2016 SPRINGBOARDIMPACT REPORT2005 through 2016
Springboard is CONNECT’s business accelerator program for tech and life sciences companies. It is a mentoring program designed to assist entrepreneurs and innovators in refining their business plan and developing a compelling commercialization strategy and robust investor pitch. The end goal of the coaching process is to prepare the entrepreneur to position the startup for future partnerships, funding and growth.
The mentoring is supported by seasoned, C-level executives - our Entrepreneurs-in-Residence (EIRs) - who have experience in growing companies and raising capital. The EIRs are supported by a group of our Domain Experts who have expertise in a wide variety of technical and functional arenas.
Springboard Impact Report
The Impact Survey data reports on the health of the companies that have gone through CONNECT programs, the various milestones achieved, including the impact on employment. Springboard class denotes the year in which the company completed the accelerator program.
In 2017 CONNECT reached out to all the alumni of the Springboard program from 2005 to 2016 and the Venture Routable Winners from 2006 to 2012 to follow-up on their progress. Sixty-two companies responded to the survey. Their responses have been aggregated and presented in the report. In addition, data on investment capital raised, grant funding secured, and job creation was gathered from M&A, private equity, venture capital and federal grant databases.
Growth after Mentoring 2005 Through 2016
441Companies have completed
Springboard Accelerator program
27 Springboard alumni have
been acquired
254 Springboard alumni are still in business
291 Springboard alumni
raised capital
$1.6B Cumulative capital raised by Springboard alumni
$1.7B Cumulative exit value capital
by Springboard alumni
>6,000 Jobs created by Springboard
alumni companies
57% Springboard Alumni remain
actively in business
64% Springboard Alumni have
raised capital
Pre-screen review
APPLY
WORK WITH MENTORS
Intake panel
Orientationkickoff
Business strategy/Marketing
Finance panel
Dry-run panel
Graduation
(avg 6 weeks)
CONNECT SPRINGBOARD PROGRAM
(avg 6 months)
Technology (52%)
Life Sciences (32%)
Consumer Products (16%)
254SPRINGBOARD
ALUMNI
HIGHLIGHTS
9%
7%
5%
3%
4%
3%
1%
1%
4%
7%
Springboard Alumni Portfolio by Industry Sector14%
5%
4%
3%
2%
2%
2%
2%
2%
1%
1%
1%
2%
2%
3%
Application SoftwareCleantech
FinTech and ServicesHardware, Electronics, and Electrical Equipment
E-CommerceWireless Communications Networks & Systems
DefenseEdTech
Information TechnologyMarketing Tech
Mobile AppSocial Media
Artifical Intelligence and Machine LearningAutomotive
BlueTechCommercial and Building Products
Media and Information ServicesBig Data
Data AnalyticsCyber Security
Unmanned VehiclesPharmaceuticals
Diagnostics, Tools and SuppliesMed Device
Healthcare ServicesHealthcare Technology
Digital HealthBiotechnology and Chemicals
Recreational Goods and ServicesFood and Beverage
Sports and Active Life StylesConsumer DurablesHealth and Wellness
Over 250 Springboard Alumni are Still Actively in Business
1%
1%
1%
1%
<0%
<0%
2%
2%
Almost 440 companies have completed the CONNECT Springboard accelerator program.
More than 290 alumni have raised capital.
Nearly 20 percent of the alumni have undergone liquidity events. Twenty-seven total companies have been acquired.
Ten companies have exited by merging their assets with another private company or have taken the company public through an initial public offering.
As of December 2016, more than 250 Springboard graduates were still actively in operation.
Since 2005
$1.46B Cumulative Total Amount Raised by Springboard Alumni 2005 – 2015
Capital Raised by Industry Cluster 2005 – 2016
CAPITAL
Life Sciences; 46%
Sports Innovation/Active Lifestyle; <1%
Defense/Cyber/Robotics; 3%
Digital Health; 4%
Consumer Products; 4%
Cleantech; 12%
Technology/Digital Media/IT/Software/SaaS; 31%
Digital Health $20M - $50M: 5 companies
Cleantech >50M: 1 company
$20M - $50M: 2 companies
Technology>50M: 1 company
$20M - $50M: 5 companies
Consumer Products
$20M - $50M: 1 company
Defense & Cybersecurity>50M: 1 company
Life Sciences
>50M: 1 company
$20M - $50M: 11 companies
$1.6BRAISED BY 291 SPRINGBOARD
ALUMNI2005 - 2016
TWENTY-EIGHT COMPANIES HAVE RAISED SUBSTANTIAL AMOUNTS OF CAPITAL BETWEEN 2005 - 2016
$1.6B RAISED BY 291 SPRINGBOARD ALUMNI BETWEEN 2005 & 2016
Total Capital Raised by Springboard Alumni in a Calendar Year
In 2016, Springboard alumni in the Life Sciences sector raised almost $69M. Digital Health alumni raised $61M. Other alumni in the Tech sector raised $50M.
