On a recent spring evening, eight research teams from across the Brigham presented in front of a panel of scientific experts, donors and trustees and invited them to explore the brain with a neurosurgeon; envision a new animal model for heart failure; imagine a day when we can transplant an eye; watch a device that can detect the cause of a drug overdose in action; discover how salamanders heal without scars; and more. During their five-minute pitches, each team made a case for why the panelists should vote for their high-risk, high-reward project to receive seed funding. After a five-minute question and answer session, each team was escorted back to the waiting area to await the panel’s ultimate decision.
Targeted use of funds to quickly test an early idea has great value to advancing your idea, and can help you hit a key milestone that will verify that your idea might have commercial potential and warrants further investment, resources and support. Read this blog to find out three ways to use $25,000 to buy your time, purchase tools, or bring in expertise each with specific examples or actions that can be taken.
Kovtun and Williams used their programming knowledge to develop innovative software to more easily manipulate 3-D imaging data, working on the project in their spare time outside of work. But when they faced funding obstacles in realizing their entrepreneurial vision, they turned to resources at BWH to take their project to the next level.
Initial seed funding from the BRI enabled them to shift their software from a weekend side project to a full-fledged academic research venture. Strategic commercialization guidance from iHub further accelerated the project’s movement, providing the duo with entrepreneurial advice and connecting them to business development resources. With iHub’s support, Kovtun and Williams could develop their idea and enter it into the Shark Tank competition.