After three years of stalled commercial dialogue between the two biggest democracies in the world, India and the US, on 10 March re-launched their commercial dialogue to discuss supply chain issues and agree upon a semiconductor partnership initiative.
After three years of stalled commercial dialogue between the two biggest democracies in the world, India and the US, on 10 March re-launched their commercial dialogue to discuss supply chain issues and agree upon a semiconductor partnership initiative.
US Commerce Secretary Gina Raimondo and Union Minister of Commerce and Industry Piyush Goyal jointly addressed a press conference on Friday at the India-USA Commercial Dialogue.
US Commerce Secretary Gina Raimondo and Union Minister of Commerce and Industry Piyush Goyal jointly addressed a press conference on Friday at the India-USA Commercial Dialogue.
The dialogue focused on several emerging areas, including building supply chains, facilitating clean energy cooperation, talent development, and post-pandemic economic recovery for start-ups and small businesses.
The dialogue focused on several emerging areas, including building supply chains, facilitating clean energy cooperation, talent development, and post-pandemic economic recovery for start-ups and small businesses.
Both the dignitaries discussed India-US strategic partnership, as well as economic and commercial engagement between the two countries, including through the Initiative on Critical and Emerging Technology (iCET) and the Indo-Pacific Economic Framework (IPEF).
Both the dignitaries discussed India-US strategic partnership, as well as economic and commercial engagement between the two countries, including through the Initiative on Critical and Emerging Technology (iCET) and the Indo-Pacific Economic Framework (IPEF).
During the meeting, the minister and the secretary acknowledged that the bilateral goods and services trade has almost doubled since 2014, surpassing $191 billion recorded in 2022. Both sides welcomed further steps to enhance their commercial collaboration and tap into market potential across multiple sectors, and also enable an environment for investment by small and medium-sized industries (MSME) and startups.
During the meeting, the minister and the secretary acknowledged that the bilateral goods and services trade has almost doubled since 2014, surpassing $191 billion recorded in 2022. Both sides welcomed further steps to enhance their commercial collaboration and tap into market potential across multiple sectors, and also enable an environment for investment by small and medium-sized industries (MSME) and startups.
Secretary Raimondo applauded the steps undertaken under the National Infrastructure Pipeline and PM Gati Shakti National Master Plan.
Secretary Raimondo applauded the steps undertaken under the National Infrastructure Pipeline and PM Gati Shakti National Master Plan.
The minister and the secretary welcomed the US-India initiative on Critical and Emerging Technology (iCET). The Ministers also noted India’s interest in partnering with the United States in developing a secure pharmaceutical manufacturing base and diversifying supply chains for critical and strategic minerals (including rare earths).
The minister and the secretary welcomed the US-India initiative on Critical and Emerging Technology (iCET). The Ministers also noted India’s interest in partnering with the United States in developing a secure pharmaceutical manufacturing base and diversifying supply chains for critical and strategic minerals (including rare earths).
Both countries also signed a Memorandum of Understanding (MoU) on semiconductor supply chain and innovation partnership to promote cooperation in the segment. This comes just a week after reports of Apple Inc. partner Foxconn Technology Group planning to invest about $700 million on a new plant in Bengaluru to ramp up local production.
Both countries also signed a Memorandum of Understanding (MoU) on semiconductor supply chain and innovation partnership to promote cooperation in the segment. This comes just a week after reports of Apple Inc. partner Foxconn Technology Group planning to invest about $700 million on a new plant in Bengaluru to ramp up local production.
“Recognizing the importance of U.S. and Indian markets to the global electronics industry, Secretary Raimondo and Minister Goyal intend to utilize the Commercial Dialogue to enhance public and private efforts to promote industry cooperation in the semiconductor sector. These efforts will identify opportunities for growth and challenges to address in order to ensure that US and Indian semiconductor industries develop stronger connections, complementary ecosystems, and a more diverse supply chain for semiconductors,” said a joint statement issued by the Ministry of Commerce & Industry.
