Biotech Startup Funding: Annick Verween on Scaling Innovation in Europe
- Jörn Menninger
- 17. Apr.
- 28 Min. Lesezeit
Management Summary:
In this insightful interview, Startuprad.io delves into the dynamic world of biotech startups with Annick Verween, Head of Biotope, a leading European biotech startup hub. Annick shares her unique journey from marine biologist to biotech investor, offering invaluable insights on scaling biotech ventures, navigating funding challenges, and the critical role of startup hubs in fostering innovation within the DACH region and beyond. This discussion is a must-read for entrepreneurs, investors, and anyone interested in the future of biotech.
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From Marine Biology to Biotech Investing: A Unique Journey
Annick Verween's career path is anything but typical. "To be honest, if I need to introduce myself, I always start I'm a derailed marine biologist," she quips. Her journey began with a PhD at BASF, where she discovered an interest in the practical application of science in business. This pivotal experience sparked a transition from academia to working with entrepreneurs, scale-ups, and corporates, eventually leading her to the world of biotech investment.
Why Biotech? Solving Real-World Problems
Annick's move away from pure science was driven by a desire to make a tangible impact. She found the academic environment often isolating, with limited opportunities to see the immediate results of research. "I don't know if you know, Joe, but at a lot of these scientific events, you get on stage, you tell something very scientific that nobody really understands or is interested in because it's only part of a huge puzzle, and then you get off the stage again," she explains. This pursuit of tangible outcomes is a driving force in her work with biotech startups.
The EIT Food Experience: Building Ecosystems
Annick played a key role in the early days of EIT Food, where she helped build the Rising Foodstars network. EIT Food's mission – to solve problems within the food system through collaboration – resonated with her. However, she also recognized the challenges of integrating startups into large, established organizations. "The biggest challenge, though, Joe, was the aim of of every EIT community as you have a lot of big corporates, a lot of big universities who want to sparkle innovation," she notes. She emphasizes the importance of aligning the different speeds and needs of startups and corporates to drive meaningful change.
What is EIT Food?
EIT Food is a European initiative focused on transforming the food system by fostering innovation and collaboration among businesses, research centers, universities, and consumers. It aims to address challenges such as sustainability, food security, and consumer health.
Biotope: Bridging the Gap for Biotech Startups - Biotech Startup Funding
Annick's experience led her to Biotope, a top European biotech startup hub, where she aims to solve a critical problem faced by early-stage biotech companies: the funding gap.
"Early stage start up and mainly start ups working with a technology where a lot of money is needed, they are in this eternal circle, and they keep on whirling around it," Annick explains.
Biotope provides not only financial support but also the resources and expertise these startups need to de-risk their ventures and attract further investment.
Overcoming Hurdles and Building a Brand
Establishing Biotope came with its own set of challenges. While VIB (Flemish Institute for Biotech), Biotope’s backer, has a strong reputation in human health, building recognition in agrifood and planetary health required significant effort. "Building the brand and trying to convince start ups as well as later on investors that we we can and we do play a huge role in this de risking phase, I think that was the last year's definitely the biggest hurdle," Annick admits.
What is Planetary Health?
Planetary health, a key focus for Biotope, refers to solutions that improve or reduce the negative impact on the planet. This includes biotech innovations in sustainable materials, soil and water health, and digital solutions that contribute to a healthier planet.
Measuring Success: A Startup Among Startups
Annick views Biotope as a startup itself, constantly evolving and striving for success. She measures Biotope's success by the progress of its portfolio companies: successful fundraises, team growth, and securing grants.
Navigating the Biotech Startup Landscape
Biotech startups face unique hurdles, particularly in regulatory approvals and intellectual property (IP) protection. Annick emphasizes the importance of a proactive IP and regulatory strategy, helping startups understand the basics and connect with experts to develop long-term roadmaps.
Backing the Right Founders: People, Science, and IP
When it comes to selecting startups, Annick stresses the importance of the team, but with a crucial addition: science and IP. Biotope employs a rigorous selection process, including a three-week "base camp," to thoroughly assess both the founders and the underlying technology. "So, yes, people, people, people, but we also look at the science and the IP," Annick states.
