What is the OneStart Idea Competition?
OneStart is an idea competition designed to inspire, encourage and assist the next generation of European bio-entrepreneurs. Teams or individuals with biotech-related business ideas at all stages of development are encouraged to apply. The competition will consist of three rounds and cover four tracks: drug discovery, medical devices, diagnostics and health information technology.
But OneStart is about more than the idea – it is about execution. The competition will also, therefore, facilitate the introduction and networking of talented individuals (under 36) with complementary skill sets and the passion to move ideas forward. Whether you are an individual with an idea or a small team looking to grow we welcome you to apply, attend our events and gain access to our pool of talented individuals (see below).
If you are interested in entrepreneurship but do not have an idea of your own at this time we encourage you to apply, indicating your interest in biotech. These applications will then be made available to individuals or team applicants with an idea.
What is the prize?
The winners will receive a package of cash and services to help them develop their idea to the next stage, ideally an investable position. The winner receives: £100k (>$150k) cash, which must be used for developing the idea. In addition they receive up to 6 months of free lab space at Stevenage BioScience Catalyst (which is located on GlaxoSmithKline’s campus), 1 year Membership to One Nucleus and Business and Intellectual Property support.
While there is only one £100k winner, the competition aims to assist the development and future success of all of aspiring bio-entrepreneurs. All semi-finalists will also receive extensive mentoring and opportunities to interact with leading venture capitalists, entrepreneurs, and pharma executives.
What will I be able to do with the £100K? Can I keep the money for myself?
The prize money must be used to fund further development of the winning plan towards a value inflection point, at which it will be better placed to raise further funding from investors. It is meant to advance the business and must be used for legitimate business expenses.
How will the winner be chosen?
The panel of expert judges will consider a variety of factors when assessing applications. The primary considerations will be the feasibility of the idea and the capacity of the team to move that idea forward. Weighing these considerations will require analysis of all of the following factors, and many more:
- Degree of innovation
- Ability to impact patient health
- Team’s ability to execute and their range of talents and backgrounds
- Quality of business plan and strategy
- Potential economic prospects
- Other relevant information provided by applicants
Who can participate?
The OneStart Competition is open to individuals or teams of aspiring Life Science entrepreneurs. Each member of the team must meet the following conditions:
- Be less than 36 years of age on the day your application is submitted
- Currently living (working, studying, etc.) in the UK or an EU member state (does not have to be a UK or EU citizen)
How is the competition structured?
The Competition contains three rounds. Anyone meeting the eligibility requirements may submit a first round application, consisting of a completed entry form. Applications from individuals or teams at all stages of development are welcome. The first round application does not require a full proposal or business plan but should demonstrate the potential of your idea.
Up to 35 semi-finalists teams will be selected to move onto the second round, where they will participate in a one day Business Bootcamp in London on March 16th, 2013. This is a required session for all semi-finalists. This will entail a full day of seminars, breakout sessions and workshops with industry leaders from across the venture capital, biotech, pharma and advisory community. Teams will also have the opportunity to give short pitches to panels of experts who will provide specific feedback and advice.
After the bootcamp semi-finalists are given several weeks to prepare a 5 page (plus 2 pages of images, appendices) business plan and investor slide deck.
From these 35 submitted business plans, ten finalists will be invited to pitch their idea to a panel of expert judges (in front of a live audience) in London in May, 2013. One will take home the prize.
What are the key dates (timeline) of the competition?
- January 20th: Round 1 submissions open
- February 21st, 11:59 PM GMT: Round 1 submissions close
- March 16th: Business Bootcamp in London for semi-finalists
- April 11th, 11:59 PM GMT: Round 2 submissions due for semi-finalists
- Late May: Final pitch night for 10 invited finalists
Does the £100k prize money constitute an equity investment?
No. The prize money does not constitute an equity investment. While it must be used for the purposes of advancing the business/product, neither SR One nor OBR take a stake in the winner in exchange for the prize money. The prize money and other perks for the winners are tools to help the chosen team move their idea forward.
Does SR One retain any preferences over the winning idea?
No. Your idea remains your own, barring any voluntary agreements you enter into. SR One has no right to preference in further rounds of fundraising or any right of first refusal. For more details see our terms and conditions.
What if I don’t have a team?
If you have an idea for a business but do not have a team, you are welcome to apply, and certainly encouraged to come to our networking receptions. One of the goals of the competition is to help pair up people with ideas with others who can help them realize their idea. To that end, OneStart is also accepting applications from individuals without a business idea of their own who are interested in applying their skills to help launch a startup. These applications will be made available to any interested applicants who do have an idea.
How many members am I allowed on my team?
Each team can have up to six members in total.
What if I don’t have an idea, can I still participate?
Yes. If you are interested in entrepreneurship and meet our entry requirements, but do not have an idea of your own, you are welcome to complete the application for interested individuals without a business idea of their own at this time. One of the goals of the competition is to link people with ideas with others who can help them realize it. So if you have business experience or technical skills that you feel would be of use to a bio-entrepreneur, we strongly encourage you to apply.
Do I need to be a UK or EU citizen?
No. Anyone under 36 on the day of their submission (who meets the other eligibility requirements) LIVING in the UK or EU is eligible. For example, a Canadian or American student currently living and studying in London is totally fine.
Can I submit an idea for a business that has already received funding?
All submissions to OneStart can not have received more than £50,000 ($75,000) in funding at the time of filling in the application form. Note, this only applies to dilutive funding. There is no restriction to the amount of money business ideas may have previously received as grants (e.g. from research councils).
What are the rules of the OneStart idea competition?
Please see our terms and conditions.
Where can I find out more?
For clarification of specific concerns contact: firstname.lastname@example.org
What is SR One?
SR One is the corporate venture capital arm of GlaxoSmithKline. The firm invests globally in emerging life science companies that are pursuing innovative science which will significantly impact medical care. They have a team of investment professionals, located in the US and UK. As a Team, their experience spans basic science, industry and the market. They take an active role in their portfolio companies and work with management teams and fellow venture investors to create significant value. Their current portfolio includes approximately 30 private and public companies and since its founding in 1985, they have invested over $680MM in the biotech space. Their expanded remit also focuses on maximizing the value of GSK technological innovation to establish new businesses and revenue opportunities across a range of industries.
What is Oxbridge Biotech Roundtable (OBR)?
OBR is a network of students, academics and professionals from science, business, law and other fields. We connect idea-holders and curious minds across the UK and US with one another, and with industry resources. We seek to tear down barriers between people interested in the life sciences industry, in our never-ending pursuit to move ideas forward.
We are a community that transcends the online space, with numerous opportunities to collaborate and learn through our online publications, business development workshops, industry immersion programs, and speaker series at affiliated institutions, including visionary leaders from biotech, pharma, finance, law, and entrepreneurship.
Find out more at http://www.oxbridgebiotech.com/