Welcoming iGEMers to their Entrepreneurial Journey
Last week was iGEMs first ever Global Meetup and it was another showcase of all that this community has to offer! Nowhere else could you find such a wide range of passionate and talented speakers hosting sessions on everything from Biosafety Safe by Design, SynBio’s role in the UN’s 2030 Sustainable Development Goals, to the challenges and opportunities for Women in STEM and of course top tips on your iGEM meme creations. The Global Meetup also focused on the international in iGEM with just over 50 sessions hosted by iGEMers around the world - thanks in part to the work of the new VRT committee to provide a safe and accessible virtual format for teams to meet and collaborate.
Part of the Global Meetup also allowed for iGEMers to share resources and recommendations as teams prepare for this year's competition. EPIC was lucky enough to host one of these sessions for iGEM teams looking to compete for the Best Supporting Entrepreneurship Special Prize and to share our thoughts on what an entrepreneurial career path can offer to current iGEMers;
What are we looking for in the Best Supporting Entrepreneurship Special Prize prize?
With this year's updates to the Prize we are encouraging teams to focus on the knowledge-based resources they can accumulate virtually as a team without relying on access to labs. The core principle for teams is to test their entrepreneurial hypothesis and assumptions to get closer to a fact-based business model - increasing their chances of real world success beyond the competition. We have split those knowledge-based resources into 5 categories, which are reflected in the updated rubric;
Market: Has the team discovered their first potential customers and identified any unmet needs not yet covered by other existing solutions?
Tech: Has the team shown that their solution is possible, scalable, and inventive?
Funding: Has the team presented logical product development plans with realistic milestones, timelines, resources, and risks?
Team: Has the team outlined the skills, capabilities, and stakeholders required to be credible in developing their solution further?
Impact: Has the team considered the positive and negative long-term impacts of their fully developed solution?
By addressing some of the questions above, teams will gain a better understanding of the real value drivers behind entrepreneurship, beyond all the hype and buzzwords. Our hope is these questions will help foster a mindset that will be useful to them throughout their careers, either as founders, researchers or leaders in their own fields.
How to begin your BioVenture and start your journey as an iGEM BioFounder?
The Entrepreneurship Program Innovation Community (EPIC) supports the development of iGEMs entrepreneurial community. The vision of the program is to become the driving force behind hundreds of SynBio based start-ups globally to help accelerate our transition to a more sustainable bioeconomy. The core of the program is focused on supporting iGEMers by connecting them to relevant co-founders, mentors, accelerators, investors and partners. This is done through a range of activities globally including the Venture Creation Labs, Mentorship Program, Fast Track Program and the Annual Startup Showcase.
For those who wish to continue their entrepreneurial journey or to join EPIC’s programs please find out more info here.