Balancing Innovation and Risk
Biotech ventures inherently involve risk. Annick explains that in the early stages, Biotope prioritizes innovation with a willingness to mitigate risk. "If the innovative potential is huge and we see a business appetite, then we will just take the risk," she says.
Key Advice for Biotech Founders
Annick offers valuable advice for biotech founders, emphasizing the importance of focusing on the problem they solve and the people they serve.
Love the Problem, Not Just the Tech: "One of the first lessons that we learn them is stop loving your technology, but start loving the problem that you can solve and that people are willing to pay for," Annick advises.
It's a People Business: Founders must remember that they are dealing with people – clients, investors, and team members.
Operational Excellence Matters: Strong operational foundations are crucial for scaling and achieving long-term goals.
Biotope's Impact: The Zymofix Example
Annick shares the success story of Zymofix, a company that scales the production of beneficial microorganisms for agricultural applications. Biotope's support helped Zymofix grow from an idea to a thriving company with a larger team, successful funding, and significant potential impact.
Navigating Funding Challenges
Raising subsequent funding rounds is a common challenge for startups. Annick advises founders to be realistic about timelines for raising capital and securing funds.
The Importance of Diversity in Biotech
Annick strongly advocates for diversity in biotech, recognizing its crucial role in driving innovation. "If you limit who can contribute to innovation, you will also limit the amount of solutions that will get out there," she asserts. Biotope proudly boasts that 85% of its portfolio companies have a mixed founding team.
The Future of the Biotech Startup Ecosystem
Annick is optimistic about the future of the biotech startup ecosystem, particularly in Europe, driven by increased recognition from the European Commission
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Automated Transcript
Narrator Dorsey Jackson [00:00:05]:
Welcome to startuprad.io, your podcast and YouTube blog covering the German startup scene with news, interviews, and live events.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:00:20]:
Hello, and welcome, everybody. This is Joe from startuprate.ao, your startup podcast YouTube blog and Internet radio station from the DACH region. Today, I do have somebody not necessarily from the DACH region, but a neighboring country. From time to time, we sneak into other start up scenes around Germany. And this time, I would like to welcome Annek from Belgium. You are, by training, a marine biologist turned biotech investor. You were employee number three at EIT Food, built the rising Foodstars network, and now you lead Biotope, a top European biotech startup hub according to Financial Times. Annick, welcome.
Annick Verween | Head of biotope [00:01:06]:
Thank you, Joe. Thanks for having me.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:01:09]:
I I I'm very confident there was a lot I've forgotten. Can you do a little bit intro by yourself?
Annick Verween | Head of biotope [00:01:17]:
Yes. I can. But to be honest, if I need to introduce myself, I always start I'm a derailed marine biologist. So I think I think that's, that's fully correct. I I moved from science to business already in my PhD. I did my PhD with BISF, which is a company everybody knows, of course. And that for me was the first sparkling, like, let's do something different than just science for the science. And that's how I from opportunity to opportunity, always through trying to follow what I think matters most, run from science all the way into investment now.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:01:52]:
Funny thing. You know what BASF stands for? BASF?
Annick Verween | Head of biotope [00:01:57]:
No. No. I don't. I used to, but I don't know anymore.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:02:00]:
For everybody who wants who wants to train German, it's. Okay. Exactly. There you go. Okay. I I personally do understand what's fascinating about marine biology. What did actually bring you to study marine biology? What were your great plans to take over the world when you started? And how did you become biotech investor?
Annick Verween | Head of biotope [00:02:28]:
Yes. Yeah. Thanks for that. As a marine biologist, I'm not this mermaid diving with dolphins or whales or whatever.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:02:37]:
You just ruined my picture.
