Free Money for Life Science Entrepreneurs

Guest Post by:

Mike Schmitt, MD

Life Science Analyst and Editor of the Florida BioDatabase

Mike can be reached at M2Schmitt@aol.com

“Free Money” for life science entrepreneurs with up to $100,000 in cash and services!

Now that I have your full attention (I had to get a “hook” in there somewhere—the money may not be totally “free”, but it’s a great deal as start ups go), I’d like to tell you about the SEBIO sponsored annual “Bio/Plan Competition.”

Last post I mentioned the upcoming Southeast BIO (SEBIO) Conference to be held on December 4-5, 2008 in Palm Beach. For those not familiar with this organization, SEBIO is a non-profit public/private partnership to promote the development of the life sciences throughout the Southeast.

One of the exciting events at this conference is the announcement of the winner of the annual Bio/Plan Competition.

This is intended to identify and support newly created venture-fundable entities in the life sciences (the majority of the applicants are from research universities and research labs throughout the Southeast).

Here is how it works...(from the SEBIO website):

1. The principal investigator/entrepreneur completes a short application outlining their concept and the associated opportunity in broad terms. There is no application fee.
2. A selection committee chooses 10 semifinalists and pairs each with a team of seasoned professionals who will serve as mentors to the principals. The group's goal will be to further develop the concept and surround it with a first-class business plan.
3. Following a period of 5 to 6 months with the assigned mentoring team, a finished business plan will be submitted by the principals to a panel of experts and 4 finalists will be selected. These finalists will present their opportunity to the broader life science investment community at the annual SEBIO Investor Forum held each fall.
4. The winner of the BIO/Plan Competition will be selected at this Conference and will be awarded unrestricted, non-dilutive venture funds (valued at $100,000 in cash and services) to launch the enterprise and implement their business plan.

In the past, the application process began in February. It’s not too early to start thinking ahead. Readers can check out further details at the SEBIO website (www.sebio.org/bioplan).