Tuesday, April 30, 2019

MIN-Corps Spotlight: Mark Mulvahill Is Transforming the Handling Process of Biofilms


Mark’s passion for his technology and work is contagious. Throughout our interview, it didn’t take long to realize that he and his team have tapped into something special. Stratix Labs is a manufacturer of specialized microbiology products related to biofilms for the life science, pharmaceutical, and disinfectant markets. Stratix Labs' research tools are transforming the way companies handle their biofilms.


Stratix Labs NSF I-Corps team

Did you take the MIN-Corps Startup course?
Yes, I did. I have a mix of science and business backgrounds and graduated from the full-time Carlson MBA program in 2017. While I was at Carlson, I took the Startup course. Also, through Carla Pavone we applied and were accepted to the national stage NSF I-Corps program. We finished the program in March and are excited by the potential for our technology to solve real unmet needs.

Tell me about your journey both personally and academically that led you to Stratix Labs
My background is in biology and chemistry. I did some research in antimicrobial drug discovery. Including a stint here at the Center for Drug Design at UMN in Christine Salomon’s lab. I always knew that I wanted to get more into the business side of science but didn’t know when. I did end up getting a master’s in chemistry, but I then decided to jump to the full-time Carlson MBA program. I was able to build experience in evaluating the commercial potential of new technologies and also in intellectual property strategy through a prior venture, which have been a big help with getting Stratix Labs off the ground.
The resources I was able to get through the MIN-Corps program, especially the seminar series and the startup class, were really helpful. Then where we really started taking it to the next level was when we teamed up with my previous professor Christine Salomon and our industry mentor Mary Jo Baarsch and we applied to the NSF I-Corps program. The NSF I-Corps program has been a game-changing opportunity, enabling us to understand our market, product market fit, providing a lot of clarity and direction on how we should move forward.

Tell me about Stratix Labs
Biofilms are these communities of bacteria that behave totally different than single cell bacteria. When you’re trying to come up with new antimicrobials, whether it is a disinfectant or drug, it’s really important to study the pathogens as biofilms and not single cell bacteria. Biofilms are how the bacteria actually exist. The problem is that growing biofilms is complex. They’re difficult to grow, there are issues with variability, and it takes a long time. All of these factors make this time consuming and resource intensive. The tech we’re developing enables us to grow and preserve biofilm samples so that they are stable, well-characterized and ready to go for testing right off the shelf. Right now companies spend 3-4 days growing these biofilms and but only spend a few hours doing analysis, almost all the difficulty is in growing them.

So rather than spending all week growing the biofilms, researchers at companies can take our product right off the shelf first thing in the morning, within 20 minutes they can run their tests, and they’ll have their answers by lunch time. Eliminating 99% of their prep time and accelerating their R&D. What we’ve done to date is develop the foundational technology that allows us to preserve biofilms. Now we’re trying to apply it to specific bacterial biofilms that are of interest to these companies.

How are you able to eliminate this time constraint?
We are taking on the growth time for them. We grow the biofilms how they want it. We preserve it for them so that they don’t have to use their resources and allow them to get right to the testing.

Do you know when you’ll release it to the public?
We hope to have our first product on the market by early 2020.

Have you encountered anything particularly challenging with Stratix Labs or entrepreneurship in general and how did you overcome that?
Ambiguity – There are a million different paths we can go and it’s up to us to determine what path works and what path is the best use of our resources and time.
MIN-Corps and I-Corps taught us to be sure that we’re not developing a technology and then trying to find a problem to solve with it. We want to make sure that we start with the customer’s problem.

Do you have any plans for the future?
We plan on using our foundational technology to develop research tool products for many different areas where biofilms are important. Our first focus is on research tools used in the development of commercial disinfectants for food and beverage processing and healthcare settings. We’ll then expand to other areas after that.




Friday, April 19, 2019

Walleye Tank Life Science Pitch Competition May 3 - View, Meet and Mingle with Entrepreneurs and Investors

Walleye Tank Spring Opener 2019 

A pitch competition for Minnesota’s most intriguing life science startups.