Annick Verween | Head of biotope [00:02:40]:
But yeah. But I did a PhD in a factory of BASF where I was working with water treatment and the fact that they were struggling with a marine species clogging their cool water system made me a marine biologist. It's as simple as that. And as a side remark, I had my first diving experience now only in December. So I'm that far off of marine biology. So taking over the world in preservation nature was never really high on my priority list. I think I'm, like many, started the PhD because I like student life, and it's like the easy comfortable transition, at least for me, it was towards professional life. However, being in that environment and then having this connection with corporate showed me, like, there's something much more interesting than science.
Annick Verween | Head of biotope [00:03:32]:
I don't know if you know, Joe, but at a lot of these scientific events, you get on stage, you tell something very scientific that nobody really understands or is interested in because it's only part of a huge puzzle, and then you get off the stage again. And that for me was not fulfilling enough to really make a difference and change the world to a certain extent. So, I finished my PhD. I became a company adviser and worked with entrepreneurs, with scale ups, with corporates, and also with these PhDs and post doc where I felt there was something entrepreneurial, but nobody brought it up. So that's how I very organically, from a PhD, went through a collaboration with, corporates, partnering entrepreneurship, all the way up to EIT food, where I really joined in a very early phase as you mentioned because that was the ecosystem to change the food system.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:04:31]:
When you were talking about staying a little bit more in the student life, I was wondering, was academia, like, becoming a professor, spending your whole life in there, was that tempting from some dimension except for get it getting there, doing a presentation, and getting off the, protest again?
Annick Verween | Head of biotope [00:04:51]:
Yeah. No. Not really. I think I think a lot of PhDs and post doc will align with me that as a scientist, it's quite lonely. Running a whole PhD is not the most dynamic environment to work with, even in academia life. So I never had the ambition. I was also definitely not that good to have an academic career. And that's why in an early phase, I started to look more into this applied world where you could do something that could add value on the short term.
Annick Verween | Head of biotope [00:05:21]:
I've never been this long term impact person in the beginning.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:05:30]:
Tell us a little bit about EIT food and rising food stars because when I think about food and food startups, what comes to mind are those energy bars, those those hangover shots, but I do believe there's, much more to that. And interestingly, I think very few people will ever in their life get the experience of building up a EIT program. What was, like, the biggest challenge to be in there and building up rising food stars?
Annick Verween | Head of biotope [00:06:03]:
Yeah. I to be honest, it wasn't it was an amazing journey there. When I was hired, because as an employee, I I think I was one of the first few who really did an interview. And, one of one person of the leadership team then said, yeah, I think you sparkled the interest because you were talking about working with startups and not for startups. So for me, being part of a small Belgian ecosystem, having the possibility to do something on a European level for startups was like, we can do something. The idea of EIT food and of every EIT community is to take a problem and try to solve it with a whole community. And specifically in this in the early phase, this small team was so intrinsically motivated to make a change. So that was that was great.
Annick Verween | Head of biotope [00:06:57]:
I think my my network exploded at that moment in time, and I still work a lot with these people, on a daily slash weekly basis. The biggest challenge, though, Joe, was the aim of of every EIT community as you have a lot of big corporates, a lot of big universities who want to sparkle innovation. And everybody knows that these are these slowly moving chips and change things in a short period of time is not their cup of tea. So bringing startups to the equation, in theory, was a nice thing because they could make things move faster. They could sparkle this entrepreneurial drive within big bigger entities. However, EIT communities, in general, also come with big projects, and let's collaborate altogether. And then you see that a start up, specifically, there was very small ones in the beginning where there was the leadership of three, maybe one or two FTEs. They're not fit for purpose to work in these bigger innovation projects to drive change.
Annick Verween | Head of biotope [00:07:58]:
So that for me was the biggest challenge. Like, two different speeds and aligning these two different entities, I always use the David versus Goliath term, to align them in a way forward on the short term.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:08:12]:
Mhmm. And where did rising food stars come in? What was, the was this a project you came up with? Was this something you assigned? Or, was this something, you pitched there?
