BioAccelerate NYC Prize


BACKGROUND	The New York City Investment Fund (NYCIF), with assistance of New York City Economic Development Corporation (NYCEDC) is sponsoring the BioAccelerate NYC Prize, a citywide competition that will provide funding for biomedical translational research. The focus is technology and research that have advanced beyond the point where an academic institution or the National Institutes of Health (NIH) is prepared to fund, but before the investment and commercial sectors are interested in committing dollars. The BioAccelerate NYC judges are expected to award between three and five winners who will each receive up to $250,000 in the form of a grant with participation. A condition of funding is that serious efforts are made to locate any associated spin out company in New York City. Under the terms of the grant with participation, BioAccelerate NYC will receive a percentage of whatever the host university receives if the technology funded by this competition is licensed externally. Any returns to BioAccelerate NYC will be returned to the New York City Partnership Foundation (a public charity affiliated with the New York City Investment Fund) and reinvested in other charitable projects.
WHO SHOULD APPLY	The BioAccelerate NYC competition is looking to fund translational research related to therapeutics, devices and diagnostics that can direct clinical care. As a key part of its evaluation, BioAccelerate NYC will consider the commercial market potential, specifically: 1) whether the technology would be able to attract venture or other commercial capital, assuming this translational funding produced positive results; and 2) whether the technology could support the growth of an independent enterprise over time. Some of the target activities include: Medicinal chemistry/early toxicology work Screening to produce reference compounds Support to move research from in vitro to in vivo The following technologies are not eligible for BioAccelerate NYC funding: R&D related tools, reagents and assays, equipment-based imaging, or diagnostics that do not direct clinical care. All applicants are required to be associated with a not-for-profit research institution or a university based in New York City and focused on biomedical-related research. The BioAccelerate NYC’s Prize can be either standalone or matched by a NYC university or research institution.
HOW TO APPLY	The BioAccelerate NYC Prize is no longer receiving submissions. The next round will take place in Fall 2010 with specific dates announced on this website later this spring. The winners of the first competition will be announced in Spring 2010. All submissions are reviewed by a panel of judges comprised of senior business executives from the investment, finance and life sciences industries. The panel considers the following in their review of the applications: Scientific merit of the proposal What are the commercial applications for this technology? What is the size of the market this technology addresses and competitive landscape? Does the technology address an unmet clinical need? If funded, how likely is it that this proposal will lead to the next step on the commercialization path? In addition to funding, all finalists and awardees receive mentoring and coaching from seasoned entrepreneurs, who assist the scientists along the commercialization pipeline, and serve as a resource with respect to funding strategies, business plans, and market analysis. For questions on the BioAccelerate NYC Prize, please contact Jahan Ali at 212-493-7595 / jali@nycif.org.
APPLICATION	download application (150K)
INSTRUCTIONS FOR APPLYING	Download the application by clicking on the ‘download application’ link on this web site, and fill out the application completely. You may save a partially completed application on your computer as a .pdf file. You will need at least Adobe Reader 7.0 to work with this file. One you’ve completed all the required fields of the application, please save the file that you will be submitting under your name with last name first, as follows: BrownJames.pdf. Please email the completed application to: apply@bioacceleratenyc.org. If you would like to submit any relevant publications (not required), please attach these in the same email with the application.
ABOUT THE SPONSORS AND NYCEDC	The New York City Investment Fund (www.nycif.org) is the vision of Henry R. Kravis, founding partner of Kohlberg, Kravis, Roberts & Co., who serves as its Founding Chairman. The Investment Fund has raised over $100 million to mobilize the city’s world financial and business leaders to help build a stronger and more diversified local economy. It has built a network of top experts from the investment and corporate communities who help identify and support New York City’s most promising entrepreneurs in both the for-profit and not-for-profit sectors. The Investment Fund is the investment and the economic development arm of the Partnership for New York City (www.pfnyc.org), the city’s leading business organization. Funding for the BioAccelerate NYC Prize is provided by NYCIF. New York City Economic Development Corporation (NYCEDC) (www.nycedc.com) is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities.


The BioAccelerate NYC Prize is an initiative of New York City’s Bioscience Initiative (www.nycbiotech.com), which is focused on developing a vibrant commercial bioscience industry in New York City.