Life Science Tennessee announced that the Business Competition participants have been selected. Six Tennessee start-ups will spend the next two months refining their business plans in preparation for the Annual Meeting and Venture Forum Nov. 14-16 in Nashville.
The six company participants are NextGxDx, NanOphthalmics, IPE, Randall Surgical Corporation, Urova Medical and Restore Medical Solutions.
Each of these companies will be work with a mentor and will attend the LifeSciTN Business Planning Seminar Series hosted by Baker Donelson. The seminars will cover topics including writing a business plan for the life sciences, making an investment pitch and how to determine the value your company.
“Building the state’s life sciences industry is the key mission of Life Science Tennessee,” said Tom Ballard, Director at Knoxville-based accounting and consulting firm Pershing Yoakley & Associates and chairman of the Life Science Tennessee Economic and Entrepreneur Development Committee. “If we can help foster a few companies in our industry, we’ve helped our industry here as a whole. We are proud to offer this new program,” Mr. Ballard said.
In November, the participants will make their pitch in front of regular life sciences investors and compete for a cash prize and in-kind start-up business services. The Annual Meeting and Venture Forum will be held at the Vanderbilt Marriott Nov. 14-16 in Nashville.
The Business Plan Competition winner will be awarded $5,000 in cash and a package of in-kind services from our Business Plan Competition sponsors valued at up to $20,000.
The forum is part of the LifeSciTN Annual Meeting and will bring together innovators and entrepreneurs at varying stages of innovation and business development. The Venture Forum meets a growing need to bridge the gap between researchers, entrepreneurs and venture capitalists in Tennessee. Venture capitalists from around the region will attend the Forum and will offer early and growth/later-stage companies the opportunity to present to investors and seek advice from industry experts.
In addition to the Business Plan Competition, the Venture Forum will also include a Company Showcase where several Tennessee start-up companies will make a pitch presentation to the Life Science Tennessee audience. Showcase presenters include 490 Biotech, Duke Vascular, CirQuest Labs, BioNanovations Corporation, REDCap, eSpin, iScreen, and Sight Innovations.
The LifeSciTN Venture Forum is also proud to partner with four TNInvestco Funds that regularly invest in life science companies: Innova Fund, Limestone Fund, MB Venture Partners and Tri-Star Technology Fund. These groups have agreed to make available $25,000 to $50,000 of investment capital in the form of convertible debt to a Business Plan Competition or Showcase presenter. This Venture Forum partnership could potentially bring the total investment in Tennessee life sciences companies to $200,000.