Annick Verween | Head of biotope [00:08:30]:
Yeah. It was something that I was assigned for. So the aim was, let's bring these startups into this big ecosystem, and the basic pieces of the puzzle were already there. There was already a scouting, done. Like, these might be interesting companies to work with. And the theory for me is, like, pick them up, build them into a network, and see what comes out of it. However, the fact that indeed there were some challenges with the start ups over time, we changed it into a scale up community. These companies are way better fit for purpose also because of the fact and and you you mentioned it a little bit in the beginning, Joe.
Annick Verween | Head of biotope [00:09:09]:
We were looking for start ups making a shift into the food ecosystem, and that was not going to be the next energy bar of the smoothie that was coming out of fermented ingredients. So we were really looking for companies who had a technology, which had a way broader application, focus. And that's why scale ups who already had that, who know what it was to go from a company of two or three people to five or 10 were a better fit of for the EIT community. And that's that's how the EIT food, rising food stars network went from a start up network to now more a scale up network. And now EIT food, there are more than 200 FTEs. The network is huge. So I think now they cover every part of the entrepreneurial, challenge.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:09:59]:
And from rising food stars, you went to create Biotope. Yes. What is the problem you are solving you're aiming to solve when launching Biotope?
Annick Verween | Head of biotope [00:10:18]:
For me, I always make it very plastic so people can see it. Early stage start up and mainly start ups working with a technology where a lot of money is needed. They are in this eternal circle, and they keep on whirling around it. And let me explain, Joe, what it mean is you have a start up on one side. You have interesting parties, whether it's corporates or investors on the other side, and they do not speak the same language. The startup, they have something. It's small. It itches like, oh, there might be something in there.
Annick Verween | Head of biotope [00:10:58]:
But the party on the other side always need to say, my god. This seems amazing, but please come back when you derisk a little bit. You have a big bigger volume. You can show that you have some customer traction. And the startups who got excited, like, yes. There's appetite on the other side. They needed to say, great, but please give me the money, and I will be able to deliver. But the big parties always say about first deliver and then you get the money.
Annick Verween | Head of biotope [00:11:24]:
And there were a lot of companies who could not really get out of that. And that's why with Biotube, we decided, let's see if we can build something small to really push them out of that circle and to give them the means, not only financial, but the means to be able to deliver what the next the next the real investors as we call them and the corporates are looking for. And that was the aim. That was the challenge that we were trying to solve.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:11:55]:
Mhmm. Mhmm. I see. I was also wondering what was the biggest hurdle setting up this incubator because it's backed by VIB, like the Flemish Institute for Biotech
Annick Verween | Head of biotope [00:12:12]:
Yeah. Yeah. But there were hurdles. There were also a lot of opportunities. But so VIB, is the leading life science institute here in Belgium. What the institute is really good at is spinning out our own IP, meaning that we do not spin out a huge amount of companies. We support and grow them internally for a very long time. And by the time we spin them out, they do it with a seed round of 3 to 5,000,000.
Annick Verween | Head of biotope [00:12:45]:
We also do the big part in human health, so there is more $2,030,000,000. And then these companies really have the fuel to grow. The opportunity here to first look at the bright side is that, by having this as a success mechanism, it was very easy with, leadership team here to explain them how that model, by making it a little bit more scalable, would also fit IP from outside of our institute. So that was the convincing of, how we could do this. Also, definitely an advantage was the fact that as an institute, we saw use of derisking very, very early stage companies. Also, that was something that was quite easy, which which is not always the case if you want to deploy money in early stage companies. The biggest hurdle for me was that although VIB as an institute is really well known in human health, It's way less known in egg and fruit and and to expand that planetary health, which is now our focus. And building the brand and trying to convince start ups as well as later on investors that we we can and we do play a huge role in this de risking phase, I think that was the last year's definitely the biggest hurdle.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:14:06]:
You talked about planetary health. Can can you give us a definition for that? What you're looking what are you aiming for?