“Recognizing the importance of U.S. and Indian markets to the global electronics industry, Secretary Raimondo and Minister Goyal intend to utilize the Commercial Dialogue to enhance public and private efforts to promote industry cooperation in the semiconductor sector. These efforts will identify opportunities for growth and challenges to address in order to ensure that US and Indian semiconductor industries develop stronger connections, complementary ecosystems, and a more diverse supply chain for semiconductors,” said a joint statement issued by the Ministry of Commerce & Industry.
Both ministers recognized that small businesses and entrepreneurs are the lifeblood of the US and Indian economies and there is need to facilitate collaboration between the SMEs of the two countries and to foster innovation ecosystems that facilitate their post-pandemic economic recovery and growth. In this context, Both sides announced the launch of a new Working Group on Talent, Innovation and Inclusive Growth under the Commercial Dialogue.
Both ministers recognized that small businesses and entrepreneurs are the lifeblood of the US and Indian economies and there is need to facilitate collaboration between the SMEs of the two countries and to foster innovation ecosystems that facilitate their post-pandemic economic recovery and growth. In this context, Both sides announced the launch of a new Working Group on Talent, Innovation and Inclusive Growth under the Commercial Dialogue.
This will further the cooperation on Start-ups, SMEs, Skill Development and Entrepreneurship including in digital and emergent technologies. This working group would also support the efforts under iCET, particularly in identifying specific regulatory hurdles that hinder cooperation and fostering of greater connectivity between our innovation ecosystems (including tech start-ups).
This will further the cooperation on Start-ups, SMEs, Skill Development and Entrepreneurship including in digital and emergent technologies. This working group would also support the efforts under iCET, particularly in identifying specific regulatory hurdles that hinder cooperation and fostering of greater connectivity between our innovation ecosystems (including tech start-ups).
The two countries also relaunched the travel and tourism working group to strengthen cooperation between them. “Re-launched the Travel and Tourism Working Group to continue the progress from before the pandemic and to also address the many new challenges and opportunities to create a stronger travel and tourism sector. The activities of this working group also support SMEs as travel & tourism sector comprises SMEs such as hotels, restaurants, travel agents, handicrafts and so on,” the joint statement reads.
The two countries also relaunched the travel and tourism working group to strengthen cooperation between them. “Re-launched the Travel and Tourism Working Group to continue the progress from before the pandemic and to also address the many new challenges and opportunities to create a stronger travel and tourism sector. The activities of this working group also support SMEs as travel & tourism sector comprises SMEs such as hotels, restaurants, travel agents, handicrafts and so on,” the joint statement reads.
Raimondo praised India for its incredible culture, and thanked Goyal for hosting the US delegation and showcasing the nation’s culture. She said it was an “incredibly opportunity” for her to experience Indian culture, making the country a special place.
Raimondo praised India for its incredible culture, and thanked Goyal for hosting the US delegation and showcasing the nation’s culture. She said it was an “incredibly opportunity” for her to experience Indian culture, making the country a special place.
Both countries also launched the Standards and Conformance Cooperation Program that will be carried out in partnership between US’s American National Standard Institute (ANSI) and India’s Bureau of Indian Standards (BIS) towards standards cooperation.
Both countries also launched the Standards and Conformance Cooperation Program that will be carried out in partnership between US’s American National Standard Institute (ANSI) and India’s Bureau of Indian Standards (BIS) towards standards cooperation.
Meanwhile, EAM and Secretary Raimondo launched “strategic trade dialogue” focusing which will address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfer between the two countries. The Strategic Trade Dialogue will address export controls, and ways of enhancing high-technology commerce and facilitating technology transfer between the two countries.
Meanwhile, EAM and Secretary Raimondo launched “strategic trade dialogue” focusing which will address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfer between the two countries. The Strategic Trade Dialogue will address export controls, and ways of enhancing high-technology commerce and facilitating technology transfer between the two countries.
Also, US side to send a senior government official-led Clean Energy and Environmental Technology Business Development Mission to India in 2024.
