The re-envisioned Life Science Venture Program (LSVP), formerly the Life Science Mentor Network, is an accelerator program offering a flexible, customized approach for life science startups ready to commercialize, connect to capital, and scale their technologies. The program will consist of three key components designed to build upon BioTN’s past successes and expand the capabilities of the previous Life Science Mentor Network. The LSVP will provide Tennessee’s life science startups with a dedicated team of expert mentors, a curated series of monthly educational programs in partnership with our broad network of life science ecosystem supporters, as well as unique opportunities to connect with investors.

This redesigned and expanded program will provide entrepreneurs with personalized mentoring, as well as access to a wider reach within Tennessee’s life science ecosystem.

 

MENTORSHIP

As a part of the program, companies will receive expert mentorship that will match the needs of the startup. Upon entering the program, each company will complete a self-assessed rubric that will grade the company’s foundational elements, such as market dynamics and financial potential. After this assessment, each company will be assigned to an advisory team of mentors, led by an assigned mentor, that will be matched with a company based on product market, current company development, and technology background (i.e. whether a company leverages AI, digital applications, or certain clinical applications).

Once an LSVP company has an advisory team, this group will then cross examine these rubric data points and provide an evaluation on key areas of strengths and weakness for the business. Once these pain points are identified, the advisory team will help provide ways to improve the company’s foundations, team alignment, customer identification, market readiness, product-market alignment, technology potential, and other key areas. This rubric will be updated constantly and reported to the LSVP program director quarterly. Through this method, the program will measure and track a company’s maturity for the market as well as its matriculation and readiness as an investable business.  

EDUCATION SERIES

BioTN, in partnership with TennSMART, is set to develop a series of monthly programs featuring industry experts and thought leaders that will present key insights on critical topics for startup success. This series will cover a broad spectrum of subjects that will be determined by LSVP company needs. Each educational session, led by an industry expert, will cover one or more key subjects that will last one to two hours. Participants for these program sessions will include start-up companies within the LSVP, LSVP mentors, and Tennessee-based early-stage companies. The educational series will be conducted through a hybrid model, allowing participants to join either online or in person, fostering a flexible and inclusive learning environment.  

During each educational session, LSVP start-up companies will learn about key subjects for business development, and receive recorded meetings. Participants will also receive optional time for one-on-one mentor with the presenters. The goal of the monthly LSVP Educational Series is to establish consistent programming that will cover a variety of subjects to engage a wider audience of life science entrepreneurship stakeholders and provide a database of business development experts for all LSVP companies.

INVESTMENT READINESS

Through the Life Science Venture Program, early-stage life science companies will be able to sharpen their business tools to prepare for investment through mentorship and the monthly Educational Series. The conclusion of each yearly cycle of the LSVP will culminate with the Life Science Pitch Day.

In partnership with Life Science Tennessee and its annual meeting, LSTCON, BioTN will host a Life Science Pitch Day event where companies ready for investment will have one-on-one time with investors to pitch their companies.  

Prior to the event, companies will gain feedback from their advisory teams and the LSVP program director on their pitch decks. These pitch decks will be enhanced and built upon throughout their time in the LSVP. During the event, companies and investors will meet for company pitches, offer feedback, and explore future opportunities. The Life Science Pitch Day will facilitate future investment, provide personalized guidance on business development, and refine companies’ investment pitches.

FINAL PANEL AND PROGRAM GRADUATION

After completing the program, startups have an investable pitch, a rock-solid business model and a plan to develop and scale their company. These tools will position Tennessee’s life science entrepreneurs to raise capital, seek funding from SBIR and grow their technologies.

Karrie Dudek

Dr. Karrie Dudek is the Director of the Life Science Venture Program. With more than a decade of experience across the healthcare industry, working on bioscience research projects, and starting her own startup company, Dr. Dudek has a thorough understanding of the early stages companies must navigate including ideation, business formation, strategy, fund raising, and commercialization.