Annick Verween | Head of biotope [00:14:15]:
Yeah. Yeah. I know it's a bit of a buzzword there. And but it I like the impact there. I the story is you develop something that will make the planet better or to at least to diminish the pressure on it a bit, but that entails a lot. So for us, biotech always stays the key thing. There needs to be a biotechnological challenge still. But while originally that we were looking for biotech, innovations in the agri and food, we now also expanded to more sustainable materials, improving health of the soil, of water, much broader ecosystems, also more digital solutions, and even to a certain extent, some hardware, but everything that has a positive impact on the planet.
Annick Verween | Head of biotope [00:15:08]:
The human as an extra thing, but we're not focusing on the human health.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:15:13]:
What was the defining moment when you knew Biotope would be a success?
Annick Verween | Head of biotope [00:15:19]:
I'm still waiting for that moment, Joe. I don't know if there's ever a moment that you can say, yes. Now it's a success. Because, since we we only really started in 2022, which is not that long ago. And it means that and our portfolio companies are aware of that. We are a startup amongst startups. That's also the way we like to work. I think by struggling ourself, by building a product, people are willing to pay for, as startups are willing to work with us and take the investment with it.
Annick Verween | Head of biotope [00:15:55]:
The fact that we are also raising a fund shows that we feel a little bit the same pains that they have. So that's a principle I like. However, every time one of our portfolio companies jumps into a next phase, whether it's a success successful fundraising, hiring extra FTEs, having being successful in grant applications, that's for that's for me the success. That's for me showing with a few data points this works.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:16:23]:
Mhmm. And as you've been saying, to, derisk the very, very early phases of start ups. Right?
Annick Verween | Head of biotope [00:16:31]:
Yes.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:16:32]:
I see. We will be back after a short ad break with talking about scaling and leadership. Hey, guys. Welcome back to my interview with Anneke from BIOTOPE from Belgium. We've been talking about how she has been a part of EIT Food and building up rising food stores, and now she's with Biotope. And that's what we're talking about, an incubator for biotech startups. We where are you physically located?
Annick Verween | Head of biotope [00:17:06]:
I am physically located in Belgium, in Ghent.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:17:10]:
Ghent. Not Brussels.
Annick Verween | Head of biotope [00:17:11]:
Not Brussels.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:17:13]:
Not Brussels. I see. You know, what always comes to mind in Brussels is chocolate and beer.
Annick Verween | Head of biotope [00:17:19]:
Of course. That should be a general thing when you come to Belgium. Chocolate, beer, and French fries.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:17:26]:
Yes. They were invented there. But but I have to tell you, my last visit is is already some time ago, but it wasn't the best, experience that I ever had. I caught corona.
Annick Verween | Head of biotope [00:17:37]:
Oh, no. In Belgium. In Brussels.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:17:40]:
Yeah. It happened. I I think at the time, it could have happened all over the world. So
Annick Verween | Head of biotope [00:17:45]:
Yes. No. I agree.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:17:47]:
Yes. Talking about a little bit navigating the biotech startup landscape, Biotech startups often face regulatory and IP challenges. How do you help founders to overcome them? Because I do understand you need for a lot of that a lot of smart people, lawyers, tax advisers, professionals, and regulations. So that's also very expensive to have on hand as a start up. Right?
Annick Verween | Head of biotope [00:18:15]:
Yeah. I was going to say it's you need to also need a lot of money and, unfortunately, a lot of time. So, I fully aligned there. But as you say, I think it's a crucial part of the puzzle that I would not say that biotech startups tend to forget it. They tend to think that it will work out fine in the end. And if you do not have a strategy behind it, it will not. I think that's very technical
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:18:41]:
your end.
Annick Verween | Head of biotope [00:18:41]:
That's the story. Yes. But I think what how we work, Joe, is we bring pre seed companies to seed stage. Meaning that by the time they raise a seed round, there can still be a lot of question marks. They don't have need to have a full novel food regulation, fully paid out to maybe have an agreement on a component that will not be their end product, just stating something. So what we do is we support the start ups in understanding why IP is important, to understand how to do the basic IP parts themselves, how do you search, how do you how do you check competition and where they find their MP, what are different databases to use, and we do the same with regulatory. Do you understand how EFSA is different than, FDA and US? What does it mean for the different countries? So this is a part of their learning, and then they get support by legal advisers, by regulatory experts to together develop a long term strategy on IP and on, regulatory. And that's how we really hands on support them.