Also, US side to send a senior government official-led Clean Energy and Environmental Technology Business Development Mission to India in 2024.
“The trade mission would be an opportunity to further foster US-Indian business partnerships in grid modernization and smart grid solutions, renewable energy, energy storage, hydrogen, liquefied natural gas, and environmental technology solutions,” the joint statement reads.
“The trade mission would be an opportunity to further foster US-Indian business partnerships in grid modernization and smart grid solutions, renewable energy, energy storage, hydrogen, liquefied natural gas, and environmental technology solutions,” the joint statement reads.
Both sides also pledged to work together in the Global Biofuels Alliance and in the development and deployment of hydrogen technologies.
Both sides also pledged to work together in the Global Biofuels Alliance and in the development and deployment of hydrogen technologies.
The two sides made announcement regarding US-India Energy Industry Network (EIN) as a broad platform for facilitating US industry involvement in the Clean EDGE Asia initiative, the US government’s signature initiative to grow sustainable and secure clean energy markets throughout the Indo-Pacific region.
The two sides made announcement regarding US-India Energy Industry Network (EIN) as a broad platform for facilitating US industry involvement in the Clean EDGE Asia initiative, the US government’s signature initiative to grow sustainable and secure clean energy markets throughout the Indo-Pacific region.
Both sides expressed interest in working together in developing next generation standards in telecommunications, including 6G.
Both sides expressed interest in working together in developing next generation standards in telecommunications, including 6G.
Secretary Raimondo welcomed India’s ongoing G20 Presidency. The ministers expressed interest to look forward to the next Commercial Dialogue meeting, to be held in Washington, DC, in 2024 contributing towards a growing strategic and economic relationship between India and the United States.
Secretary Raimondo welcomed India’s ongoing G20 Presidency. The ministers expressed interest to look forward to the next Commercial Dialogue meeting, to be held in Washington, DC, in 2024 contributing towards a growing strategic and economic relationship between India and the United States.
The US is India’s largest exporter and trade partner, while India is the ninth largest trading partner for the US. The bilateral merchandise trade during April-January stood at $108.43 billion. Both nations aim to achieve bilateral trade of $500 billion by 2025.
The US is India’s largest exporter and trade partner, while India is the ninth largest trading partner for the US. The bilateral merchandise trade during April-January stood at $108.43 billion. Both nations aim to achieve bilateral trade of $500 billion by 2025.
The US is also the third biggest investor in India with a cumulative foreign direct investment (FDI) inflow of $56,753 million from April 2000 to September 2022.
The US is also the third biggest investor in India with a cumulative foreign direct investment (FDI) inflow of $56,753 million from April 2000 to September 2022.
Paragonix Technologies — a company that launched in 2010 as a response to the lack of innovation in the donor organ preservation and transport process — closed a Series B funding round on Tuesday. The $24 million round was led by Signet Healthcare Partners.
The Cambridge, Massachusetts-based company provides transplant centers and organ procurement organizations (OPOs) with medical devices designed for the preservation and transportation of donor organs.
The traditional method of preservation requires the organ to be transported in a cooler of crushed ice. Due to unstable temperatures, many facilities that receive organs preserved in this manner report that they arrive frozen and damaged, said Paragonix CEO Lisa Anderson.
“Paragonix determined there was an opportunity for a more scientifically reproducible, measurable and reliable solution to transporting an organ from a donor to recipient,” she said. “We set out to create a new standard for organ preservation and transport that would provide the care and quality of handling commensurate with transporting such a valuable gift and improve patient outcomes worldwide.”
Paragonix’s devices are made from a series of interconnected systems that work together to provide a cool and sterile environment within a consistent range of 4-8° Celsius. The company sells three devices, each designed for a different organ (heart, lung and liver). All have been cleared by the Food and Drug Administration.
Each device works slightly differently based on specific user needs related to the organ type, Anderson said. For example, the heart preservation device has pouches filled with proprietary cooling solutions that keep the organ at optimal temperatures during transport. The heart is contained within a nested canister and is then housed in a wheeled shipper container that works to protect and insulate the inner contents.
