European investment fund visits IOCB Prague to discuss support for biotech startups
Representatives of the European Investment Fund (EIF) visited IOCB Prague. They met with the institute’s management and representatives of IOCB Tech and i&i Biotech Fund to share experience in supporting biotech startups and discuss opportunities for further development of the sector.
The meeting built on a long-standing partnership that led to the establishment of i&i Biotech Fund in 2021. The EIF was one of the fund’s key investors, contributing €25 million. Since its establishment, i&i Biotech Fund has raised more than €50 million and invested in 20 early-stage companies across several European countries.
The discussions focused, among other topics, on the conditions for biotech startup development in Central and Eastern Europe and differences between European and American approaches to innovation. IOCB Prague contributed insights from its experience supporting research projects in the Czech Republic and from its activities in Boston, where the institute has a branch.
According to Jan Konvalinka, Director of IOCB Prague, turning a scientific discovery into a successful biotech company is an exceptionally challenging process. “You need more than just a great idea. You also need substantial funding, access to laboratories, and highly skilled experts. And even when you have all that, it can take years to find out whether your idea will succeed. But it’s still worth taking the risk. Because when a startup takes off, it can grow into something really big.”
Milan Prášil, CEO of IOCB Tech, highlighted another challenge facing biotech startups: “One of the biggest challenges is the shortage of people with the skills to lead startups. Running a startup requires a very different skill set from managing a large company. Both roles demand expertise and management skills, but a startup CEO operates in a smaller, more dynamic environment and has to take on a wide range of responsibilities. And that’s not for everyone.”
A Long-Standing Partnership with the EIF
Supporting biotech startups is part of IOCB Prague’s long-term commitment to translating basic research into practical applications. A key role in this effort is played by its subsidiary, IOCB Tech, which focuses on technology transfer, intellectual property protection, and commercialization of research results. In 2017, IOCB Tech established its own subsidiary, i&i Prague, to support promising early-stage research projects. Four years later, i&i Prague partnered with the EIF to establish i&i Biotech Fund I.
