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March 26, 2024 | Tom Ballard

NCBiotech Venture Challenge is a multi-step process

Through a down selection process, 14 start-ups will result in five competitors vying for the grand prize.

There are 14 still in the running before the number is cut to five – one from each region – that will compete in the 2024 edition of the biannual NCBiotech Venture Challenge in late June.

Hosted by the North Carolina Biotechnology Center (NCBiotech), which is celebrating its 40th anniversary this year, the competition is designed to spotlight start-ups that are not located in the Research Triangle region of the state.

In recent weeks, each of the five NCBiotech regional offices convened independent, all-volunteer, highly qualified selection committees. These committees reviewed applications from dozens of life sciences entrepreneurs to evaluate their companies and their technologies. The committees have completed their work and selected what they considered their top two or three start-ups to enter the second statewide cycle in the competition.

Those companies – 14 in all – are now entering a “regional assistance” period, getting valuable mentoring and other support until, at the end of May, NCBiotech will announce the five pitch winners, one from each region. These five regional winners will receive intense mentoring and networking opportunities. This is help such as market research from NCBiotech’s Life Science Intelligence team, a share of monetary awards totaling $40,000 in each region for a total of $200,000 non-dilutive funding statewide, and support partnerships with local incubators and accelerators, plus regional promotion.

They will then make their pitches for an additional $100,000 in total funding at the statewide “Venture Pitch Showcase,” a few hours before the June 27 “Triad BioNight” event. From the “Venture Pitch Showcase,” a statewide overall winning company will be revealed and celebrated as part of the “Triad BioNight” festivities.

Click here to learn more about the 14 companies.

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