All of Paragonix’s devices display the organ’s temperature while it is being transported. They also use bluetooth monitoring and tracking technology to allow surgeons to track the organ’s exact location throughout its journey, even in flight, Anderson pointed out.
Paragonix markets and sells its devices to transplant centers and OPOs across the U.S. and Europe. Last year, over one in five thoracic donor organs transplanted in the U.S. were preserved using a Paragonix device, Anderson declared. She also said that 19 out of the 30 largest U.S. heart transplant programs rely on Paragonix devices to safely preserve, track and transport organs to their intended recipients.
There are a few other companies that make devices to preserve donor organs, such as Organ Recovery Systems and Bridge to Life. But Anderson contended Paragonix’s devices are easier to use.
“Most other organ preservation devices are extremely complicated, labor intensive and require special personal or extensive training, while Paragonix’s devices are lightweight, user friendly, and a user can be trained in less than an hour,” she declared.
Anderson explained that her company’s main competition is the legacy way of transporting organs, as many organizations still receive damaged organs that were transported using the over-ice method. The medical industry needs to move away from this method of organ preservation because devices like the ones that Paragonix sells are clinically proven to improve patient outcomes and reduce the risk of post-surgical complications, she declared.
Picture: Getty Images, ThomasVogel
Opinions expressed by Entrepreneur contributors are their own.
When it is time to start looking for a commercial space to lease, there are many items to keep in mind. If this is the first time you have leased a commercial space, there are certain factors I recommend you know in advance before beginning your search.
1. Zoning
First and foremost, you must understand the concept of zoning. Zoning laws control what types of businesses may operate on any specific property — next, list cities where you are interested in opening your business.
Once that list is created, you can either go online to the cities’ planning departments’ websites, call the planning departments or visit in person. I recommend you visit in person since it can expedite the process. When you speak to the person in planning, let them know the exact details of the business you will be opening.
Remember that once you have an address of interest, you will need to check in again with the city. This time you will give the planning department the address and confirm that you can open your business at the address. Also, ask the planning department if your use is permitted by right or by permit. If it is by right then, you should be good to go regarding your use being allowed to operate. However, if the planning department mentions the use is allowed by permit, you will need to ask follow-up questions. The follow-up questions should include finding out what permits you will need, how long they will take to obtain and how much the permit cost.
Related: 6 Overlooked Investment Opportunities in Commercial Real Estate
2. Size
Once you understand the zoning you are looking for, you need to know your ideal space size. If you need to know the square footage for your type of business, I recommend you research it before starting your search. You can quickly get an idea of the size space you need by using the internet and searching square footage and your use. I also recommend walking into similar businesses to get an understanding of space.
Related: Criteria to Consider When Renting Commercial Space
3. Customer demographics
Next on the list is to know who your customers are through demographics. Age, average incomes and population are the key demographics you will want to keep in mind. For reference, in my markets of the Inland Empire and San Gabriel Valley regions of Southern California, most retailers seek sites with a minimum of 100,000 people within a three-mile radius.
Additionally, you will want to know when your business will be the busiest. If you expect lunch to be critical, you will also want to know the daytime population numbers near the potential space you will be leasing.
Knowing who your customers are will assist with understanding if visibility is vital to your business. Are you a destination tenant or an impulse tenant? If you are an impulse tenant, you need high visibility. Without high visibility, potential customers will have more difficulty seeing you and will not be able to visit your store.
An excellent example of an impulse tenant is dessert. People often decide to have ice cream because they see it in a shopping center. Since prime street front space leases at a premium, you will have more leverage with landlords if visibility is not a significant concern for your business.
Related: What to Do When Your Ideal Customer Isn’t Who You Expected
4. Traffic counts
If you need prime visibility, you will also want to pay attention to traffic counts. In commercial real estate, cars per day are examined. As a point of reference, 25,000 vehicles per day on the main street where the site is located is a minimum number many retailers are looking for when high-traffic areas are needed.
