Genomtec on the road to global commercialization.
These days, molecular diagnostics solutions require the user to be able to operate diagnostic equipment and know how to properly prepare the sample. Genomtec ID goes against the stream, combining mobility with the ease of testing. A simple and intuitive test could be performed by anyone and anywhere. Just apply a drop of biological material to the reaction card, place it in the device and start the test. The device carries out the test and provides the result within a few minutes. This is the first entirely mobile laboratory operating on the basis of gold standards in molecular diagnostics. The solution offered by the Company will allow specialists to make faster and better decisions when human health and life are at stake.
How did acceleration/bootcamp and a prize of PLN 100,000 (won in CVC Young Innovator Award) help you?
As part of the accelerator, we worked on the company’s business model with Polish and international experts for three months. We were given the opportunity to thoroughly analyze the Company’s situation with mentors, advisers and potential partners. Participation in meetings with lecturers of the Massachusetts Institute of Technology enabled us to seek knowledge from the world’s best mentors and upskill in business. The granted subsidy supported the implementation of the next steps in developing our technology.
How has this affected your business?
Thanks to the acceleration/bootcamp and winning 100,000 (in CVC Young Innovator Award), we have taken a significant step forward in the work on the project. We have also been able to purchase additional equipment for our laboratories. We have attracted several large investors and foreign funds and established cooperation with potential recipients of our technology. The success has also influenced the creation of our media image and promoted us internationally. Our achievements have been verified by Polish and international experts and we have been granted many honours and awards, including winning the competition for the best non-US startup during HubWeek in Boston or nomination for the Economic Award of the President of the Republic of Poland.
At what stage of development were you then and at what stage are you now?
At the time of participation in the acceleration program, we were at the stage of creating a business model and competitive advantage analysis, while in the area of technology, at the stage of validation of the functional model of the analyzer using our proprietary technology of non-contact optical heating. We worked on establishing the structure of further financing of the company and a plan for achieving specific goals. We also developed the concept of activities as a starting point for the preparation of a list of possible sources of funding and focused on the methods of achieving them. Last year, the National Center for Research and Development granted us funding under the Fast Track program, which allows us to carry out further work on the product and system for mobile molecular diagnostics. In addition to this support, we have received other funding to continue the company’s goals. Currently, in parallel with our research and development work, we are launching the CE-IVD certification process of the device for the European market. Our next steps will include mass production and global commercialization of the Genomtec ID device.
What can you gain thanks to acceleration/bootcamp and winning PLN 100,000 in CVC Young Innovator Award?
Participation in this type of events and initiatives will certainly affect the development of each company in many aspects of their functioning. Talks and joint workshop with experts will channel business and R&D activities. There is also the opportunity to promote your business internationally and that is an additional advantage. Acquiring valuable business contacts and establishing relationships with potential investors is only a starting point for what there is to gain. Each of the startups has set goals that must be met to commercialize their products. Participation in the acceleration program may help them achieve this. It may also allow them to gain unique experience and take a fresh look at their own business. We are all doing our best to change visions into realities and would like our creations to increase the quality and safety of each of us. It is worth to take up the challenges of the program since it could help us during the proper implementation of the set goals.
“When we awarded Genomtec the CVC Young Innovator Awards, we appreciated the fact that it combines globally unique biotechnology and the mission of improving the availability of genetic tests in developing countries. The way they used the opportunities that victory in the competition brings, including by strengthening his position on the international arena and among investors, he proved the accuracy of their approach to business and the enormous class of this team. This was also confirmed by the last weeks, when during the pandemic coronavirus Genomtec quickly made a pivot, concentrating his work on multiplying the ability to test Covid-19 infections.” said Krzysztof Krawczyk, CVC Capital Partners