Bioindustrial technologies have a high potential for impacting sustainability — but they tend to need a little bit more help navigating the startup valley of death. That's where the BioWell comes in.
Carlos Estrada, head of Venture Acceleration at BioWell, says the idea for the accelerator was came to First Bight Ventures, a Houston-based biomanufacturing investment firm, as it began building its portfolio of promising companies.
"While we were looking at various companies, we found ourselves finding different needs that these startups have," Estrada says on the Houston Innovators Podcast. "That's how the opportunity for the BioWell came about."
Specifically, bioindustrial companies, which are tapping into life science innovation to create more sustainable products or services, need early funding, lab space, and strategic corporate partners to help research and develop their startups.
"The very direct challenge that we are seeing is that these companies very often have to spend their funds to build out their own lab spaces," Estrada says, "so by the time they're trying to focus back on the product itself, they are starting to run out of funding."
Carlos Estrada, head of Venture Acceleration at BioWell, joins the Houston Innovators Podcast to share why Houston is already a great hub for bioindustrial innovation. Photo courtesy of BioWell
BioWell is currently selecting its inaugural cohort and is also actively searching for its physical location to build out the program and facilities. Last year, BioWell secured $741,925 of the $53 million doled out as a part of the "Build to Scale" Grant program from the U.S. Economic Development Administration.
In addition to solving for specific challenges bioindustrial companies face, Estrada says the program will provide support for general startup and entrepreneurial guidance, like business plan development, navigating investors and grant funding, and more.
Just as First Bight Ventures was founded strategically in Houston to make the most of the local resources, the BioWell will operate out of the Bayou City — a market Estrada says has everything the industry needs.
"We have the right talent — our universities produce great researchers. We have the energy companies that are utilizing (a workforce) with transferable skills," he says on the show. "We also have the infrastructure, the square footage, and various real estate companies creating shells for lab space. We have the know how, the universities, and all at a lower cost, which plays a big role in the equation."
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This article originally ran on InnovationMap.