5. Access
Next to consider is access. It does not matter if you are an impulse or destination tenant. Access is a critical component in deciding on a space to lease. When figuring out the access for a potential site, make sure to drive all streets in all directions. Please pay attention to the road’s lines and whether they are broken. Also, pay attention to street medians and no U-turn signs. You want to make sure your customers will be able to access your business conveniently.
Related: How to Make Your Product More Accessible to Customers
6. Signage
Signage can also be critical. Most centers have monument signs. Often tenants think that if they are leasing a space that had a monument sign prior, they will be able to take over that sign. That is not the case. You only have the right to use a monument sign if it is in your lease.
When considering a center, I recommend you fully drive the entire center and take pictures of all the monument signs. In your offer, you must include these images of the monument signs and the specific panels you request rights to utilize.
Related: 5 Major Leasing Deal Points to Know Before Signing a Lease
It is essential to realize that there are basics in site selection. If your company has done its homework in advance, your site selection process will be simplified when looking for commercial space to lease. If you have an understanding of what you are looking for but also keep an open mind, the process of finding a location will run smoother.
Tech giants are busy laying off workers and reducing office space. In the process, they might also be setting in motion the emergence of new entrepreneurs and startups—who will be able to collaborate in suddenly affordable prime commercial real estate.
Angel investor Jason Calacanis predicted on the All-In podcast that the big business winners of 2023 will be “laid-off tech workers who choose to take control of their destiny and start companies.”
“I think laid-off tech workers who get together in groups of two, three, or four—developers, product managers, people who actually build stuff—and start companies together are going to become extremely successful, and they’re going to make incredible lemonade from these lemons of these big tech layoffs,” he said earlier this month.
From employee to entrepreneur
Some of those employees-turned-entrepreneurs might come for example from Meta, which recently laid off about 11,000 workers. The Facebook owner is also shedding office space, both to reduce costs and because it’s embraced remote work. On Friday, it confirmed it will sublease office space in Seattle it no longer needs, according to the Seattle Times. It also recently gave up real estate in New York City.
Subleased office space is typically rented out at a discount, which could allow startups who otherwise couldn’t afford it to move in, noted Colliers leasing expert Connor McClain to the Seattle Times.
It isn’t just Meta that has recently both laid off workers and let go of real estate. So have plenty of other major tech companies, among them Microsoft, Salesforce, and Twitter.
Salesforce recently announced layoffs—about 10% of its staff—while also indicating it will shed real estate. CEO Marc Benioff said in an all-hands meeting.
Office rent ‘will go lower’
“This is a larger moment for cost restructuring, we want to take…somewhere between $3 to $5 billion out of the business,” he said. “When we look at how are we going to do that, real estate is going to be a major part of it.”
The company is headquartered in San Francisco. A Jan. 7 exchange between PayPal co-founder David Sacks and Tesla CEO Elon Musk highlighted the commercial real estate situation there. Sacks tweeted, “Just got offered office space in San Francisco (SOMA) for the same price as 2009. Yikes.”
Musk replied, “It will go lower.”
As it does, entrepreneurs emerging from the tech layoffs could take advantage of the cheaper real estate to house new businesses.
Of course, some startups might choose to save money by not renting commercial real estate and having everyone work from home. But as CEOs at large companies like Disney and Starbucks have recently indicated—while insisting remote workers return to the office—there are clear business advantages to collaborating face to face.
As Disney CEO Bob Iger wrote to employees in a recent memo, “In a creative business like ours, nothing can replace the ability to connect, observe, and create with peers that comes from being physically together.”
That might be especially true for tech entrepreneurs determined to make lemonade from the lemons of being laid off.
Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.
The rift between hospitals and commercial insurers is age old. But a new survey shows the relationship isn’t going to improve any time soon.
The American Hospital Association (AHA) survey, released Wednesday, found that 78% of hospitals and health systems said their relationship with commercial insurers is getting worse. Less than 1% said their relationship is improving and the rest said it has stayed the same.
