The Georgia VentureLab's parent organization, the Georgia Research Alliance (GRA), coordinates seed grant activities for the program that are intended to stimulate economic growth within Georgia's biotechnology and life sciences sectors.

The philosophy behind the Georgia VentureLab seed grant program is that maximum benefit of University of Georgia-based research can be extracted when the technologies developed within the University result in economic opportunities within the state of Georgia. The goal of the program is to provide faculty entrepreneurs the resources necessary to start companies based upon their research and ultimately assist them to become residents of the University of Georgia BioBusiness Incubator. The resulting companies provide high-wage jobs for the skilled workforce that is being produced by the University's academic programs and add to the economic vitality of the state as a whole.

Grants are used to fund the technology assessments and the development of early-stage business strategies, but considerable flexibility exists in how resources can be distributed. Increasingly, seed grant funds have been used by companies to pursue proof of concept experiments and prototype development. Such flexibility allows GRA resources to be directed toward areas in which they could have the greatest impact.

VentureLab awards are subdivided into phases designed to change as growing companies' needs evolve:

• Phase Zero grants are small grants of no more than $25,000 and are intended to help companies refine their proof of concept experiments. In many cases, a Phase Zero grant is the first outside capital that a company based upon UGA research obtains.
• Phase One Technology Validation grants are up to $50,000 per year, and are primarily used to determine market demand and customer interest. It is during this time that companies formulate their initial business strategy and create their initial product specifications in response to preliminary market research.
• Phase Two awards can be up to $100,000 per year, and are designed to help companies solidify their IP position, develop working prototypes, and/or prepare the company's business plan for raising venture capital from professional investors. Phase Two grants require matching outside investment that demonstrates an external validation of the company's strategy and market opportunity.
• Phase Three VentureLab funding is in the form of a loan rather than a grant, and awards are limited to $250,000 per year. Phase Three loans are awarded with attractive interest and repayment terms, and are designed to encourage the most promising early stage companies to grow in Georgia.

1. Contact Stefan Schulze, Associate Director of the Georgia BioBusiness Center. Stefan will guide you through the entire process, beginning with your concept, incorporation and Phase I proposal development.
2. Develop your VentureLab Proposal. The application should include a standardized cover page followed by the following 11 sections. Proposals should not exceed 10 pages in 12-point font or larger and must be submitted as Word documents (PDF documents will not be accepted).

   1. Executive Summary. One page or less describing the company’s overall objectives, technological developments to date, market needs, founder's experience, summary of the results from previous VentureLab projects, and a summary of the expected outcomes of the current VentureLab proposal.
   2. Market Need. A description of the current need in the marketplace and the anticipated target market should be included. Specific descriptions of the target market and quantitative estimates of the market size are key elements of a compelling VentureLab proposal.
   3. Technology. The technology should be clearly described and the way in which the technology will satisfy the market needs presented in section 2. Visions for the future of the technology as well as planned developments should be included.
   4. Value Proposition. This section should include a review of how the technology will address the market needs and a review of the competitive landscape. Questions that should be answered include: What is distinctive and compelling about the technology, product, and/or business you are proposing? How does this compare with competition currently on the market or in development?
   5. Expected Commercialization Risks and Hurdles. Every new venture will face a unique set of challenges and obstacles to success. A description of the challenges that the business will face in bringing its technology to market will demonstrate an understanding and appreciation for the challenges ahead.
   6. Intellectual Property. Although a strong Intellectual Property position is not absolutely necessary for a new venture to be successful, it is always helpful in protecting the company from outside competition. Intellectual Property protection is particularly important in large competitive markets where the product development costs are high. Most technology based businesses fall into this category.
   7. Team. It is often said that investors invest in people rather than technology. The formulation of a strong management team with expertise in both the technology and the business side of the venture is critical to a company’s success. A brief outline of each team member’s relevant experience is necessary to demonstrate the company has the correct people in place to make it successful.
   8. Results from previous VentureLab projects. If previous VentureLab funding was awarded to a company, a clear outline of how those funds were effectively used must be included. Specific results backed by quantitative data provide compelling evidence of success.
   9. Goals and Deliverables. A clear description of the proposed projects' expected deliverables should be presented for each VentureLab investment period. Although there is considerable flexibility in the types of projects that VentureLab funds can be used to support, the award must be used for its intended purpose upon receipt.
   10. Proposed Schedule. A timeline for completion of each stage and goal/major task is a part of every successful VentureLab proposal. A standardized Budget and Timeline Form (available from Stefan Schulze) facilitates effective project planning and management. 
   11. Proposed Budget. The standardized Budget Form should be accompanied by a brief narrative about the investment request. Phase II applications should include a description of matching company expenditures.