2-5 pm May 3, 2019
Carlson School of Management, 321 19th Avenue S, Minneapolis
 

Register Here
Walleye Tank is a pitch competition for emerging and established medical and life science companies.  The 2019 Spring Opener showcases Minnesota’s most intriguing health care startups, powered by ground-breaking innovations of the Mayo Clinic, the University of Minnesota and the Minnesota health care ecosystem.

Program Hosts:
  • Steve Ekker, Professor of Biochemistry and Molecular Biology and Director of the Office of Entrepreneurship at the Mayo Clinic.
  • John Stavig, Professional Director of the Carlson School of Management Holmes Center for Entrepreneurship at the University of Minnesota.
Opening Remarks 
  • Steve Grove, Commissioner of the State of Minnesota Department of Employment and Economic Development.
Competition Divisions:
  • Junior Anglers : Entrepreneurs in the early stages of business development. 
  • Mid-level Reelers: Incorporated companies in the early stages of fundraising. 
  • Professionals: Established life-science businesses with active sales and that typically have completed at least one round of fundraising. 
Reception: Meet and mingle with investors, medical entrepreneurs and industry executives.

The 2019 Walleye Tank Spring Opener is a joint initiative of the Mayo Clinic Office of Entrepreneurship and the Carlson School of Management Holmes Center for Entrepreneurship.  This program is free and open to the public.
Register Here

Thursday, April 18, 2019

Emerging Opportunities Forum: Crowdfunding Strategies & Opportunities


Emerging Opportunities Forum: Crowdfunding Strategies & Opportunities

Crowdfunding is a potentially valuable and multi-faceted tool for many startups. This panel session will look beyond the hype to hear from leading researchers, attorneys and entrepreneurs discussing opportunities available for entrepreneurs to test market acceptance, create awareness, fund initial production runs or potentially to raise equity/debt capital.


Panelists:

Gordon Burtch is a professor at the Carlson School and an expert in the areas of crowdfunding, crowdsourcing, social media and word of mouth. His work relies primarily on econometrics and randomized field experiments.

Zach Robins is an experienced startup attorney who cofounded MNVest.org and was instrumental in leading legislative lobbying efforts that legalized equity crowdfunding in Minnesota.

Chris Svensrud & Jason Drew are cofounders of Mogotani Fast, which works with a broad range of leading companies to design and develop products for the outdoors. Their 2018 Indiegogo campaign for the world's most compact foldable hammock raised $520,000 to fund initial production.

Jennifer Amys is a principal with Funds411, a funding platform where anyone can raise equity or debt capital.

Join us to learn from our panel about how to navigate this challenging topic.

Date And Time
Tue, April 23, 2019
4:00 PM – 5:30 PM CDT



Organizer Image
Organizer MIN-Corps/Holmes Center For Entrepreneurship
Organizer of Emerging Opportunities Forum: Crowdfunding Strategies & Opportunities
With support from the National Science Foundation, MIN-Corps is a joint initiative of the College of Science and Engineering, the Office for Technology Commercialization, and the Carlson School of Management Holmes Center for Entrepreneurship. Our mission is to accelerate technology commercialization across the University of Minnesota.

MIN-Corps also collaborates with MIN-REACH, the NIH-funded Research Evaluation And Commercialization Hub at the University of Minnesota, to provide commercialization skills development for medical and health care researchers.

Strategy Clinic: Launching and Growing Venture Operations


Reserve your spot for our late April Strategy Clinic on launching and growing venture operations. 




Our Strategy Clinics include monthly dinners where current and future science and tech entrepreneurs share a meal, hear from experts, share their challenges, and seek advice.


The event is scheduled for April 24, 2019.

Monday, April 15, 2019

Apply to Upcoming Venture Competitions: Walleye Tank and MN Cup

Upcoming Venture Competition Deadlines:

Walleye Tank  - April 22 - Apply Here

MN Cup - April 26 - Apply Here



Walleye Tank is a Minnesota-based life science pitch competition for emerging and established medical and life science companies.  We curate our audience with investors, subject matter experts, service providers, job seekers, and mentors that will help you accelerate your business forward.  Competitors select from three divisions:

Junior Anglers 
For entrepreneurs in the early stages of business development. Junior angler’s have normally not yet incorporated their company or completed their MVP.

Mid-level Reelers
For incorporated companies in the early stages of fundraising. Normally, Mid-level Reelers do not have active sales or revenue but have a completed MVP.