The survey included 304 respondents representing 772 hospitals. All of the respondents are members of AHA.
One of the main culprits behind the worsening relationship appears to be certain practices of commercial insurers, such as prior authorization. The report found that 95% of hospitals and health systems said staff time spent seeking prior authorization approval is increasing. Meanwhile, 62% of prior authorization denials are eventually overturned, the report found.
Aside from time spent on administrative procedures, costs may also be a factor in the relationship souring. A whopping 84% said the cost of complying with insurer policies is also increasing.
“Misuse of utilization management tools like prior authorization has several negative implications for patients and the health care system,” AHA said in the report. “Prior authorization denials can result in delays of necessary treatment for patients and ultimately lead to unexpected medical bills. The extensive approval process that doctors and nurses must go through adds wasted dollars to the health care system through overuse of prior authorization, inefficient submission processes, excessive requests for unnecessary documentation and the need to reprocess inappropriate payment and coverage denials.”
AHA also takes issue with claims denials, stating that commercial health insurers are “increasingly delaying and denying coverage of medically necessary care.” However, 50% of claims denials that are appealed are overturned, AHA said.
There are financial consequences to these delays and denials, AHA stated. The survey found that 50% of hospitals have more than $100 million in accounts receivable for claims that are older than six months, totaling $6.4 billion in delayed or potentially unpaid claims among the 772 hospitals in the survey. Another 35% of respondents said they’ve lost $50 million or more in revenue because of denied claims.
“These payment delays and denials for medically necessary care have serious implications for the financial stability of health care providers and compound fiscal challenges plaguing our health care system,” AHA said.
The report also provided several policy recommendations, including streamlining the prior authorization process and increasing oversight on insurers. Additionally, the organization sent a letter to the Department of Health and Human Services and the Department of Labor, calling for action against commercial payers.
“Health care coverage must work better for patients and the providers who care for them. We urge you to take additional steps to ensure adequate oversight of commercial health plans, including those offering Medicare Advantage plans, this open enrollment season,” the letter stated. “Individuals and families should feel assured that the plan they choose during open enrollment will actually be there for them when they need care.”
America’s Health Insurance Plans (AHIP) declined to comment publicly on AHA’s survey, but previously told MedCity News that commercial insurers’ practices are needed to reduce expenses for patients.
“Health insurance providers advocate for the people they serve by ensuring that the right care is delivered at the right time in the right setting — and covered at a cost that patients can afford. Prior authorization prevents waste and improves affordability for patients, consumers, and employers,” Kristine Grow, AHIP spokesperson, previously said. “Health insurance providers have a comprehensive view of the health care system and each patient’s medical claims history and work to ensure that medications or treatments prescribed by clinicians are safe, effective, and affordable for patients. This results in better outcomes and lower costs for patients.”
Photo: santima.studio, Getty Images
From left: Ayush Jain of Revolution’s Rise of the Rest Seed Fund; Ayse McCracken of Ignite Healthcare and INNOVATE Health Ventures; Max Rosett of Research Bridge Partners; and Dr. Hubert Zajicek of Health Wildcatters
When it comes to investment, including healthcare and biotech, companies in the Bay area, Boston and New York tend to get the lion’s share of venture capital. But in recent years there’s been greater attention to investment in companies beyond those regions. The Covid-19 pandemic also played a significant role as people were forced to limit travel and use Zoom to connect their In a panel discussion at INVEST Digital Health, healthcare and life science investors discussed investment strategies and why they are placing their funding bets in states like Texas, Indiana, Utah and Arkansas.
The panel, Investing between the coasts, moderated by Dr. Hubert Zajicek, CEO, partner and co-founder of Health Wildcatters, offered a window into how investors are finding companies that match their investment theses, even in states that are not thought of as startup hubs. The panel was sponsored by Lyda Hill Philanthropies.
“We were the most active investor in Arkansas last year,” said Ayush Jain, a senior associate with Revolution’s Rise of the Rest Seed Fund. The fund, which was started by Steve Case of AOL fame, has made investments in more than 200 companies in 40 states since 2017.
