The event will also feature a Startup Pitch Battle, where applicants will compete for up to EUR 125 000 in investment from Baltic Sandbox Venture. From cutting-edge technologies such as gene modification and cell therapies, to advances in protein design, microfluidics and AI-based solutions, the potential of the life sciences industry is risky but promising. Despite the risks, the field is attracting more investor attention than ever before. Why is this? Investors explain.
Life sciences - although a complex and time-consuming field - is full of potential and incredible returns, not only for its creators, investors, but also for society as a whole. Investor support for start-ups is therefore an invaluable contribution to the development of science, medicine and innovation.
The risk is worth it
Why risk investing in life sciences, where returns are never guaranteed and it sometimes takes years to develop an idea that might not even work? For Andrii Shekhirev, creator of the Biocatalyst Foundation and Enzymity in Riga, the answer is simple: "It's hard, but it's worth it."
"Life sciences, like any other research-intensive niche known as deeptech, offers a very different risk-return profile than traditional startup investments such as software development. In addition to at least some niche experience, it also requires a particular investor mindset - one that can withstand greater initial uncertainty in exchange for higher expected returns," says Shekhirev.
Andrius Milinavicius, founder of Baltic Sandbox Ventures, an accelerator looking for science-led solutions, says that bioscience is a dynamic field and involves solutions with an extremely high impact. "Yes, it is usually closely linked to specific expertise and takes longer to reach a certain level of confidence and development, but at the same time it always preserves the value created - the intellectual property. If we compare life sciences with more general B2B solutions, they often involve a large marketing investment in value retention, whereas science-driven solutions create something completely different," explains Milinavicius.
According to Shekhirev, the Baltic biotech ecosystem is still in a nascent stage - the bottle neck is usually the ability of this science to transform into large companies - the tipping point towards creator-led start-ups. "Without streamlined start-ups, there is little point in engaging talent, investors and more serious action by policy makers. One of the key ingredients for more activity in this area is the number of contacts, which is why events like Life Sciences Baltics are so important. It draws international attention and helps to make important new connections between different stakeholders. And this, as we know, is the foundation of any thriving innovation ecosystem," says Shekhirev.
Less dependent than others
Investments in biotechnology are generally less dependent on other economic cycles than many other sectors, says Milla Koistinaho, founder of Innovestor Life Science Fund, an investor in biosciences and digital health in the Nordic and Baltic countries.
"Despite the economic downturn, cures for diseases such as cancer, dementia and heart disease are desperately needed and, despite an ageing population, these diseases place a huge burden on healthcare and our society. New targeted solutions are needed to tackle a wide range of health problems and improve quality of life," she says.
She recognises that the Baltic biotech and start-up ecosystem is evolving and is being recognised for its investment in entrepreneurship, research and innovation. "We have seen exciting opportunities, especially in digital health, digital therapeutics, personalised medicine and biotech platform technologies. Incubators and accelerators that offer mentoring, access to labs, support for business development and networks for investors are very important for the region," says Koistinaho.
There are no borders
Listing industry trends, Milinavicius says we are living in a revolution that some call techbio - humanity has achieved the ability to program biology as if it were a programming language. Functional genomics, gene modification, digital replica solutions, computation and the use of artificial intelligence in drug discovery and much more - all of this makes biosciences an exciting playground where, in the wake of the Covid pandemic, boundaries no longer exist - it doesn't matter where the innovation comes from, only the results to be achieved and the resources needed to accelerate them.
During the event, together with the Lithuanian Innovation Agency, Baltic Sandbox Ventures will host a startup competition - Startup Pitch Battle, for which registration is open until 4 August. The lucky winner will receive up to EUR 125 000 investment from Baltic Sandbox Ventures for further project development. The investment will be accompanied by an exclusive invitation to participate in a personalised acceleration programme.
The programme will be tailored to the needs of the start-up, focusing on key performance indicators (KPIs) to facilitate the commercialisation of its technology and foster its development in international markets. The winner will also gain access to BSV's global portfolio of mentors and join a group of other innovation-driven start-ups, with the opportunity to co-create with other equally ambitious unicorns.
The top 10 startups selected by the Life Sciences Baltics investor panel will be announced on 1 September on Life Sciences Baltics' social media channels and will be notified individually by email. The startups will be selected according to their idea potential, size, market value and future prospects. All representatives of the startups will have access to all conference sessions, the exhibition, the networking dinner, a dedicated platform for B2B meetings, etc. and will be allowed to showcase their solutions at the main Life Sciences Baltics event in front of investors.
"One of Lithuania's key strategic directions is 'Co-create', which means that we are open to collaboration, and Life Science Baltics proves it. We are delighted that our VC partners from the UK, USA, Ireland, Israel, France, Switzerland and Nordic countries have expressed interest in participating - we will help them meet the most promising life science solutions," adds Milinavicius.
About Innovation Agency Lithuania
Life Sciences Baltics is organised by Innovation Agency Lithuania, launched by the Lithuanian Ministry of Economy and Innovation, which is responsible for Lithuania's innovation ecosystem and for fostering innovation at all stages of business development - from ideas to products to end users. The Agency administers a range of innovation, digitisation and other business support activities, with a total value of more than €500 million over the coming years.
Lithuania's life sciences sector has grown by an average of 30% in recent years. GDP generated by the sector reached 3% in 2022 (target: 5% of GDP by 2030), while opportunity capitalists such as Taiwania Capital and Vsquared Ventures invested in Lithuanian start-ups. Find out more about the Lithuanian life sciences sector and the Life Sciences Baltics event here. Registration for the Startup Pitch Battle here.
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