Competition ignites entrepreneurial activity among Indiana life sciences early stage companies
INDIANAPOLIS, Ind., July 10, 2014 — The BioCrossroads New Venture Competition presented by Krieg DeVault, an early stage business competition awarding more than $60,000 in prizes to life sciences and health information technology companies, is now accepting applications at www.biocrossroads.com. The competition has awarded more than $120,000 since 2012 to nine start-up companies who have been able to secure nearly $5 million in additional funding following the competition.
“Through the New Venture Competition process, we have helped to support several life sciences companies that have continued to progress from early stage companies to promising life sciences businesses,” said Gregory Coy, Partner at Krieg DeVault and a judge for the competition finals. “It’s invigorating to participate in their early success and we are looking forward to being exposed to more great ideas coming from Indiana companies this year.”
Early-stage biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech and health information technology companies developing innovative products and platforms are eligible to apply for the New Venture Competition. For consideration, companies must either be Indiana-based or be able to demonstrate a significant Indiana presence.
In addition to a cash prize of $25,000, the winner of the competition will have access to the Indiana Seed Fund II staff and the fund’s network of resources to provide business planning and early-stage strategic support. They will also have the opportunity to make a presentation to the ILSFII investment committee.
The winner will be announced at the Indiana Life Sciences Summit Networking Reception on October 14, 2014. Second and third place companies will be awarded cash prizes of $15,000 and $10,000 respectively. There will also be a Pre-Venture prize of $10,000 for a promising technology that is very early in its development.
The competition will be comprised of an initial application process followed by ISFII staff review of all applications, interviews of semi-finalists and the selection and invitation of the top five plans to present to a panel of expert judges. A link to the application site is available at www.biocrossroads.com. Entries must be submitted byAugust 15, 2014. Companies invited to submit full business plans will be notified by August 29 and must do so by September 9, 2014.
Last year’s top prize winner came from Purdue Research Park, Spensa Technologies Inc. The company designs, develops and delivers novel technologies for the agricultural industry that reduce labor, foster eco-friendly farming and enhance production efficiency. Its first two products include MyTraps.com, a software platform that streamlines the pest control monitoring process, and Z-Traps, a fully automated field system for insect population monitoring.
“The BioCrossroads New Venture Competition is one of the most prestigious competitions in the state, and this recognition strengthens our resolve to create technologies that will benefit the agriculture industry,” said Johnny Park, president and CEO of Spensa Technologies. “With the award money, we will continue to commercialize and market MyTraps.com and Z-Traps, which already are being sold in Europe, United States, Australia and South America.”
5am Ventures, Bloomberg Government, Halo Capital Group and VisionTech Partners are sponsors of BioCrossroads New Venture Competition presented by Krieg DeVault.
BioCrossroads (www.biocrossroads.com) is Indiana’s initiative to grow, advance and invest in the life sciences, a public-private collaboration that supports the region’s existing research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises (Indiana Health Information Exchange, Fairbanks Institute for Healthy Communities, BioCrossroadsLINX, OrthoWorx and Datalys Center), expands collaboration and partnerships among Indiana’s life science institutions, promotes science education and markets Indiana’s life sciences industry.