Annick Verween | Head of biotope [00:19:54]:
Help them with the first filing, help them with mapping out what could be the different roadmaps, IP wise and regulatory wise, but really focus on this long term strategy mindset.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:20:04]:
I was pretty curious how you are selecting to back the right founders to back because, very simply spoken, a lot of people emphasize a lot of the business plan, but I haven't met a startup where the first business plan was the reality of the successful startup. So most people say personality of the founder. What what is your take on that?
Annick Verween | Head of biotope [00:20:31]:
Yeah. Yeah. I think when I started this, I still thought that people, people, people was exaggerated. It is people, people. But I think what is for us important is that it should be more than that. So when it comes to how do we identify the right people to back is very often as an early stage investor, you do your due diligence. On paper, you have a few calls, and then there's a selection. We built a specific process whereby we do a first selection based on the signs and the IP, how tangible is it.
Annick Verween | Head of biotope [00:21:12]:
Not about the business model as you can say. You can mold a lot around that, but really on the signs and the IP. And then the ones that stood stand out at this part are being invited to a base camp. And the base camp for us is a three week program, one week in person, to understand what is the baseline of the company. There's a reason why we call it the base camp and not the boot camp. It's really about where are you now and where do you want to go. And this first week is an in person week, and that is for us the key thing to learn to understand who the people are who drive the company. So, yes, people, people, people, but we also look at the science and the IP.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:21:54]:
Mhmm. People, people, people, people, science, IP. Okay. Understood. That that makes an algorithm okay. How do you balance this innovation and the risk when you evaluate those companies? Because, they can either work spectacularly well or, go bankrupt very fast because when they don't have the right balance there. When when you've been talking about how you help those founders to prepare, look at the right databases, how to search, I imagine them sitting in front of three screens with a lot of coffee mugs all around and looking, looking, looking. I think that's not too far from from reality.
Annick Verween | Head of biotope [00:22:41]:
It's definitely not too far off. And a lot of these these these sessions, by the way, we also try to do in house here so that they see from each other that we're not the only ones struggling with a lot of coffee trying to understand and how to navigate these things. Balancing innovation and risk in the pre seed phase is a very delicate balance. The I think if if we need to put a bet on that in such an early phase, innovation always comes first, and risk always comes second. So if the innovative potential is huge and we see a business appetite, then we will just take the risk. But we will never go for a risk averse decision almost when it's a low hanging fruit that cannot make impact. So for us, innovation is is key, and the rest risk, we try to mitigate as much as possible by working with them and trying to tackle that as good as possible.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:23:48]:
I see. Let us know after we know a little bit how your algorithm works to select, startups, let's talk a little bit what you already learned from scaling those startups. What do you wish more biotech founders understood before they seek their first investment?
Annick Verween | Head of biotope [00:24:12]:
Yeah. I this is how how how many can I select? I think the first one perfect. I think the first one, as we mentioned, Joe, a lot of biotech founders love their technology very often. And one of the first lessons that we learn them is stop loving your technology, but start loving the problem that you can solve and that people are willing to pay for. Together with that comes the fact that sometimes, if I look in in in my surrounding and a lot of startups that we support, whether we invest in them, yes or no, they tend to forget that we are in a people business. Right? We mentioned people, people, people from the team part, but also you enter your clients, your investors, they're also people. And this overarching focus on the tech should also disappear there. So that's number two.
Annick Verween | Head of biotope [00:25:16]:
And then the third one, I think that's one that we learned by doing is operational excellence. We still see a lot of startups who focus on this long term at this big, hairy, audacious goal that everybody's talking about. And, of course, there you are ambitious. Right? You cannot change the world if you look at these marginal innovations that you want to do. But really showcasing and then working on what you have in your hands in an early phase and have this operationally nicely laid out so that indeed you make progress towards that goal instead of only selling that, that is something that would be great if more early biotech founders would understand that and implement that already in a very early phase.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:26:07]:
Mhmm. Can you share with us, like, one example, one case study of a biotech startup, BIOTOPE, help to grow?
