Funding Bioscience Enterpreneurship
Scientific discoveries, the development of medical devices or the creation of treatments to attack disease are difficult, time consuming activities relying typically on grant support. Few scientific ideas are candidates to move forward with angel or venture funding and fewer still will be viable companies in the years following capital investment.
The Memphis Bioworks® Foundation focuses on identifying, supporting and moving new ideas and technologies to the venture capital level. The Foundation assists the entrepreneur in acquiring financial support, incubator space and working through preclinical testing and early stage clinical trials. The opportunity to gain venture capital funding or linking with existing bioscience corporations is enhanced by collaboration with the Foundation.
In 2007, the Memphis Bioworks Foundation launched Innova. Innova invests in early stage, dynamic companies that have the potential to grow into significant economic contributors. The organization focuses on technology and defensible service companies based in Memphis – including Medical device, Biotechnology, AgBio, Logistics and other bioscience sectors. Initial investments by Innova have been in companies focused on taking research developed in Memphis and preparing it for market.
Growth in the bioscience sector will flourish as support for entrepreneurs continues through the Foundation. Economic growth is contagious. When bioscience companies receive funding, other less capital-intensive businesses open up to support them. So, when venture capital companies invest in bioscience, they are investing in the community.