FREQUENTLY ASKED QUESTIONS:
How much funding do IndieBio companies receive?
The investment has been increased to $50k cash + $50k in program support in seed investment in exchange for 8% equity. This is joined by a $150k convertible note with a 20% discount at 2.5million dollar valuation cap for a total of 250k in funding. You also 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, angel investors and venture capitalists during and at the end of the program at Demo Day.
Do I have to accept the $150k convertible note?
No. You will be offered the note upon signature of the Share Purchase Agreement and have 15 days to accept the note.
What sorts of companies do you fund?
Diagnostics, high tech food companies, biomaterials, biology tools, collaborative science, synthetic biology, genomics and data analysis to just name a few areas. We fund startups that are using biology as the basis of their technology. This spans processes, products and software. The key is that the business uses biology to solve an intractable or difficult problem that would improve humanity if solved.
I don’t have a company, just an idea or maybe a half built prototype, can I apply?
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.
Do I have to be there for the entire 16 week period?
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!
What sort of investment opportunities will I have through IndieBio? Do you have a list of the VC attendees that were at the last demo day?
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.
What is the IndieBio program curriculum and experience like?
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.
Do I have to stay in SF when the program ends after 4 months?
No. It’s your company, so you can live where ever you’d like.
Can I apply if our company or founders are not from the USA? Can you help with Visa/immigration issues?
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.
I don’t want to patent my idea, Do you fund open source projects?
Yes, it’s your company. How open or restrictive you want to be with your intellectual property is up to you.
What sort of control am I giving up by granting equity to IndieBio?
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 make the founders autonomous and up to making their own major decisions.
I’m a single founder. Can I apply by myself, or do you only accept teams?
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.
Where will we live while we’re in SF?
That’s up to you – 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.
Will we have access to a lab?
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.
Where are you located?
We are located in downtown San Francisco one block off of the Powell St BART station.