Botín Foundation to invest 40 million euros to create 20 technology companies
They are looking for breakthrough projects with a clear advantage over competitors’ technology and high social impact in the fields of biomedicine, biotechnology and bioengineering.
BY BIOCAT
The Botín Foundation has just presented their Mind the Gap Program, through which they will invest 40 million euros to create 20 companies in the biomedicine, biotechnology and bioengineering fields over the next five years.
This program will fund scientific projects that have solid commercial projection and require additional trials and studies to confirm the business opportunity. Selected projects (chosen by an international evaluation committee) will receive funding of up to 250,000 euros gross per year for a maximum of two years.
The projects with the best possibilities to obtain this succulent funding must be innovative and employ breakthrough technology, as well as having a high potential market interest, clear advantages over competitors’ technology and high social impact, among other aspects. The scientific excellence of the research group leading the projects will also be taken into consideration.
The Botín Foundation will not only contribute capital to set up these companies, they will also provide management, coordination and advisory resources; guide the research group through the first stages of their business project; and help seek out partners and investors.
As a pilot program, the foundation successfully started up two new companies in 2010:
- Axontherapix, created by the Botín Foundation, the University of Seville and the Rosada University Hospital to develop a new treatment for Parkinson’s.
- Life Length, set up by Dr. Maria Blasco (CNIO), the Botín Foundation and Matlin Associates, is a company based on breakthroughs reached by Dr. Blasco’s team that measure telomeres –the ends of chromosomes whose length is related to diseases associated with ageing.
Participation in the program is initially limited to groups that collaborate with the Botín Foundation but, as the program is consolidated, it will be opened to other participants.