Scientists and students in the field of life sciences from eleven countries and three continents proved their entrepreneurial talent at Best of Biotech and complied with the request to present their business ideas in the form of a brief concept. 42 innovative commercial ideas with scientific potential were submitted in the seventh round of the Best of Biotech. The start-up initiative, financed by the Federal Ministry of Science, Research and Economy intends to boost the economic use of research results to strengthen Austria as a business location. The four best business ideas were awarded prize money at the award ceremony of phase one of the competition, sponsored by the ERBER Group:
CYPRUMED® is a biopharmaceutical company developing a next generation platform technology for the oral delivery of polypeptides. The patent pending technology is entirely based on GRAS (Generally Recognized as Safe) listed compounds and easy to formulate. In vivo studies with various polypeptide drugs in different animal models showed up to 70% oral bioavailability.
TAmiRNA is developing innovative diagnostic solutions that enable better prevention of bone diseases, which affect millions of people worldwide. In the course of consecutive clinical studies, proprietary combinations of small non-coding RNAs (“microRNAs”) are identified, which precisely mirror the pathological condition and can be rapidly analyzed in a blood specimen. The final diagnostic tests are licensed to partnering companies for manufacturing and distribution. And license revenues are invested into research and development in other disease areas, where challenges in diagnosis limit efficient treatment and prevention.
HeaRT Team: Myocardial infarction due to coronary artery disease still represents the leading cause of death in the European Union and the whole western world. Thereby it is causing a severe socio-economic health burden. Shockwave therapy has shown strong regenerative effects in soft tissue wounds. The HeaRT Team developed this regenerative treatment for the application to the heart and was able to show encouraging improvement of heart function after myocardial infarction in preclinical and clinical trials.
TICK-TAG is a diagnostic for detecting Tick-Borne Disease Pathogens. It has been developed with an intention detect for Lyme Disease and Chronic Lyme Disease. It is a single kit, that detects for more than 20 pathogens within a day and offers more than 90% reduction in cost for hospitals, clinics and patients.
Participation in aws Best of Biotech: A win-win situation
In the second phase of the competition, which lasts until May 2015, the participants can now submit their complete business plans. The participating researchers will receive comprehensive feedback on these as part of the competition. Experts from the fields of industry, finance and science evaluate the submitted ideas and, together with the participants, work out a thorough business plan – the foundation for every new business. The accompanying mentoring and the individual coaching which the participants receive in numerous one-on-one meetings were further expanded for the current round of the competition. A network of experts from both within and outside Austria helps the entrepreneurs work out realistic market opportunities for their business models and supports them with industry contacts.
Balance sheet so far: EUR 256,000 in prize money – 77 businesses founded
Total prize money of EUR 44,500 awaits the best ideas, with the first prize being exclusively sponsored by Roche Austria GmbH. BINDER GRÖSSWANG Rechtsanwälte GmbH is sponsoring the second prize and AFFiRiS AG the third-prize winner. The special prize for the best medical technology business plan is being donated this year by Plattform LISAvienna for the third time. The innovativeness of the aws Best of Biotech is impressive: the rounds of the competition that have been completed up to now have resulted in 77 companies having already been founded. Overall, total prize money of around EUR 256,000 has been paid out.
Submissions and information: www.bestofbiotech.at
About aws Best of Biotech
aws Best of Biotech is an international business plan competition focusing on life sciences, organized by Austria Wirtschaftsservice GmbH (aws) on behalf of the Federal Ministry of Science, Research and Economy. The competition is working together with the AplusB centers (business incubators at Austrian universities) as well as with international partners. aws Best of Biotech is financially supported by Roche Austria GmbH, BINDER GRÖSSWANG Rechtsanwälte GmbH, AFFiRiS AG, Plattform LISAvienna, Standortagentur Tirol, Baxter Healthcare GmbH and ERBER Group.
About Austria Wirtschaftsservice GmbH (aws)
Austria Wirtschaftsservice GmbH (aws) is Austria's government promotional bank. As a specialist bank under public ownership it is geared towards corporate finance with a focus on "start-ups" and "growth and industry". Through the issuance of guarantees, through equity, through the awarding of grants, low-interest loans and through coaching and consulting, around 6,000 companies were supported in 2013.