There is a large gap between disruptive technological innovations in Universities and federal labs and commercially relevant technologies that enter the market. One of the principal reasons for this gap is the absence of resources (entrepreneurs, knowledge base, capital, etc) to facilitate the movement of the technology along the commercialization path.
The Entrepreneur-in-Residence Program at BHI is aimed at ensuring that disruptive technologies receive all the resources that are required to transform the technology from a discovery into a commercially relevant product and eventually have a measurable impact on human health. The program has been created to support scientists, early stage start-ups and licensed technologies to provide them with access to these resources.
BHI will accomplish its goals in the following ways:
- Entrepreneurs-in-Residence (EIR): Identifying and recruiting experienced entrepreneurs who have gone through the start-up process and have relationships built across multiple stakeholders including Industry and Investors (see EIR Team)
- Commercial Relevance Advisory Board (CRAB): Building a network of advisors that affect all aspects of the commercialization value chain to provide advice and feedback to support the companies along the commercialization path (see CRAB)
- Educate, Mentor and Build Programs: A consortium of programs aimed at building a community of entrepreneurs, scientists, investors and professionals that can support, mentor and educate fellow fledgling start-ups and budding entrepreneurs. Building such an ecosystem will sustain the development and growth of future entrepreneurs in the region.
BioHealth Innovation is a not-for-profit that was established in Maryland as a life science economic development initiative. This initiative was also focused on bettering human health and to ensure that discoveries on the bench lead to commercial entities in the market. We have the experience and work with a broad range of technologies that include therapeutics, medical devices, diagnostic tools, research tools and mobile/health IT technologies.
The companies/technologies we like to work with are typically those with energetic entrepreneurs/scientists who are trying to solve an unmet need and are passionate about helping patients. Doing Well by Doing Good is a motto everybody at BHI works with, and we hope it would be the same for the people we work with.
A typical scenario would involve the EIRs at BioHealth Innovation to get to know you (the entrepreneur) as well as the technology and the problem you are trying to solve. It is also a chance for you to get to know us better and see if there is a possibility of a working relationship. At this stage we would sign a memorandum of understanding stating that we have an exclusive relationship.
Past that initial screening, we would then enter a consulting agreement over a set period of time. We call this the courting phase where you and the EIR work closely together to perform a deeper diligence on the technology its commercial capabilities and evaluate the potential plan. Within that period both you and BHI will have a good idea of if the technology is appropriate for BHI and if there is a good working relationship between you and the EIR.
At this stage, you will enter into a formal client agreement with BHI. At any time past this point, we are on the same team and the success of our company is due to the joint efforts. We will support you in making the right connections, developing and refining the commercial plans, pitch to potential investors and take the company to its next mile stone that would be appropriate. This is with the hope that at some point in time with the right amount of capital and the right people in management positions the company becomes successful.