MassTERi Blog

MassTERi eCLUB "Shark Tank"-2019

As scientists, we are trained to do research and make new discoveries but in most cases our business acumen remain in dormant stage. There are many scientific findings that have the potential to fuel into a business opportunity. However, not all scientific endeavors turn into commercial enterprise. If you have a wonderful scientific idea and you think that you can translate it into something profitable in terms of a business plan or start-up, a fundraising pitch to investors is often the very first and critical step. This year on October 1ST, eClub organized a ‘Shark Tank’ event where UMass researchers had an opportunity to pitch their ideas to a panel of judges.

Nathaniel Hafer, Director of Operations, UMass Center for Clinical and Translational Science;

Peter Dunn, Assistant Chief Development Officer, Business & Community Development Division, Executive Office of Economic Development at City of Worcester

UMass Centre for Clinical and Translational Science (UMCCTS) functions across the five UMass campuses with the aim to improve healthcare in Massachusetts. It promotes research, collaborations, and entrepreneurship across the UMass communities. UMCCTS provides mentoring and resources such as bench space and equipment at different stages of entrepreneurship. They also provide bio-repository, tissue bank services, information about clinical trials and informatics data portal. In addition, UMCCTS helps to support grant writing and hosts grant competitions for pilot funding. UMCCTS also has a specialized program to promote the development of medical devices (M2D2).

From Idea to IPO: CRO in Drug Discovery and Development Process 

CROs are independent organizations that partner with many big and small pharmaceutical companies to speed up the drug development process. Once the new molecule with therapeutic potential has been identified, the company can outsource services to a CRO for organizing and conducting clinical trials, data analyses as well as developing and submitting regulatory filings to FDA. In recent years, CROs are also actively involved in R&D and have started providing services for pre-clinical animal studies and conducting various ex-vivo/ in-vitrobiochemical assays and in-silico experiments. They can also help industries to develop various medical and healthcare devices. CROs are well-equipped and well-versed with Good Laboratory Practices (GLPs), Good Clinical Practices (GCPs), and Good Manufacturing Practices (GMPs).