3. Submission. Proposals are accepted on a rolling basis.
4. Review and Notification. Proposals are reviewed by a panel composed of representatives from UGA, Georgia Tech, Emory University, The Medical College of Georgia, Georgia State University and the Medical College of Georgia. Companies are notified of VentureLab awards by the Georgia VentureLab coordinator within two weeks following a Georgia VentureLab review committee meeting.

Abeome is an Athens, Georgia-based biotechnology company dedicated to leveraging its proprietary hybridoma technology called Direct Selection of Hybridomas (DiSH). This technology is designed to accelerate and improve the development of monoclonal antibodies for life sciences and clinical medicine applications. Abeome was founded in 2000, and its laboratories and offices are located within the Georgia BioBusiness Center's Center for Applied Genetic Technologies building. DiSH technology was developed by Dr. Richard Meagher, professor of genetics at the University of Georgia.

In August of 2006, Abeome received a $50,000 Phase I VentureLab Grant for the development of a business model for the licensing of its proprietary DiSH technology. The healthcare consulting firm SSB Solutions was retained to devise the strategy and to update the company’s business plan. A Phase II VentureLab award was used to continue these projects as well as to produce marketing materials such as trade show booth presentations and graphics. In addition to the VentureLab grants, Abeome was also awarded an $80,000 Phase III VentureLab loan for the continued development of its monoclonal antibody technology. The loan features favorable repayment terms that have allowed Abeome to expand its presence at trade shows and biotech partnering conferences.

Through the help of a series of VentureLab grants and loans, Abeome has been able to ramp up its antibody commercialization activities and reach a critical partnership agreement with Millipore Corporation. Millipore will market and distribute Abeome’s unique stem cell monoclonal antibody for research use. The agreement included an upfront payment in addition to royalties on Millipore’s sales.

“Delivering cutting-edge software that fuels scientific discovery”

BioInquire develops and commercializes software solutions for proteomic data-mining applications. The company's first software product, PROTEOIQ offers a unified software solution that supports the entire proteomic data analysis pipeline from statistical validation to quantification. BioInquire was co-founded in 2007 by Ron Orlando, associate professor at the University of Georgia's Complex Carbohydrate Research Center, and Rick Tarleton, Distinguished Research Professor in the University of Georgia's Center for Tropical and Emerging Global Diseases.

BioInquire has obtained $50,000 in Phase I and $100,000 in Phase II VentureLab funding to supplement capital contributions from the founders. With the Phase I funding, BioInquire was able to obtain an exclusive license for ProValT from the University of Georgia Research Foundation (UGARF) and complete a beta package of their proteomics software that could be distributed to select beta testers. A corporate website and business plan were also prepared using the Phase I funds. These accomplishments contributed to BioInquire’s ability to secure additional funding from outside sources.

Under a current Phase II award, a sales and support pipeline is being established that has developed marketing materials, added ecommerce applications and web demonstrations to the web site. The software is also being continually optimized in response to beta tester feedback.

BioInquire successfully launched PROTEOIQ in June 2008, with brochures, business cards and trade show displays funded by VentureLab funds. Today, BioInquire is receiving its first sales orders and is operating out of offices in the Georgia BioBusiness Center in Athens, Georgia. Through its partnership with the Georgia VentureLab program, BioInquire is now realizing its corporate vision of providing cutting-edge software to fuel the scientific process.

