The BioVenture eLab Hosts its $100k Biomedical Business Plan Challenge | Weill Cornell Medicine

The culmination of the Bioventure eLab’s
$100,000 biomedical business plan challenge. The eLab is part of the Office of Biopharma
Alliances and Research Collaborations. First prize, huge congratulations goes to
CEP Biotech. This competition is just one way the office
of biopharma alliances sparks entrepreneurship and new business development
across the Weill Cornell Medicine community. The cash awarded tonight goes to three teams
with the best pitches, a matter of minutes to win over a panel of
judges, experts in the business of biopharma. You know we worked hard,
I think that we learned a lot from this process. And getting here is a process. This isn’t the end of the journey
this is the beginning of the journey for all of you guys, and so
we have very high expectations of what you’ll do with this amazing training that you’ve gotten. That training is what this competition is
really about. Helping students and faculty who have
potentially groundbreaking medical innovations build a solid business plan
to get their product to market. The key was to getting marketing to the insurance
companies, getting the insurance companies to know, The insurance companies aren’t going to sell it for you, OK? You see the scientific information is good
but what’s not always good is the presentation. The relationships between our
predicted variables and the determinants of the audit. There is a larger US advanced cancer standing
market, The market for this is what we estimate is
about one billion a year. In New York
there’s a lot of science but there’s less on the entrepreneurial side,
that’s an area where a program like eLab can really help fill in that hole. When the teams reach the finish line, they
pitch before a standing room only audience. Can everyone hear me OK? We want to do for interactive images what
Youtube did for video. Why do you want to price lower? We want to break into the market. If you’re going to go the route of trying
to compete against the other solutions I just don’t know if you’re going to get
much traction there. I would love to take any questions you might
have. This finale and the business plan challenge
itself is as much about making connections as it is about money and mentoring. The crowd is packed with entrepreneurs, investors,
and potential partners for these budding businesses. There’s a lot of leverage when it comes
to this program, they’ve learned a lot and then they go forward
with projects elsewhere. So when you think about taking drugs from
bench to bedside uh this is really a way to make that happen.

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