We are located at 479 Jessie St in downtown San Francisco one block off of the Powell St BART station.
Yes. We require that you be primarily based in SF. This benefits you because you can take advantage of the numerous acceleration opportunities, networking and coaching that will be provided. Indie.Bio is a major commitment, and we expect you to be present for a very intense ride!
No. It’s your company, so you can live where ever you’d like. Based on experience, we recommend teams stay in the Bay Area for fundraising purposes and to take advantage of the vast network of founders, industry partners, investors, and press.
While we don’t discount applications just because they have a single founder, it does make things more difficult. We look for great, balanced teams who have a full range of skills. We strongly advise you to seek co-founders who balance your skill-set.
Yes. Anyone from anywhere can apply. You do have to be legally in California during the program, of course. Once accepted, we can help with legal/immigration issues. We have had experience with long visa delay times with certain countries and will require applicants from certain countries to arrive before other teams where visa issues have not been a problem. In order to attract investment, you should incorporate your company in the U.S.
The investment is broken into two parts. The first is a share purchase agreement of $50,000 cash + $50,000 in program support in seed investment in exchange for 8% equity. This is joined by a $150,000 convertible note with a 20% discount at 2.5million dollar valuation cap for a total of 250k in funding.
As part of the program you have access to lab space, co-working with a community of like minded teams, our huge mentor network which melds science, business and the best silicon valley has to offer. The program is designed to derisk your company in science, business and customer value proposition to help you blast your biotech startup into the stratosphere.
You will also have the opportunity to pitch to press, corporate partners, angel investors, and venture capitalists during and at the end of the program at Demo Day.
No. You will be offered the note upon signature of the Share Purchase Agreement and have 10 days to accept the note.
IndieBio recieves 8% equity in exchange for the $100,000 share purchase agreement. The $150,000 convertible loan note is at a 2.5 million dollar cap with a 20% discount.
All you need to apply is a well thought out idea with the science worked out at least in principle and a good team (two co-founders minimum). We’ll help you with all the rest.
Yes, we have accepted teams that have previously raised funding through venture capital, angel investors, or grants. Regardless of previous funding the IndieBio package is non-negotiable.
We look for companies with deep scientific insights aimed at solving intractable or diffiicult problems that will impact 1B+ members of humanity. We see biology as a technology that can be applied across all verticals which can include therapeutics, the future of food, biomaterials, biological tools, diagnostics, synthetic biology, genomics, and data analysis to just name a few areas.
Companies can be based on hardware, software, or wet-biology and go straight to consumers or sell to business.
We don’t provide accommodation. However, we will connect you with other teams in the cohort and generally help in pointing you to viable options.
We don’t release our list of investors, which is always updating. We did an informal estimate that $40B in capital funds had come through IndieBio about 2/3 of the way through the first program if that gives an idea. It’s not clear that a list would be accurate since a livestream feed of demo day did get queries from investors as well.
We don’t want any special or controlling interests in your company. For the investment for the program, we don’t ask for a board seat or for any uncommon investor rights. Our goal is to create founder driver companies that are autonomous and able to confidently make decisions for themselves.
Teams have to move out of our lab and co-working space, but continue to be part of the IndieBio family and recieve support. We help teams find lab space after the program through our network and introductions.
We work to make IndieBio the premier biotech network and are always connecting our teams with potential investors, mentors, corporate partners, press, and more even once they leave the four month program.
Yes. We have a wet lab in our headquarters specifically for you to build your technology and your product. While the rent and access to the equipment is free, you will have to pay for your disposable plastics, reagents, cell lines and other consumables.
The curriculum varies from 4-6 hours a week with panels of mentors and talks about tech product production, business models, intellectual property, sales, product design. There are also assignments and milestones so that the companies can focus on their individual development. The curriculum is reviewed for redesign before every class. Founders will find that they are working on their companies steadily through the rest of the week.
Next program starts Summer 2017. Apply by February 15th!