The video platform Zoom has made an indelible impact towards democratizing investment across the country, according to Ayse McCracken, a founder and board chair with Ignite Healthcare in Houston and president of eNNOVATE Health Ventures. Ignite focuses on women-led digital health and medical device startups, while eNNOVATE invests in a broad array of startups across the continent of Africa.
McCracken said it was one of the unintended consequences of the pandemic.
“[Zoom] has allowed us to connect with entrepreneurs all across the country and all across the world and match them with mentors across the U.S. All of a sudden, we were working with an expanded ecosystem coast to coast, and we were working with startups coming from all across the country. We have eight of the 22 companies [in our latest cohort] that are coming from the Texas market — San Antonio, Austin, Dallas and Houston, which is great. We’d love to see Texas continue to grow. Denver has been another location where we’re seeing a number of entrepreneurs come from, also Minneapolis.”
Max Rosett, a principal with Research Bridge Partners, conceded that Zoom has been useful for connecting with and keeping in touch with portfolio companies in areas that would have otherwise been costly to travel to from his offices in Salt Lake City.
“This is going to sound incredibly trite and yet it’s incredibly real. Now that it’s okay to have board meetings over Zoom, life is much easier,” Rosett said.
Research Bridge Partners, which focuses on life science companies, is trying to chip away at what it refers to on its website as the “geographic misalignment” of venture capital in the Bay area and Boston. It also calls attention to trends among larger venture capital firms of creating lab-to-market systems to advance ideas towards financial liquidity that make it tougher for midcontinent principal investigators to access, because these firms favor institutional brand and geographical proximity to their offices.
Although everyone is pleased that the worst of the pandemic appears to be over, Zajicek said that in the past two years the accelerator has received a record number of applications from all over the world, which has spurred the development of a hybrid program combining in-person and Zoom-based interactions with startups in its cohorts. It has added an international flavor to its startup portfolio. Add to that the accelerator’s advantageous base in Dallas, in close proximity to an airport with the most direct flights in the country.
“It has flattened the world in non-trivial ways,” Zajicek said.
Health Wildcatters recently moved its offices to Pegasus Park, a 13-floor building that offers lots of space for healthcare and life science startups to work and connect with investors and collaboration partners.
Jain agreed that Zoom can offer a useful complement to in-person meetings and has made it easier to foster relationships with startups. He emphasized the importance of regional startup incubator and accelerator spaces, which frequently host demo days and other events to bring investors and startups together. They can also prove useful for investors from out of town seeking to plug into the regional startup ecosystem.
“If there’s a city that you gravitate towards, whether it’s because of a particular industry strength, or a personal connection, those are factors to leverage when you build relationships in those cities and find deal flow there,” Jain said. “That’s something we lean on a lot. We’re not lead investors. So we rely on finding opportunities to invest in startups, mostly through local regional investors, accelerators, incubators, places like Pegasus Park, where there’s a ton of companies. There’s some institutions in other cities like this. I think finding those and really honing in on them and building relationships is important.”
During the 2021-22 fiscal year, 13 startup companies executed agreements to access foundational intellectual property and commercialize new technologies developed at the University of California, Davis.
“The bold pursuit of novel solutions through research at UC Davis often results in new technologies and services aligned with a commercial pathway for impact,” said Prasant Mohapatra, vice chancellor for research at UC Davis. “In most cases those innovations are licensed to existing companies, but many also become the foundation for emerging startups. We are thrilled to see the success of this pathway continue at UC Davis.”
The process for connecting innovations from the university to commercial impact is managed by the Innovation and Technology Commercialization division, which is part of the Office of Research. During the 2021-2022 fiscal year, the division processed 132 new records of invention and executed 48 license agreements.
The division’s Venture Catalyst unit focuses on advancing potential technologies with proof-of-concept funding and facilitating startup formation.
The University of California system of campuses ranks first in the world for the number of U.S. utility patents according to a recent report from the National Academy of Inventors and the Intellectual Property Owners Association.
