Frequently Asked Questions
BioAccel is an fully independent 501(c)3 non-profit organization that drives economic development through the accelerated commercialization of late-stage basic and applied research in the life sciences with a biomedical focus.
BioAccel is dedicated to transforming discoveries into new business opportunities that accelerate the commercialization of life science technologies. BioAccel focuses on diagnostics, therapeutics, medical devices, tools, and services. The organization's mission and staff are dedicated to creating new programs that bridge the common resource gaps to efficiently enhance and develop technology into commercially available products and services. BioAccel promotes economic development in Arizona by 1) providing funding for specific life science projects emanating within Arizona, 2) providing technical and business mentoring and support services to assist entrepreneurs and early-stage companies to move discoveries towards commercialization, and 3) providing educational opportunities to entrepreneurs, scientists, students, and philanthropists.
The expertise required to conduct successful research is vastly different from the expertise required to develop that technology into a marketable product, operate a company, and attract private capital. BioAccel provides business assistance and mentorship to help ensure funded projects have successful outcomes. All funded projects are assigned a project manager who helps the entrepreneur meet agreed upon timelines and helps work through any issues that are encountered. In addition, BioAccel provides entrepreneurs with access to its stable of technical and business subject matter experts.
Absolutely not. BioAccel's activities are centered around economic development (workforce development, education and stimulating the commercialization of Life Science discoveries). While BioAccel hopes to obtain a modest return on any investments made, revenue obtained through these means is secondary to the benefits of new job creation, new company formation, and increasing the public's access to new life science technologies. Revenue obtained from companies that grow with BioAccel's assistance, will be used to support its Proof of Concept Center.
BioAccel's New Venture Development Program (NVDP) provides program funding and creates new companies from technologies that have graduated from the TAP and show clear commercial potential, or early stage companies (less than $3M valuation and in operation for less than 2 years) that have recently launched but require management, technical development and funding support to validate the technology. The NVDP provides assistance in launching the company, forming the management team, identifying facilities, and providing mentorship for the entrepreneur through the initial stages of the company formation.
BioAccel has a rigourous four-stage process in which eligible applications are sent to BioAccel's extensive network of business and scientific subject matter experts who review the scientific validity and commercial feasibilty of the application. BioAccel's Board of Directors makes the final decision about which applications are supported.
BioAccel has a few sources of revenue: (1) donations from private individuals, foundations, government and industry (2) partnerships with industry and venture capitalist (3) income generated from BioAccel-supported companies. Currently, BioAccel is fully funded by local philanthropy and a corporate grant.