New Funding to Bolster San Antonio’s Biomedical Startup Ecosystem
The U.S. Small Business Administration (SBA) has announced BioMedSA as a Stage Two winner for the national 2023 Growth Accelerator Fund Competition. BioMedSA will receive $150,000 to help catalyze the development of bioscience startups in San Antonio, enabling them to build on a strong foundation as they move toward commercializing their products and services.
“We are excited this new funding will help advance BioMedSA’s work to increase support for our local startups by leveraging our partnerships and relationships with national organizations eager to bolster San Antonio’s burgeoning biomedical sector,” stated Heather Hanson, BioMedSA president.
The funds awarded will develop and implement BioMedSA’s Bridge to Bio program. This program will use nationally proven mentors at participating partner organizations to assist companies in exploring and increasing knowledge and access to the military health market.
Funding will provide resources for selected startups to develop business plans and strategies, including milestones that can be tied to investment opportunities. Participating startups will also have access to resources to help them refine their company stories, develop investment pitch decks, and write Small Business Innovation Research (SBIR) grant proposals. These resources will be at no cost to selected companies. The application and launch of the inaugural cohort will coincide with startup applications to present pitches to investors at Biofest Invest on April 17, 2024.
Partnering organizations include the Henry M. Jackson Foundation for the Advancement of Military Medicine (HJF) (www.hjf.org). HJF will assess military health market opportunities for cohort companies and provide a Military Health Workshop. HJF was authorized by Congress in 1983 to advance military medical research and has military health clinical and research networks worldwide.
Lifeblood Capital (www.lifeblood.inc), a Florida-based talent and investment company, will provide business strategy and milestones mentoring from an investor’s perspective. Lifeblood Capital has assisted over 300 medtech startups to raise over $220 million to date.
VentureCraft (www.venturecraft.io), a California-based start-up consulting firm, will provide pitch deck and investor communication mentoring and Small Business Innovation Research proposal writing assistance in conjunction with The Neutrino Donut (www.neutrinodonut.com), a Texas-based firm with operations in California. VentureCraft has helped its clients raise over $400 million in funding.
For more information about the Growth Accelerator Fund Competition, please visit www.sbir.gov/accelerators.