The Chicago Biomedical Consortium (CBC) will be awarding Accelerator Award (AA) grants to CBC faculty across our member institutions, University of Illinois at Chicago, Northwestern University, and The University of Chicago, to support the most promising translational research — that is, moving therapeutic discoveries from the university laboratory to the market — and we could use your help!
We want experienced investment professionals such as yourself to help the CBC decide on the most promising potential AA projects. Aside from identifying great science, we need you to help us assess the projects with the best chance of follow-on seed/venture funding. By generously volunteering your invaluable experience for a few hours every quarter, you will help Chicagoland drive towards better early science commercialization and hear about the most promising projects across our member universities.
What’s more, presentations will be developed for this audience by our Entrepreneurial Fellows (EF), young scientists who are learning to de-risk academic science. The EFs will work with potential Accelerator Awardees to fully develop the investment thesis and perform the in-depth due diligence required at this early stage. You will have a chance to ask the faculty-EF team probing questions and help shape the opportunity.
You can help connect the CBC to the network that exists outside our university walls, contributing not only to Chicagoland’s burgeoning biotech ecosystem but help develop the EFs who will be the next generation of bio-entrepreneurs in our ecosystem.
Expectations of the Board
The CBC will be accepting Accelerator Award applications on a rolling basis starting Q2 of 2022 and would like to convene the Venture Board (VB) once a quarter to identify and discuss the most promising applications.
Each quarter, the Venture Board will:
- Set aside time for a 2-hour discussion once a quarter (scheduled in advance) to discuss specific proposals and vote to fund
- Each quarter, the VB will discuss a select number of proposals that are ready for VB decisions
- Proposals will have already gone through one round of public discussion and extensive due diligence
- VB members will be provided with complete dossiers one week before the meeting
- Attend a Chicago Biomedical Consortium Accelerator Network (CBCAN) meeting to view faculty “pitch” presentations – AA submissions will present at a CBCAN and undergo subsequent due diligence before it reaches the VB
- Connect with CBC Entrepreneurial Fellows outside of formal meetings to identify gaps in faculty members’ research
- Advise CBC Executive Director on how Accelerator Award applicants can best position their research for future funding
In addition to seeing cutting-edge translational projects from our member institutions and selecting projects based on the therapeutic potential of the basic biomedical discoveries, participating as a member of the venture board would allow you to meet with colleagues and directly contribute to shaping Chicago as a major center for translational research.
Accelerator Award Selection Process
Prior to reaching the VB, potential applications will be developed as follows:
- Faculty will submit a letter of intent to the CBC which will be triaged for interest
- High-interest LOIs will be assigned to an Entrepreneurial Fellow team who will work with the faculty member to develop an ‘investment thesis’
- This ‘investment thesis’ will undergo extensive diligence by the EF team before being submitted for VB review
Stay tuned for an introductory event!
Our Entrepreneurial Fellows are starting at the beginning of Q2 2022 and we want to make sure we all meet before the first official meeting in late Spring. We look forward to you confirming your participation in our Venture Board and will follow up with details on a convenient and safe inaugural event.