BioGenerator Wins National Award of Excellence for Advancing Regional Competitiveness
Published: Sep 16, 2013
ST. LOUIS (September 16, 2013) — BioGenerator was named a winner of SSTI’s 2013 “Excellence in TBED” (technology-based economic development) award, recognizing BioGenerator and its programs as national models for investing in science, technology and innovation to grow the economy and create high-paying jobs. SSTI is a national nonprofit organization that leads, supports and strengthens efforts to improve state and regional economies through science, technology, and innovation.
"BioGenerator stands out because of its decade-long record of success in building an entrepreneurial infrastructure capable of turning St. Louis' bioscience research assets into thriving companies," said Dan Berglund, SSTI president & CEO. "BioGenerator's model, including support that begins at the very earliest stages for company formation, reflects a great mix of best practices and locally-tailored initiatives."
“This award is a recognition of the growing entrepreneurial momentum in St. Louis. BioGenerator is grateful to have played a part, working with our partners across the region, in building comprehensive infrastructure to support talented entrepreneurs and emerging companies in St. Louis,” said Eric Gulve, Ph.D., President of the BioGenerator. “It is a tribute to the deep commitment of the staff at BioGenerator and BioSTL, the vision of key community leaders, the collaborative relationships with numerous organizations in this ecosystem, the extensive support of our funders, and the innovative and risk-taking mindset of St. Louis’ entrepreneurs.”
“It is an honor to be recognized by our peers from across the country with this national award of excellence,” said Donn Rubin, Chairman of the BioGenerator and President & CEO of BioSTL. “This recognition is the direct result of the hard work and dedication of our talented staff at the BioGenerator and the tremendous leadership of BioGenerator President Eric Gulve.” BioGenerator is the nonprofit venture development organization of BioSTL.
Elements of BioGenerator programming that contributed to the recognition include:
- Early-stage Investments – $5.5 million of nonprofit investment into 40 companies has attracted $140 million in follow-on funding for the companies. BioGenerator’s portfolio is young by several measures – 75% of its investments have been made within the past 36 months, with two-thirds of those receiving initial funding at a very early pre-seed stage – yet 19 of its companies have raised more than $1 million in additional money. The quality and quantity of startups in the BioGenerator portfolio is attracting national venture capital investors who historically have considered the Midwest as “fly-over territory.”
- Business and Technical Advice and Support – the BioGenerator’s Entrepreneur in Residence (EIR) program was launched to attract and nurture entrepreneurial talent in the region, and has grown from 1 to 13 EIRs over the last 18 months. EIRs have advised over 100 companies or teams considering company formation, most of these outside of BioGenerator’s current portfolio and seeking their first investment.
- Shared Lab Space and Equipment – the BioGenerator Accelerator Labs (BAL) pre-incubator facility provides free access to lab space, capital equipment, and office space, and currently houses 20 early-stage companies. The pre-equipped BAL enables entrepreneurs to establish lab operations, initiate studies, and run their startups in a capital efficient manner. As a result, approximately 90% of tenants were de novo companies launched at the BAL.
Awards were presented today during SSTI’s 17th Annual Conference in Portland, OR, attended by more than 300 local, regional and national leaders in economic development from 40 states and four countries. Recipients of the award were selected through a competitive process by a national panel of experts in the field.
Enclosed with this release is the national award announcement from SSTI as well as an overview of the awards and the selection process.
The BioGenerator, the non-profit venture development organization of BioSTL, facilitates the formation of successful, sustainable bioscience companies in the St. Louis region. It provides start-up bioscience companies with pre-seed and seed investment funds; shared lab space with specialized equipment, and in-depth advice, support, and access to networks. Please visit www.biogenerator.org for additional information. Twitter: @BioGeneratorSTL.
BioSTL is a nonprofit that builds regional capacity and fosters collaborative efforts to advance innovation, entrepreneurship, and new company creation that capitalize on St. Louis’ worldclass medical and plant biosciences and to promote economic growth and regional prosperity in St. Louis. Please visit www.biostl.org for additional information. Twitter: @BioSTL. Facebook: BioSTL.
Office: (314) 615-6355
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