One of the most difficult steps in the process of commercialization is putting the right team together, especially finding the right help for the business side of technical projects. To help address this issue, the Innovation Factory in Hamilton (part of the same Ontario Network of Entrepreneurs as TechAlliance) ran a competition last year for local innovators interested in commercializing a life science idea.
These innovators were paired with one or a group of MBA students who act as business advisors for the company. The competition ultimately culminated in an exciting pitch night for the finalists, attended by members from the life science community including investors and representatives from multi-national pharma and biotech companies.
The success of the competition and the great feedback from the participants and the community has inspired us at TechAlliance to get involved! This year, the Synapse Life Science competition has been opened up to innovators in London. This is an exciting opportunity for anyone with an innovative life science idea to explore commercialization, build a business plan, validate the market, and present to an influential panel, with the chance to win cash and in-kind prizes.
The schedule is as follows, keeping in mind that all events (and MBA students) will be just down the road in Hamilton.
- November 2014 – Submissions due.
- January 2015 – Team formation for selected projects (selected participants will attend a meet and greet event where ideas are pitched and teams are formed).
- February 2015 – Executive summaries due.
- March 2015 – Teams will develop and submit a commercialization plan.
- April 2015 – Three finalists will be selected to compete for the grand prize.