LOS ANGELES--(BUSINESS WIRE)--BioTools Innovator, a new accelerator program developed by the team behind MedTech Innovator, the world’s largest accelerator of medical device startups, announced its launch today. BioTools Innovator is intended to advance life science tools innovation and improve human health by accelerating the growth of best-in-class startups developing and commercializing a broad spectrum of biotechnology products, platforms and services.
The three-month BioTools Innovator accelerator program will feature ten of the most promising early stage companies developing research tools and services for biotechnology, biomedicine, cell biology, molecular biology, genetics and biochemistry from around the globe. BioTools Innovator will offer these companies unparalleled customized education, mentorship and funding opportunities, leveraging its well-established MedTech Innovator accelerator model. Funding to launch the BioTools Innovator program is provided by the Frederick Gardner Cottrell Foundation of Research Corporation Technologies, Inc. (RCT).
“The launch of BioTools Innovator is the next step in our journey towards transforming health care through accelerating critical new innovations,” said Paul Grand, CEO of MedTech Innovator and BioTools Innovator. “Drawing on our success with the MedTech Innovator program, which is now in its ninth year, BioTools Innovator will reach an entirely different sector of early stage companies developing life science and biology-driven tools and services that are poised to advance research and impact all areas of human health. We are thrilled to partner with two of the leading investment groups in the space, RCT and BroadOak Capital Partners, to identify and support entrepreneurs who are working to make a real impact on quality of life.”
“We are honored and excited to be a founding partner of the BioTools Innovator accelerator program,” said Shaun Kirkpatrick, president, RCT. “This is an exceptional opportunity to identify cutting-edge life science startups worthy of attention. I am confident BioTools Innovator will allow us to bring more life-changing technologies to commercialization, with the goal of improving lives.”
“BioTools Innovator fills a growing need to help emerging entrepreneurs and startups in the life science tools area,” said Bill Snider, partner, BroadOak Capital Partners. “The amount of breakthrough innovation from biology-driven products and services increases annually, and more support is needed at the seed and early stage. Our team at BroadOak Capital is looking forward to supporting the program and bringing our years of experience investing and advising within life sciences to the proven accelerator model that Paul Grand and his team have built.”
Structured similarly to the MedTech Innovator program, applicants will progress through multiple rounds of selection, where they will have increasing exposure and visibility to stakeholders in the industry. Applications will open on March 31 and close on April 30, 2021. During the first round, expert reviewers will score online applications and help determine the 30 startups invited to pitch at one of several virtual pitch events set to take place in late May through June 2021. After further diligence, ten companies will advance to receive a slot in the inaugural BioTools Innovator 2021 cohort and participate in the virtual accelerator.
The BioTools Innovator Final Competition will be held in mid-October 2021, where up to $200,000 in non-dilutive cash prizes and in-kind services will be awarded to the four selected finalists. The Grand Prize winner will be determined via a live audience vote and announced during the event. Providing financial support and individualized mentorship to startups in the BioTools program, sponsors will gain exclusive access to the database of applicants, be able to leverage shared insights with other program partners, and have the opportunity to explore collaboration or potential partnerships with the participating companies.
Early stage companies looking to apply to the BioTools program can visit http://www.biotoolsinnovator.org/ for more information. For inquiries about becoming a partner, please contact Kathryn Zavala, chief operating officer, MedTech Innovator and managing director, BioTools Innovator, at kathryn@medtechinnovator.org.
About BioTools Innovator
Based in Los Angeles, Calif., BioTools Innovator was established to better the lives of patients by accelerating the growth of a broad spectrum of biotechnology products, technologies and services. BioTools Innovator matches health care industry leaders with innovative early stage and emerging growth biotechnology-focused companies for mentorship and support.
For more information about BioTools Innovator and to apply for a chance to be a part of the 2021 cohort, visit https://medtechinnovator.org/biotools/ and follow @BTInnovator on Twitter and on LinkedIn.
About MedTech Innovator
Based in Los Angeles, Calif., MedTech Innovator is the largest accelerator of medical device companies in the world and the premier nonprofit startup accelerator in the medical technology industry.1 Its mission is to improve the lives of patients by accelerating the growth of companies that are transforming the health care system. MedTech Innovator matches health care industry leaders with innovative early stage and emerging-growth medtech companies for mentorship and support.
For more information about MedTech Innovator, visit https://medtechinnovator.org/ and follow @MedTechAwards on Twitter and on LinkedIn. To receive industry insights and highlights about MedTech Innovator’s current and alumni participant companies, subscribe to its monthly newsletter.
1 Gibbs, M., Johnson, B., Silva, B. A., & Berube, K. (2020, July 10). Q2 2020 Life Science Accelerators Insights Cipher Bio. Retrieved September 15, 2020, from https://www.cipherbio.com/blog/life-science-accelerators-insights/
