‘Launch Business Mentoring Program’ connects technology and life-sciences entrepreneurs with successful management executives, industrialists, and venture capitalists.
PHILADELPHIA--(BUSINESS WIRE)--April 27, 2004-- Technology and life-science startups are much closer to commercial success and profitability, leading to new jobs and a stronger tax base for Philadelphia and other regions in the Delaware Valley, thanks to a new ‘Launch Business Mentoring’ program started by the Science Center.
The Science Center’s Launch Program matches young companies in the life sciences, pharmaceutical, nanotechnology, and general technology industries with teams of experienced business leaders. These “Executives in Residence,” or ‘EIRs,’ mentor the company founders who, while renowned scientists and engineers, often have little commercial business experience. Each EIR personally mentors a single company, helping them develop their business plan and capital presentation to potential investors.
“This program takes our 40 years of experience nurturing and accelerating startups, and moves it well beyond our physical Philadelphia location,” says Greg Felix, director of Launch. “It’s bringing our experience, business and venture contacts, and proven business methods to companies throughout the region, including those entrepreneurial startups that aren’t housed at our central Philadelphia location.”
Successful recent graduates include Philadelphia biotechnology startup Cira Discovery Sciences, Inc., whose technology helps researchers find and better understand genomic data patterns and relationships; VGX Pharmaceuticals, in Philadelphia, a clinical stage drug discovery firm developing new treatments for HIV, cancer, and inflammatory diseases; and BioNanomatrix, Princeton, N.J., a bionanotechnology startup that designs and fabricates high-throughput nanoscale chips, devices, and systems for single-cell and single-molecule biomedical applications.
All three firms are successfully presenting to investors, raising venture capital, and commercializing advanced technologies, thanks in no small part to the four months their founding executive leadership invested in the Science Center’s new Launch Business Mentoring Program.
“The depth of the mentors’ business expertise, and the networking opportunities they offered, attracted us to the Science Center’s Launch Business Mentoring Program,” says Wade Rogers, founder of CEO of Cira Discovery Sciences, Inc. “Another selling point: its close proximity to the University of Pennsylvania, Drexel University, and the Wistar Institute, which is a major research institute that provided us access to the data for us to test our products.”
Rogers cites a collaborative agreement with Wistar Institute, Philadelphia, Pa., an independent nonprofit biomedical research institute on the University of Pennsylvania campus; and a successful application for funding from Philadelphia biotech VC fund BioAdvance, as critical accomplishments gained in part through Cira Discovery’s participation in the Science Center’s Launch Business Mentoring Program.
“If we did not have the relationship with Wistar or the BioAdvance funding, it is arguable whether we would be in existence today,” Rogers says. “The Science Center provided us with the resources that have been critical to our company’s success.”
Executives of VGX Pharmaceuticals agree. The firm was in a similarly precarious position when it sought professional guidance and networking support through the Science Center’s Launch Business Mentoring Program. The Program’s mentor helped VGX focus its corporate strategy, refine its business plan, and update its presentation for investors, which secured the venture funding VGX needed. “It is an outstanding program,” says Ernest Shin, VGX’s VP of finance and corporate development. “They helped us refine and polish our investor presentation, which we needed for a major appearance before a key investor.”
And BioNanomatrix’s microscopically small bionano chip technology is getting a big boost by the Science Center’s Launch Business Mentoring Program. Leadership there knew the firm needed an influx of industrial, financial, and commercial expertise to fortify their bionanotechnology business. “The true value of the (Science Center’s) Launch Program was being connected with experienced business executives who could understand what I was going through on a daily basis,” says founder and CEO Dr. Han Cao.
The EIR also helps them better their business in other crucial areas, such as marketing, sales, operations, finance, human resources, information technology, and more. The Launch Program lasts four months, after which each mentored company is evaluated. Those who successfully complete and meet the Program’s stringent requirements are awarded a certificate of graduation. More importantly, the firms are now properly prepared and strongly positioned for commercial success in their specific markets.
Brilliant, internationally respected scientists, physicists, and chemists all--yet they lacked the business acumen to take their growing companies to the next step. They acquired that vital business savvy, along with one-on-one networking and management support, through the Science Center’s extraordinary Launch Business Mentoring Program. For more information about the Program, contact Greg Felix, director of Launch, at 215-966-6022.
ABOUT THE SCIENCE CENTER
The Science Center nurtures entrepreneurial technology companies by providing research space, commercialization services, and advisory oversight. Support for the organization comes from top area academic and research institutions, including Thomas Jefferson University Hospital, Temple University, the University of Pennsylvania, Drexel University, and the University of Delaware. The Science Center is a developer of knowledge communities, and has helped launch 350 companies during its 40 years of promoting the fusion of talent, capital, and opportunity. The Science Center can be found on the World Wide Web at http://www.ScienceCenter.org.
For more information about the Program, please contact Greg Felix, director of Launch, at 215-966-6022, or Garrett Allen of Gregory FCA at 610-642-8253 or garrett@gregoryfca.com.
-------------------------------------------------------------------------------- Contact:
Science Center, Philadelphia
Company contact:
Greg Felix
Director of Launch
215-966-6022
GFelix@ScienceCenter.org
or
Gregory FCA Communications Inc., Ardmore
Press contact:
Garrett Allen
Senior Account Executive
610-642-8253
Garrett@GregoryFCA.com
--------------------------------------------------------------------------------
Source: Science Center
