clear vision but being open to new ideas.”
The conference, organized by UNCW’s Center for Innovation and Entrepreneurship, concluded with a tour of the MARBIONC facility, including Next Glass laboratories.
