The BIO-X Accelerate project was initiated with the goal of facilitating the transition of small and medium-sized enterprises within the region’s life science sector from the early stages to a rapid phase of innovation and growth. The project aimed to enhance the competitiveness of these companies by generating innovative products that have high demand in the global healthcare market.
To achieve this goal, the project team implemented several strategies and initiatives. Firstly, by making public funds available for companies through the European Regional Development Fund (ERDF) administered by The Swedish Agency for Economic and Regional Growth (Tillväxtverket). This financial support aimed to provide the necessary resources for companies to propel their growth and innovation.
Secondly, the team developed a call methodology known as BIO-X Accelerate. This methodology allowed the project team to support companies throughout the application process by offering a formality check of their proposals, providing pitch training, and facilitating a ”second chance” investment meeting. These measures were implemented to ensure that companies had the best possible chance of securing funding and advancing their projects.
As a result of the call for proposals, four companies; Celluminova AB, Gradientech AB, Ilya Pharma AB and PU Sensor AB, were selected to receive funding ranging from 5-7 MSEK. This financial injection aimed to provide these companies with the necessary resources to accelerate their innovation and growth, ultimately making them more competitive in the global healthcare market.
In addition to the core activities outlined above, the project team implemented various complementary initiatives and programs to further strengthen the participating life science companies and showcase the region’s life science community. One such initiative was the Founder to Leader program, which focused on leadership and organizational development. Participants in this program continued to benefit from regular meetings through an alumni network, ensuring ongoing support and growth opportunities.
The project also fostered sustainability development activities, programs, and networks within the life science companies. These initiatives aimed to encourage collaboration among small and large companies to address specific challenges in the sector. The sustainability network created during the project continues to thrive, promoting collaboration and knowledge sharing among companies.
Recognizing the importance of effective board governance, the project team implemented the Professionalize Your Board Work program. This program aimed to create more professional boards and enhance leaders’ understanding, collaboration, and influence in board work. By strengthening board governance, companies were better positioned to make strategic decisions and drive innovation.
To increase awareness about the region’s life science companies and attract employees and investors, the project team launched a podcast series called SPEED OF LIFE. The series featured interviews with entrepreneurs and stakeholders in the life science sector, showcasing the achievements and potential of the region’s companies.
Additionally, the team published a report titled ”Equality – a prerequisite for a sustainable development”, emphasizing the importance of gender equality and diversity for innovation, resilience, and growth in companies. These efforts aimed to foster an inclusive and diverse ecosystem that could drive innovation and attract top talent.
Overall, the BIO-X Accelerate project successfully supported small and medium-sized enterprises in the region’s life science sector, enabling their transition to a rapid phase of innovation and growth. The project’s initiatives, including the provision of public funds, the BIO-X Accelerate call methodology, and the various complementary programs, helped strengthen the participating companies, foster collaboration within the life science community, and showcase the region’s life science sector. By generating innovative products with high demand in the global healthcare market, these companies were able to enhance their competitiveness and contribute to the growth of the region’s life science sector.
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