“Venture Catalyst, which was launched in 2013, provides resources to help campus innovators advance technologies and launch new companies,” said Janine Elliott, interim director Venture Catalyst. “It is exciting to see the results of these efforts and the broad range of solutions being advanced.”
Meeting needs in food, health and ag
In the last 10 years Venture Catalyst assisted 130 startups with foundational intellectual property. The 13 emerging startups over the past year are focused on developing technology to meet needs in food, health and agriculture.
One of the startups, Eunicera is developing novel therapeutics to treat and cure advanced drug-resistant prostate cancer. Co-founded by Allen Gao, a professor in the Department of Urology, the company’s proprietary, orally bioavailable small molecules targeting both AKR1C3 and androgen receptor variants either work alone or in combination with current therapies to overcome and prevent treatment resistance.
Another company, Optimized Foods is propelled by innovations in the food technology and cultivated meat sectors. By using a novel approach in mycelium technology, the team is creating nutritious, sustainable foods, starting with cultured caviar. Minami Ogawa, a graduate student in the Department of Food Science, discovered how the innovation could be harnessed as an ideal proprietary scaffold for cell cultivation. In parallel, Ruihong Zhang, a professor in the Department of Biological and Agricultural Engineering, and her lab had been developing foundational elements of the platform for food applications. The company’s platform is focused on making the dream of cultivated meat a reality, and improving human, animal and planetary health.
Peak B is commercializing natural alternatives to synthetic food colorants with superior color qualities, stability and potency. The UC Davis-led startup has discovered a cyan blue color, solving one of the biggest challenges in the food industry’s search to source natural food colorants. The researchers examined anthocyanin, a water-soluble pigment that’s found in many familiar fruits and vegetables, giving them their vibrant red, purple, pink and blue hues. A specific anthocyanin was discovered in red cabbage that displayed the desired blue properties. Since the amount of anthocyanin is small in red cabbage, they used an enzyme-based process to turn its other anthocyanins into blue. Co-founded by Justin Siegel, an associate professor in chemistry, biochemistry and molecular medicine, the company’s patented enzyme-based process now turns extracts from natural sources into blue and green colorants that can be used in a variety of food applications.
Additional companies that executed agreements to access the foundational intellectual property from UC Davis during the 2021-22 fiscal year are highlighted below. Three companies have chosen to remain in “stealth mode” for competitive reasons and are not listed.
AIVision aims to reduce toxic chemical use and food loss through early insect detection. The company is co-founded by Zhongli Pan, an adjunct professor in the Department of Biological and Agricultural Engineering.
Artisyn Laboratories is developing sustainable wellness products for the commercial market. The company is co-founded by Mark Mascal, a professor in the Department of Chemistry.
Hope Medical is focused on developing a medical device that helps patients with difficulties swallowing. The company is co-founded by Peter Belafsky, a professor in the Department of Otolaryngology.
Kobin is developing precision agriculture utilizing aerial data analytics. The company is co-founded by Alireza Pourreza, an assistant professor in the Department of Biological and Agricultural Engineering.
Mirnova Therapeutics is developing small molecules and microRNA drugs for the treatment of traumatic brain injury and other neurological disorders. The company is co-founded by Da Zhi Liu, an adjunct professor in the Department of Neurology.
Prism Bio is pioneering the use of biotechnology to produce natural protein-pigment based colors based on natural light-sensing pigment systems from plants and algae to deliver all colors in the visible spectrum. These sustainable natural colors can be used in food, industrial and personal care products, and health applications. Their technology will have a significant impact on reducing greenhouse gas emissions. Co-founders include John Clark Lagarias, a distinguished professor emeritus in the College of Biological Sciences, and Justin Siegel, an associate professor in the Department of Chemistry.
VGN Bio Inc. is developing unique cancer drug candidates from viral protein sequences that have evolved over millions of years of co-evolution. The company is co-founded by Yoshihiro Izumiya, an assistant professor in the Department of Dermatology.