Illumina For Startups BIO 2022 Recap: 3 Takeaways & 3 Tips for Founders
Illumina For Startups | Spotlight Article by Amanda Cashin
In June 2022, startups, biotech companies, investors, and big pharma converged in San Diego for BIO 2022 — the largest life science global partnering conference. Illumina For Startups proudly partnered with Music Beats Cancer, SVB and others for a night of live music and networking with startups at the Hard Rock Hotel SD to kick off the conference on Monday night!
The first time gathering in-person in over 2 years due to the global pandemic, BIO 2022 was held at an unprecedented time — we’re facing an economic downturn, rising US interest rates, war in Ukraine, hundreds of public life science companies are trading below cash, and big pharma is holding over $1.7 T in potential deal-making dry powder. Importantly, optimism and energy in San Diego in June was high. Together, the life science industry has a shared urgency to bring innovative, lifesaving treatments and products to patients!
In this Spotlight Article, we asked Illumina Accelerator founders — Doloromics, StemPharm, CRISP-HR, NewStem — to share their take-aways and tips about maximizing BIO 2022.
As a genomics entrepreneur, what were your key takeaways from BIO 2022?
1. “The markets are down, yet there are still a lot of brilliant, funded startups that are going to make an impact in their field. Pharma is on the look-out for deals and is ready to move on platforms and drugs that fit into their pipeline,” shared Candler Paige, PhD, Co-Founder & CEO, Doloromics (SF Bay Area).
2. “While there was plenty of talk at BIO 2022 about the current economic climate, there was no shortage of excitement about new developments and new opportunities. Good ideas and great teams will continue to raise funding. Now is the time to launch and fund earlier stage life science startups. Profitable large pharma, diagnostic, and life science companies generally did well during the pandemic and are sitting on cash reserves and looking for investment, collaboration or M&A opportunities,” said Steven Visuri, CEO of Stem Pharm (Madison, Wisconsin).
3. “Nothing compares to face-to-face meetings and feedback from market opinion leaders from across the globe. This is priceless! Conferences like BIO 2022 remind us we are in the right industry. We aim to bring a cure for patients, and this is what drives us as individuals and companies,” said Ayelet Dilion Mashiah, CEO of NewStem (Israel).
What advice do you have for early-stage startups considering BIO 2023 or similar partnering conferences in the future?
1. “GO! If you are looking for partners, BIO is one of the best conferences to get in front of BD, Search/Eval, and Licensing teams. The Stem Pharm agenda at BIO was jam packed! Our main focus was the 1:1 Partnering, and we ended up holding ~35 high quality face-to-face meetings. Come prepared for your meetings, knowing about the company and delegate you are meeting with and how you fit into their solution, ” said Steven Visuri, CEO of Stem Pharm (Madison, Wisconsin).
2. “There is still no replacement for in-person networking. First, BIO is a great place to hone both your elevator and longer form verbal pitches. Whether planned or spontaneous, the in-person networking opportunities that BIO provided were second to none, and have helped tremendously both to expand my own professional network, hone our elevator and longer form verbal pitches, and identify many new and promising BD opportunities for CRISP-HR,” shared Chris Hackley, Co-Founder & CEO, CRISP-HR (SF Bay Area).
3. “My advice to fellow founders, minimize the doom-and-gloom news you’re consuming, keep your head down, and achieve your milestones,” shared Candler Paige, PhD, Co-Founder & CEO, Doloromics (SF Bay Area).
We’re looking forward to seeing folks in-person again in 2H 2022 and at BIO 2023!
The Illumina Accelerator Team
Now accepting applications for Illumina Accelerator SF Bay Area & Cambridge UK
Drive value for your genomics startup. Apply to Illumina Accelerator’s next funding cycle by October 1, 2022! APPLY NOW!
About Illumina For Startups
Illumina For Startups is focused solely on creating an innovation ecosystem for the genomics industry by partnering with leading venture capital investors and entrepreneurs to create, launch, and grow genomics startups. Illumina for Startups initiatives include Illumina Accelerator, founded in 2014, and Sequoia Capital China Intelligent Healthcare Genomics Incubator, Powered by Illumina, founded in 2021. Illumina Accelerator is a company creation engine co-located with Illumina research and development sites in San Francisco Bay Area and Cambridge, UK. Illumina Accelerator has invested in 68 genomics startups from across the globe, which have collectively raised approximately $1B in venture capital funding. For more information, visit our website.
