INDIANAPOLIS, April 30, 2012 /PRNewswire/ -- At a press conference today announcing the Indiana Seed Fund II (ISFII), BioCrossroads also launched the inaugural BioCrossroads New Venture Competition presented by Krieg DeVault, an early stage business competition open to life sciences (biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech) and health information technology companies holding a substantial nexus to Indiana and a high potential for attracting investment capital.
In addition to a cash prize of $25,000, the winner of the competition will have access to the Indiana Seed Fund II staff and the fund's network of resources to provide business planning and early-stage strategic support. They will also have the opportunity to make a presentation to the ILSFII investment committee.
The winner will be announced at the Indiana Life Sciences Summit Networking Reception on October 22, 2012. Second and third place companies will be awarded cash prizes of $15,000 and $10,000 respectively. There will also be a Pre-Venture prize of $10,000 for a promising technology that is very early in its development.
The competition will be comprised of an initial application process followed by ISFII staff review of all applications, interviews of semi-finalists and the selection and invitation of the top five plans to present to a panel of expert judges. Applications are available at www.biocrossroads.com and must be submitted by Tuesday, July 31, 2012. Companies invited to submit full business plans must do so by Friday, August 24, 2012.
Early-stage biotechnology, pharmaceutical, medical device, diagnostic, ag-biotech or health information technology companies developing innovative products and platforms are eligible to apply for the New Venture Competition. For consideration, companies must either be Indiana-based or be able to demonstrate a significant Indiana presence.
CHV Capital, Inc., Credit Suisse, Indiana Health Information Exchange, and StepStone Business Partners are sponsors of BioCrossroads New Venture Competition presented by Krieg DeVault.
BioCrossroads (www.biocrossroads.com) is Indiana's initiative to grow, advance and invest in the life sciences, a public-private collaboration that supports the region's existing research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises (Indiana Health Information Exchange, Fairbanks Institute for Healthy Communities, BioCrossroadsLINX, OrthoWorx and Datalys Center), expands collaboration and partnerships among Indiana's life science institutions, promotes science education and markets Indiana's life sciences industry.