The Innovation Space (Delaware Innovation Space) is offering an investment option to companies accepted into its Science Inc. Accelerator.
All Science Inc. applicants are invited to apply for $50,000 in investment from The Innovation Space and its First Fund via a convertible note which will be distributed in two components – $25,000 in cash and $25,000 to support the startup’s participation in the accelerator program.
“Today as we hold our Investor Demo Day for our spring cohort, The Innovation Space is pleased to increase our commitment to science entrepreneurs and announce our plans to invest in select companies admitted into our Science Inc. Accelerator,” said Bill Provine, CEO of the Delaware Innovation Space. “The goals of our Science Inc. Accelerator are to help cohort companies improve their business plans and concepts, propel them forward rapidly towards market, and enable them to secure additional early investments.”
The Science Inc. Spring 2021 cohort included a broad spectrum of 10 science startups ranging from novel therapeutics that will treat human disease to solutions which will curb global climate change. Today’s Demo Day gave investors, including angel, corporate, and private venture capital investors, and strategic partners, an early look at promising new companies and provided them a first mover advantage to place early bets on these startups.
“Science Inc. provided early-stage entrepreneurs with support and mentorship needed to better understand essential functions such as business development, planning, and operations,” said Joshua Selsby, co-founder of Extrave Bioscience. “It was a critical step to accelerate the development of our company. The personal attention and feedback were constructive, supportive, and tailored to our needs. The Innovation Space also facilitated connections with investors and partners that may lead to future support.”
Dalton Signor, CEO and Founder of Breatheasy, added, “The most important asset for an early-stage startup is its people, and joining Science Inc. was like adding four rockstar exited founders to our team in one day. They’ve exposed us to new funding sources and commercialization strategies that have been instrumental to our company’s progress.”
Each one of the cohort companies in Science Inc. is provided a customized and personalized experience enabled by weekly cohort sessions and expert coaching meetings.
“Our journey with these early-stage companies in Science Inc. is very personalized and supportive,” said Provine. “Our team is very passionate and driven to help the startups in Science Inc. refine routes to market, early targets, and milestones to provide the highest probability of early success.”
For more details and to apply to be considered for the Fall cohort of Science Inc., click here.
Applications are due by July 16th. Interviews and selection will take place soon thereafter. The Fall cohort will be virtual, and will kick off in September.
The Science Inc. accelerator program has received national recognition and received $1.5 million in funding from the Economic Development Administration’s Build to Scale Venture Challenge competition in 2020.
Delaware Innovation Space is a non-profit entrepreneurial support organization and an ecosystem where entrepreneurs, scientists, business leaders, community members, investors, and service providers in the advanced materials, industrial and agriculture biotechnology, chemical ingredients, renewable energy, nutrition, therapeutics, diagnostics, and healthcare fields can build business concepts together and accelerate the path to commercialization.
The Delaware Innovation Space was formed from a public-private partnership between the State of Delaware, DuPont, and the University of Delaware. Further information is available at www.innovationspace.org
Innovation Space is located in the DuPont Experimental Station.
