VelocityTX Announces The 2021 BioGlobal Accelerator Cohort
Seven early-stage bioscience companies enter a competitive program that culminates in a $25K grand prize
SAN ANTONIO (May 25, 2021) – VelocityTX, a subsidiary of the Texas Research & Technology Foundation (TRTF), accepted seven international and local bioscience companies from over 140 applicants for the 2021 BioGlobal Accelerator cohort. The BioGlobal Accelerator is the first and only one of its kind in San Antonio specialized for early-stage companies focusing on medical device, biotech and healthcare IT.
Accelerators speed up the process of commercialization of early-stage innovative companies through short-term, intense and immersive educational programs. According to a national innovation association, startups that engage in an accelerator program have a survival rate of 87% after three years of operations.
From July – October, the BioGlobal Accelerator cohort will participate in a 16-week program that combines a robust bioscience curriculum carefully crafted in coordination with local industry professionals. The program is designed to help grow and scale bioscience ventures through educational sessions, mentorship and financing opportunities. Through VelocityTX, the companies will have access to the innovation center, a state-of-the-art facility located in the near East Side, offering a shared collaborative space to network with entrepreneurs and inspire creativity and innovation.
This highly competitive program leverages VelocityTX resources and network to help companies accelerate the process of commercialization. The BioGlobal Accelerator program includes:
- weekly interactive technical and business sessions led by over 30 local organizations,
- mentoring from 10 industry experts,
- coaching by four Entrepreneurs in Residence certified by Growth Wheel Inc. coaching methodology,
- and networking opportunities.
The BioGlobal Accelerator culminates with a final public pitch event where these companies will pitch their venture in front of potential angel investors and industry experts. One company will leave with a grand prize of $25,000 as investment capital to grow their company.
Accelerators play a vital role in boosting the chances for an early-stage company to succeed which positively strengthens the nation’s economy. In addition, startups have an increased likelihood to raise follow-on capital with an average of $414,000, according to the Global Accelerator Network.
“The BioGlobal Accelerator attracts and retains the most promising bio innovations to our city while growing the local economy. The selected companies went through a highly competitive process with a less than 5% acceptance rate. During the 16 weeks, they will experience pure acceleration through highly intense programming crafted by industry experts, staff, and the executive team. By graduation, these companies will be in a position to raise significant capital and start hiring and boosting our Alamo City economy, “said David Fonseca, Executive Vice President, VelocityTX.
VelocityTX is the programmatic arm of TRTF, a nonprofit organization committed to advancing the bioscience and healthcare industry in San Antonio by supporting, developing, and funding local start-ups and fostering entrepreneurial development.
“TRTF is committed to providing our bioscience ecosystem with the necessary resources to advance innovation and drive economic growth. This investment in our entrepreneurs is critical to our overall economic strategy as a community,” said Rene Dominguez, President and COO of TRTF. “We look forward to watching these companies grow and scale with Velocity.”
- Alt-Bionics | Texas | altbionics.com
- Bioxiplas | Chile | bioxiplas.cl
- Eisana | Texas
- Neurognos | Chile | neurognos.com
- Olifant Medical Inc. | Texas | olifantmedical.com
- Tummi | Brazil | tummi.org