EIC T2M Business Idea Validation Bootcamp
The EIC T2M Business Idea Validation Bootcamp was the central focus during a recent workshop organized as part of the EIC Tech to Market (T2M) Program. This event brought together 16 projects from groups of diverse researchers and innovators, including EIC Pathfinder and EIC Transition beneficiaries, all eager to transition their ideas from the lab to impactful market innovations.
Over the course of the 4-week bootcamp, held from 16 October to 12 November 2024, participants engaged in an intensive schedule of group training sessions, one-on-one mentoring and stakeholder interviews. These activities were designed to strengthen entrepreneurial mind-sets, enhance business and design thinking skills, as well as validate business models in alignment with market needs. Attendees were guided through the principles of Design Thinking and received real-world insights from customers, investors and seasoned mentors.
Vuk Filipovic and Vukasin Jankovic from IMGGE presented the project BioActive NanoCellulose, which could be a potential spin-off of the EcoPlastiC project.
Short description of the BioActive NanoCellulose project:
“Bacterial nanocellulose (BNC) is a biocompatible, non-toxic, highly versatile and biodegradable material produced by bacteria. It has unique properties like high purity, strength and high water-retention capacity, making it ideal for eco-friendly materials for wound dressings and wound healing. Since it's derived from hydrolyzed plastic waste and is biodegradable, its production process is low-energy, environmentally friendly and it offers a sustainable alternative to non-degradable plastics used in the medical industry. Incorporating additional bacterial products derived from waste, with antibacterial and antifungal properties, can significantly enhance the functionality of BANC-based materials, making the materials ideal for medical applications such as wound care, where antimicrobial resistance is crucial. The integration of such natural, bio-derived agents further promotes sustainability, as it reduces the need for synthetic additives and strengthens the eco-friendly profile of the product.”
The IMGGE team was assigned Andreas Almpanis (Project and Proposals Manager form the Institute of Entrepreneurship Development (iED) in Larisa, Greece) as their mentor for the project. He played a crucial role in guiding the team during the bootcamp, by helping them focus on the core aspects of the project and refine their concept for better clarity and impact. Additionally, he assisted in creating a strategic plan for effectively presenting this idea to shareholders and industry experts, ensuring their pitch was both compelling and aligned with their objectives.
Their interviews with 10 shareholders and industry experts emphasized the need for robust patent protection, including a thorough patent landscape analysis (both national and international). They advised focusing on a niche market, such as sustainable wound care for diabetic patients and leveraging the product's unique antimicrobial and biodegradable properties. Concerns about scalability and regulatory compliance were raised, with suggestions to partner with biotech firms and prioritize ISO (International Organization for Standardization), FDA (US Food and Drug Administration) or CE approval, certifying that a product has met EU health, safety and environmental requirements. While sustainability is a key advantage, experts recommended emphasizing performance and patient safety in the messaging to build credibility and market acceptance.
The IMGGE team participated in several workshops during the bootcamp, including:
- Transforming Ideas into Market-Ready Success
- Introduction to Business Models. Turning business ideas to business models
- Design Thinking Workshop "Unlocking Creative Problem-Solving"
- Pitching Your Way to Success: Techniques and Tips
- Navigating EIC Funding: Guiding Your Innovation from Pathfinder to Transition and Accelerator Stages
They also gained valuable insights from previous attendees of the EIC bootcamp, who shared their firsthand experiences of building a startup from the ground up and bringing a product to market. They provided practical advice on navigating common challenges, such as refining business models, securing funding, managing regulatory hurdles and effectively pitching to investors. Their stories emphasized the importance of adaptability, networking and maintaining a clear focus on market needs.
Finally, they had the opportunity to present their project pitch to investors, highlighting the innovative aspects of this biodegradable wound dressing material and its potential to revolutionize sustainable healthcare. Engaging with investors allowed them to receive direct feedback, refine their value proposition and gauge interest in potential partnerships and funding opportunities.