ROCKVILLE, MARYLAND, September 23, 2024 – BioHealth Innovation, Inc. (BHI) and Georgetown University’s Office of Technology Commercialization (OTC) have entered into a strategic collaboration to accelerate the commercialization of innovative research and technologies developed by Georgetown University faculty, staff, and student entrepreneurs.
BHI and its experienced Entrepreneurs-in-Residence (EIRs) and network of analysts will provide support, mentorship, and commercialization expertise to the recently launched Georgetown Tech Ventures (GTV). GTV is supported by the Build to Scale (B2S) program, which is led by the Economic Development Administration’s Office of Innovation and Entrepreneurship. As part of this initiative, BHI will assist GTV in strengthening its entrepreneurial ecosystem by interacting with Georgetown’s faculty, staff, and student entrepreneurs and will leverage BHI's extensive experience in commercialization and entrepreneurship to help GTV effectively manage the development and launch of innovative ventures. This effort will include conducting seminars, offering one-on-one mentorship, and leveraging BHI’s network to increase visibility for GTV’s programs. The collaboration will also help raise the profile of Georgetown’s innovation initiatives by tapping into significant events like the BioHealth Capital Region Forum and BHI’s various communication platforms such as weekly newsletters, blogs, and the BioTalk podcast.
In the first year, the collaboration will focus on evaluating new venture projects, technologies, and ideas for commercialization. The most promising projects will be selected for further development. EIRs and analysts will assist OTC and GTV teams in market research, intelligence gathering, and evaluating the commercialization potential of these new ventures.
Mentorship and Business Development
In addition to project evaluation, BHI will assign specific EIRs to mentor researchers and entrepreneurs identified as having projects with significant potential. These mentors will provide guidance in developing business plans, clinical/regulatory strategies, and identifying non-dilutive funding opportunities. Over time, the collaboration will identify top projects and teams who will receive additional mentorship and resources as they progress toward forming a NewCo. Furthermore, BHI will support GTV companies that demonstrate strong commercialization potential by assisting in developing business plans and identifying C-level talent. The EIRs will collaborate with GTV’s Office of Technology Commercialization (OTC) personnel to improve their capabilities in developing business and go-to-market strategies.
Spinout Creation and Network Facilitation
The collaboration aims to create new spinouts from the GTV ecosystem. BHI’s EIRs will work closely with researchers and OTC to determine whether technologies should be licensed to existing industry partners or launched independently. Additionally, EIRs will assist with all aspects of go-to-market strategies, ensuring that technologies have the support needed to transition from lab to market.
BHI will also utilize its extensive network to foster collaboration, knowledge sharing, and partnerships for these spinouts. The introduction to potential partners will be carefully timed, ensuring each venture has reached a suitable level of maturity and readiness.
“Partnering with Georgetown’s Office of Technology Commercialization offers an incredible opportunity to support a new wave of innovation and entrepreneurial growth,” said Rich Bendis, President and CEO of BioHealth Innovation, Inc. “By leveraging BHI’s expertise and network, we aim to provide Georgetown’s researchers and entrepreneurs with the tools and mentorship needed to bring their groundbreaking ideas to market, driving both venture creation and regional economic development.”
“We are excited about this critical collaboration with BHI,” said Tatiana Litvin-Vechnyak, Vice President of Georgetown’s Office of Technology Commercialization. “BHI is well known in the National Capital Region and has an amazing team of EIRs locally and nationwide that Georgetown’s researchers and faculty entrepreneurs will be able to leverage. We are excited about the prospect of spinning out more companies that will help take on the difficult task of advancing Georgetown’s discoveries towards world impact.”
About BioHealth Innovation, Inc.
BioHealth Innovation, Inc. (BHI) is a public-private nonprofit organization focused on accelerating biohealth commercialization in the BioHealth Capital Region (Maryland, DC, and Virginia). For more information, please visit www.BioHealthInnovation.org.
About Georgetown’s Office of Technology Commercialization and Georgetown Tech Ventures
Georgetown’s Office of Technology Commercialization is the tech transfer and licensing arm of Georgetown University. Georgetown Tech Ventures is a new program launched under OTC and funded through the Economic Development Administration’s B2S program, focused on helping to move innovations developed by faculty and students into the marketplace. For more information, visit https://otc.georgetown.edu/.