Annick Verween | Head of biotope [00:26:15]:
Yes. Yes. I can. It's still very early, yeah, because together with the investment comes a support of eighteen months. And the fact that we only made our first first investment not only three years ago makes my, again, my data points, and I think that's part of of our language. Right? Having enough data points makes them limited. But, of course, there there are always start ups that, that we are very proud of and that we think make progress. I can make the example of Zymofix.
Annick Verween | Head of biotope [00:26:44]:
Zymofix is a, is, by the way, a company that got investments from High-tech Grundle Fund. So there is a link with Germany. And they scale up the production of beneficial microorganisms for agricultural applications. They do it, through biomass fermentation. So this is a company it was not even a company, by the way, when they joined Biotope. It was, Emil, the CEO of the company, joined together with an an financial profile that he worked together with. They joined our base camp with an idea coming out of an SMB that already existed. And he said, you know what? We can use any waste manure in this case, which is a huge problem, in Belgium, but not only in Belgium.
Annick Verween | Head of biotope [00:27:32]:
And we can turn this manure into something sterile that can have added value for agriculture. So as I mentioned, they they come in, not even a legal entity yet. 1.2 FTEs with, white male young guys, which does not align also with the diversity angle that we are focusing on. But now in this less than two years, they managed to grow their team from two to 14. They raised a successful seed round with some really impressive family offices. They were successful in the EIC accelerator, and they had this I think maybe they were a little bit even the other way around than what I mentioned before, they were operationally amazingly excellent, but maybe their ambition was not ambitious enough, and now they have grown in that. So I think, for me, that's a great quick case study how this company, not only by investment, but also by grants, can grow over time in a very rapid pace and hopefully can make a significant impact.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:28:46]:
I see. I was when when you talked about, like, your diversity goals, can you tell us how diverse your current cohort is?
Annick Verween | Head of biotope [00:28:57]:
Yes. I can, with pride, by the way, because 85% of our portfolio companies have a mixed farming team.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:29:05]:
Mhmm. That is good. We've been coming back a little bit to funding. Many founders struggle with raising the next funding round. Coming out of of your program, you have the first funding round, and then usually there's a problem next funding round. What is your best advice for them?
Annick Verween | Head of biotope [00:29:23]:
Yeah. Yeah. I think there, Jill, these days are worse than ever if you want to raise. I think a lot of, companies will, agree with me on that. And for me, there, the main advice is to be realistic in your in the timeline. Be realistic in understanding how long it takes not to raise only, but to get money on your bank account. So we try to challenge our startups by and very often they said, we're going to open our seed round in May or in June, whatever. There's this time frame.
Annick Verween | Head of biotope [00:29:59]:
And then if you ask them, but okay, when would you need money on your bank account to keep on going?
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:30:06]:
In August. Very
Annick Verween | Head of biotope [00:30:06]:
often the answer is, yes, August or even June or July itself. And for me, that's important. Be realistic on when you need money and then try to count backwards. And let's say I will open and everybody will so enthusiastic that this will come by itself.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:30:26]:
We've been talking about the diversity in biotech. You you emphasize backing diverse founders. Why is this important in biotech?
Annick Verween | Head of biotope [00:30:37]:
For me, it's important everywhere. I think specifically in the early startup phase and and maybe in tech a bit more than than in in some other fields, there is this balance, which is not how the world looks like. Right? And I think for me, diversity is key to innovation. If you have if you limit who can contribute to innovation, you will also limit the amount of solutions that will get out there. And for me, it's a given to have diversity, and that is that can be that can by can be diversity in every aspect. So it's key. I think even if we see a full male or a full female team, one of the questions is, how are you going to solve that?