Professionals
Established life-science business with active sales and have normally completed at least one round of fundraising. They often have previously competed in one of the other two Walleye Tank divisions and have been invited back.
Apply Here

Minnesota Cup is a community-led, public-private partnership supporting Minnesota’s entrepreneurs. Our annual competition that reaches emerging entrepreneurs from across the state and connects them with tools, resources and support to launch and accelerate the development of their new ventures. The competition and events are totally free, and we take no equity on the seed funding we give away ($500,000 in 2018.)  Competitors select from nine divisions:
  • Education & Training
  • Energy/Clean Tech/Water
  • Food/Agriculture/Beverage
  • General
  • High Tech
  • Life Science/Health IT
  • Impact Ventures
  • Student (College, Grad Student)
  • Youth (El-Hi)


Apply Here

Note:
Walleye Tank top Minnesota finishers automatically qualify for the semifinals of the Student and Life Science/Health IT divisions of the MN Cup!









Saturday, April 13, 2019

Emerging Opportunities Forums - Early Stage Startup Funding

Come Experience Our 2019 April Emerging Opportunity Forum on Crowdfunding.

All sessions take place at the Carlson School of Management

Crowdfunding is a potentially valuable and multi-faceted tool for many startups. This panel session will look beyond the hype to hear from leaders in the field to discuss opportunities available for entrepreneurs to test market acceptance, create awareness, pre-sell products to fund initial production runs or potentially to raise equity capital.


Panelists


Gordon Burtsch - Gord is a professor at the Carlson School and an expert in the areas of crowdfunding, crowd-sourcing, social media and word of mouth. His work relies primarily on econometrics and randomized field experiments.



Zach Robins - Zach is an experienced startup attorney who co-founded MNVest.org and was instrumental in leading legislative lobbying efforts that legalized equity crowdfunding in Minnesota.




Jason Drew - Jason is the co-founder of Mogotani Fast, which creates and develops outdoor furniture products. Their 2018 campaign for the world's most compact foldable hammock raised nearly $400,000.


Come learn from our panel about how to navigate this challenging topic. Event is April, 23rd.

SIGN UP HERE






This seminar is a program of MIN-Corps, an NSF-funded effort to accelerate technology commercialization at the University of Minnesota. Learn more at mincorps.umn.edu



Thursday, April 4, 2019

MIN-Corps Toolbox at a Glance – Tool #1 Value Proposition Design


How can MIN-Corps help you at each stage of your entrepreneurial journey?


MIN-Corps is a mecca for entrepreneurial resources. You need many tools to take an innovation from concept to market reality. In addition to our in-person programs, we have a starter collection of resources. Here is a more in-depth exploration of what is inside our toolbox:
Toolbox Yellow
MIN-Corps Resource Toolbox 101: Find the right tool for you!

Tool #1 Value Proposition Design
honing in on product-market fit:

1. Value Proposition Design – What are customers trying to achieve? How can you help them?



    Val prop yellow
The Fundamental Problem of New Products and Startups. How do you avoid the “Valley of Death” between academia and pharma? Learn to listen to the market and not be infatuated with your own invention.

Product Market Fit How do you bound uncertainty quickly and inexpensively?

Building a Business Case What value are you providing? Do you have a viable business? Do you have an appropriate ROI for your project?


         2. Customer Discovery & Market Assessment – How do you "get out of the building" to learn from potential customers? How do you determine if you have a viable market?


Customer Development The concept of customer “pivoting”

Identifying and Defining a Commercializable Solution How do you bring your invention to real people?

Market Assessment  Taking a more rigorous approach

Identifying and Understanding Customers Understanding generic and complex customer roles

Talking to Humans A step by step guide on customer discovery and communication

MWIN - Customer Discovery Basics building an ecosystem map of your industry to conduct customer discovery


MWIN - Ecosystem Mapping how to segment your market and identify places where your technology could go


  1. Pathway to Commercialization – If you've achieved product-market fit, what are the steps needed to get out into the marketplace? 



Industry Perspective: Commercialization Milestones & Regulatory Considerations Are you going into a new market, a re-segmented market, an existing market, or a clone market?




Academic Roles in Technology Commercialization Potential faculty roles in commercialization.