Insectigen is an Athens, Georgia-based agro-biotechnology company that produces and markets innovative biopesticides. Incorporated in 2003, Insectigen's mission is to "Provide Beneficial Biotechnology for a Crowded Planet" through the use of natural biopesticides that reduce farmers' dependence upon dangerous chemical insecticides. The company's product line is based upon insecticides derived from the common soil bacterium Bacillus thuringiensis (Bt) by Dr. Michael Adang, professor of entomology and biochemistry at the University of Georgia. Insectigen currently holds several patents associated with Bt-derived insect toxins, and the company's primary product is known as BtBooster. BtBooster enhances Bt toxin performance by giving a new toxin activity against a broad range of economically important pests, while reducing the likelihood of insect-resistance buildup.

Insectigen was initially supported through founder and friend investments, and the company has received a total of $150,000 in VentureLab funding since 2003 to fund a wide variety of projects. Phase I seed grants were used to determine the viability of the business model and to establish clear priorities, milestones, and management. The Phase I Scope of Work included a go/no-go decision based upon the following technical and business criteria:

1. Technical and Scientific Viability: Proprietary assets in place; State of the art; Barriers; Defendable intellectual property; Scalability
2. Market Assessment: Demonstrated need; Market size; Market trends; Product segmentation; Pricing; Value proposition; Barriers to entry; Distribution channel strategies
3. Business Considerations: Product Plan; Time-to-market; Organization and staffing; Facilities and infrastructure; Legal; Financial plan

Following the successful completion of Phase I studies, Insectigen was able to secure outside funding form the Georgia Venture Partners Seed Fund and the Georgia Biosciences Seed Capital Fund.

VentureLab Phase II seed grants were used for greenhouse and field tests of Insectigen’s flagship product, Bt Booster. The technical formulation of the product was finalized, and EPA regulatory registration was completed using these funds. Insectigen also used VentureLab Phase II funds to update its business plan and complete additional rounds of outside financing.

Today, Insectigen is a growing and vibrant Georgia-based company that has seen significant revenue growth over the last year. A license agreement with DuPont/Pioneer for use of Bt Booster has been secured and Insectigen has several new products in the developmental pipeline. Forecast models predict that the company will reach profitability in 2009.

PISCES is a newly formed company pursuing the development of commercial-scale sturgeon aquaculture for the purpose of producing high-quality Russian caviar. Through collaborations with Petrossian of Paris (a leading international caviar distribution company), Nichols Land Investment (a regional developer and natural resources based business) and the University of Georgia (UGA), PISCES is developing a state-of-the-art Russian sturgeon aquaculture facility in northwest Georgia.

Over-fishing and pollution have decimated natural Russian sturgeon stocks in the Caspian Sea, limiting the availability of Russian caviar and dramatically raising the price of the delicacy. Attempts to fill the supply void using California farm-raised white sturgeon have been partially successful, but the PISCES project is the first attempt to raise the premium Russian sturgeon in North America.

Proprietary techniques for the optimization of nutrition, husbandry, and sex determination were developed by UGA professor of forestry and natural resources Douglas Peterson.

PISCES sought VentureLab funding in order to pursue four main goals:

1. Development of a sustainable sturgeon aquaculture facility at UGA’s Cohutta Fishery Center.
2. Establishment of Georgia’s first for-profit commercial-scale sturgeon business.
3. Further research on intensive culture of Russian sturgeon.
4. Coordination of farm operations with existing UGA research on biology and conservation of wild sturgeon populations in North America and Eurasia.

The initial Phase I funds were used by PISCES to install and test an innovative water filtration/recirculation system for primary treatment (removal of all solids) at the sturgeon culture facility located at the UGA Cohutta Fisheries Center. An additional Phase I VentureLab grant is being used for continued improvements to the sturgeon culture facility and increasing the filtration efficiency of the system to nearly 98 percent.

Today, PISCES and its partners are well positioned to take advantage of the rising demand for premium quality Russian caviar. If PISCES can successfully raise Russian sturgeon and harvest high-quality caviar, Petrossian of Paris will aggressively market the caviar under the Petrossian label. Sales forecasts predict that PISCES will produce annual sales revenues between $5 million and $20 million within six to nine years.