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:31:27]:
Mhmm. How do you see the biotech startup ecosystem evolving in the next five years?
Annick Verween | Head of biotope [00:31:35]:
Yeah. Quite positive. It's not it's not the easiest ecosystem to, be part of, and I always admire the these brave entrepreneurs who really want to put a a technology into practice to to improve what we have here. But the good thing is, at least in Europe, is that European Commission has also acknowledged this. There's now this this wanting to build the future with nature within the European Commission, and that will definitely boost biotechnology. I think there we do have a a a an added value. On the other hand, at the difficult financing climate, we already elaborated on it. That will again have an impact on the other side.
Annick Verween | Head of biotope [00:32:27]:
So I'm still hopeful. I think it will grow, but it will stay a very difficult field for a startup to easily navigate and growing for sure.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:32:38]:
Mhmm. I would like to ask you a few more very short questions because we are already running around thirty minutes of recording time. What is one biotech trend people are underestimating? Short answer.
Annick Verween | Head of biotope [00:32:52]:
Yeah. Biotech that can be of added value in restoring health.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:32:59]:
What is the best piece of advice you ever received?
Annick Verween | Head of biotope [00:33:04]:
Oh, I think for me, that was not to spend too much time out of my circle of influence. Stick at what I can impact.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:33:13]:
Mhmm. If you weren't in biotech, what industry would you be in?
Annick Verween | Head of biotope [00:33:18]:
I would already have changed my studies. I think I would be a veterinarian. No industry at all working with animals.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:33:26]:
One found a trait that guarantees success?
Annick Verween | Head of biotope [00:33:29]:
Oh, listening. For sure. Listen instead of talking.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:33:35]:
Like listeners to podcast.
Annick Verween | Head of biotope [00:33:39]:
For example, but also really deep listen, Joe. I think you're you can acknowledge that. Not just listening while you're in the car and driving, really listening to what it means and how it can add value to
Narrator Dorsey Jackson [00:33:50]:
you. What
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:33:50]:
is your go to productivity hack?
Annick Verween | Head of biotope [00:33:52]:
At this moment, meeting free day a week. Mhmm.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:33:58]:
I I actually also implemented this two days where only a very, very few people can book some meetings with me, and it helped me a lot. That's why you do all the stuff. You usually don't do, administrivia tax filings and all that stuff. That's basically where I have this, where I have this all connected. Yeah. I I even get together in, like, an online hangout together with a friend, and we call it the hour of the skunk. It's when, we do all the stuff nobody wants to do. Before we leave right now, final advice, what's the one key takeaway you want biotech and agri food founders to remember?
Annick Verween | Head of biotope [00:34:50]:
For me, it's a and it's something that we we hardly touched upon. It's as a biotech founder, do not only focus on diluted funding, meaning investment, definitely also explore grants as undiluted one. The match of both are ideal. Not one, not the other. Try to measure together in your ideal financial strategy.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:35:11]:
Mhmm. Now a lot of people know you. Where can they learn more? Where can they follow you?
Annick Verween | Head of biotope [00:35:20]:
I think, what the easiest is LinkedIn, as well myself as Biotope by VIP. We're quite active, on LinkedIn. So we have a website, but everything goes through a quite static thing. LinkedIn shows how we work, as a dynamic team.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:35:37]:
Anik, thank you very much. Everybody else, if you enjoyed this episode, don't forget to like, share, and subscribe to startuprate.ao. We'll be back with more insight from top founders and investors. And Anik, somebody like you, thank you very much. It was a pleasure having you.
Annick Verween | Head of biotope [00:35:53]:
It was a pleasure being here, Joy. Thanks for having me.
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:35:56]:
Have a good day. Bye bye.
Annick Verween | Head of biotope [00:35:57]:
You too. Bye bye.
Narrator Dorsey Jackson [00:36:03]:
That's all, folks. Find more news, streams, events, and interviews at www.startuprad.io. Remember, sharing is
Jörn 'Joe' Menninger | Founder and Editor in Chief | Startuprad.io [00:36:22]:
caring.
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