Spreading the Seeds of Innovation
When it comes to partnerships focused on promoting entrepreneurial growth in WNC, “More is more,” as Venture Asheville Director, Jeff Kaplan put it. That’s why Venture Asheville and Hatch have joined forces with the NC Biotechnology Center to launch the NC Bioneer Challenge.
This four-month competition for life science startups aims to seed innovation across the state. “A lot of investment and support in the biotech sector goes to the Research Triangle Park — less goes to areas like WNC. So we wanted a program that could offer funds and visibility for entrepreneurs outside of Raleigh, Durham, and Chapel Hill,” said Jonathan Snover, executive director of the NC Biotech Center’s western office.
A Regional Competition
At the end of February, founders of early stage life science companies in North Carolina were invited to apply for admission into the Bioneer Challenge, and up to three firms were accepted within each of the program’s five regions of competition (ours is the western region). Then, finalists began a three month process of working with mentors to create and polish pitches that they will deliver before regional panels of judges at the end of May.
The firms that give the best pitches in each region will win $20,000 from the NC Biotech Center as well as the chance to compete for more capital in June. The runner(s) up will also earn funding — $10,000 each. “One of the really fantastic things about Bioneer is that all finalists will leave the competition better off than when they entered it,” Kaplan explained.
And not just in terms of capital. OlfaxMedical, GreenLife Tech, and Tyrus LLC, the three finalists in the western region, have been receiving world class mentorship from teams of Venture Asheville and Hatch volunteers throughout the challenge. Both organizations are also providing these firms free networking and promotional opportunities, and the NC Biotech Center is offering them hours of technical market research at no cost. “I would argue that the intangible things — the mentoring, the connections, visibility, press — are even more valuable than the prize money,” said Snover.
Venture Asheville, Hatch, and NC Biotech: Better Together
The unique configuration of this year’s NC Bioneer Challenge owes itself in large part to Snover’s advocacy. “Jon is an absolute treasure for Western North Carolina,” said Kaplan. “We are so lucky to have a guy of this caliber and talent in Asheville.” Having lived in WNC since 2005, Snover knows that the ingredients for a thriving biotech sector are here, they just need to be brought together. Both Venture Asheville and Hatch agree, and that’s why these organizations have been eager to get involved in Bioneer.
By partnering with Snover to launch this groundbreaking program, Venture Asheville and Hatch have connected founders with the channels of resources they need to build viable, scalable companies. And by giving entrepreneurs the chance to access these resources through Bioneer, Snover is supporting Venture Asheville and Hatch’s shared mission to promote economic development in WNC. It’s a win-win-win that marks the beginning of what promises to be a long and fruitful partnership between Asheville-based entrepreneurial support organizations and the NC Biotechnology Center.
Learn More; Get Involved
To learn more about the NC Biotechnology Center, visit ncbiotech.org. For additional information about the NC Bioneer Challenge, visit ncbioneer.com. If you’re a WNC entrepreneur interested in exploring programs and services available to you through Venture Asheville and Hatch, visit ventureasheville.com and hatchinnovationhub.org. If you’d like to support these organizations’ shared mission of promoting entrepreneurial growth in WNC, you can contact us to learn more about how you can get involved with the work we do or donate here.