Capital Raised By Springboard Alumni by Industry Cluster in 2016
CAPITAL
$195MRAISED BY 64 COMPANIES
in 2016
Fu
nd
s ra
ised
by
Sp
rin
gb
oar
d a
lum
ni
(in
Mill
ion
s)
$150
$100
$50
2012 20142013 2015
$82M
$148M
$102M
$192M
$200
Technology/Digital Media/IT/Software/SaaS; 26%
Cleantech; 2%
Digital Health; 31%
Life Sciences; 36%
Consumer Products; 3%
Sports Innovation/Active lifestyle, <1%
Defense/Cyber/Robotics; 1%
In 2016, 64 companies raised $195 million. In comparison, 96 companies raised $192 million in 2015. Spring-board alumni are raising larger rounds of capital, an indication of quality and growth as they scale.
$195M
2016
CAPITAL
Debt; 8%
Private Equity; 11%
Angel; 5%
Grant; 9%
Strategic Partner; 15%
Others; 9%
Venture Capital; 41%
Friends and Family; 2%
“CONNECT helped us from the incorporation of Biomatrica to the development of a global enterprise. The participation in all of the CONNECT programs allowed us to better develop the concepts and find the funding for our Innovation.”
Judy Muller-Cohn | Founder and Former CEOBiomatrica | Springboard Class of 2009
“
Capital Raised By Springboard Alumni by Source in 2016““CONNECT played an integral part in PureWick’s
success in raising funds and attaining a successful exit.”
Camille Newton | PresidentPurewick | Springboard Class of 2016
Springboard Alumni Continue to Contribute to the Growing Innovation Economy
Springboard alumni companies have created more than 6,000 new jobs since 2005. Almost 5,000 of these jobs were created after the alumni companies completed the Springboard program.
JOBS CREATED BY KEY SECTORS
Technology/Defense/Cybersecurity/Cleantech
4,220 Life Sciences & Digital Health
2,020
JOBS
Total number of employees before acceptance into Springboard.
Total number of employees after completing Springboard, as of December 2016.
After 6,282
Before 1,695
3.7XINCREASE IN NEW JOBS
CONNECT mentors instructed North America Repower’s founders on how to identify strategic investment partners and how to pitch NAR’s story in a concise and clear fashion. They also provided guidance on avoiding many of the pitfalls of private equity investment.
John Reed | Founder | North American Repower Springboard Class of 2011
Note: Others includes microVC, founders capitalization, prize money.
CAPITAL
Company Alumni Class Amount Raised in 2016* Industry Sector
Classy 2009 $30.0M Technology
StatRad 2013 $29.0M Life Sciences
GlySens 2010 $20.0M Life Sciences
Inhibrx 2011 $15.0M Life Sciences
Trefoil Therapeutics 2013 $10.0M Life Sciences
Mabvax Therapeutics 2006 $10.0M Life Sciences
MD Revolution 2013 $9.7M Life Sciences
NanoCellect Biomedical 2012 $8.1M Life Sciences
2C Tech Corporation 2012 $6.0M Life Sciences
eSub 2009 $5.0M Technology
Company Jobs in 2015 Jobs in 2016 Net Increase Industry Sector
Classy 80 200 120 Technology
LIA 38 117 79 Technology
JOB CREATION
* Includes equity and non-dilutive funding
AWARDS AND RECOGNITION
• Eugene Cho, CEO of Echo, fka Echo Laboratories, won the 2016 Quick Pitch contest organized by Tech Coast Angels.
• Camille Newton, former President of PureWick, won the Athena Pinnacle Award in 2016.
• Four of the 38 2016 SDVG Cool Companies were Springboard alumni: Fragmob, Pet Wireless, Secured Universe, and eSub.
• Nine of the 30 Finalists of CONNECT’s 2016 Most Innovative New Product (MIP) Awards were Springboard affiliates.
• Four Springboard companies won 2016 MIP Awards:
Water Pigeon - Bluetech
Echo - Life Sciences Diagnostics & Research Tools
Guru - Software Digital Media & Mobile Apps
ACQUISITIONS
Source: PitchBook and sbir.gov
• SupraMed, a provider of web based medical record keeping, was acquired by Nextech.
• LIA, a provider of business intelligence on mobile platform, was acquired by Showpad.
2016 SPRINGBOARD GRADUATES
BLUETECH CLEANTECH
CONSUMER PRODUCTS
INFORMATION COMMUNICATION TECHNOLOGIES
LIFE SCIENCE THERAPEUTICS & DIAGNOSTIC TOOLS
MEDICAL DEVICES
SUCCESS
10 Companies Raised $5M or More in 2016
Source: PitchBook
• Brain Corporation raised $114M Series C Round from SoftBank’s Vision Fund with participation from Qualcomm Ventures in July 2017. Brain Corp’s primary product is the BrainOS platform, a software designed to make it possible to create autonomous commercial robots using off-the-shelf hardware and sensors.
• Daylight Solutions was acquired by Leonardo DRS for $150M in June 2017. Daylight Solutions developed a laser technology for molecular detection, imaging and illuminations systems used in life sciences research, industrial processes, and military applications.
• North American Repower received a grant from the California Energy Commission to demonstrate improved efficiency in natural gas engines.
• Planck Aerosystems entered a technology partnership with Madrid based Alpha Unmanned Systems (AUS) in October 2017. Planck Aerosystem’s software provides real-time situational awareness, object detection, and tracking to the Alpha 800 helicopter. AUS is a market leader in the helicopter Unmanned Autonomous Vehicle market.
• Portable Genomics (PG) and CFTechnology.org entered into partnership in January 2017 to provide a private and tailored health data management platform for cystic fibrosis patients on their mobile device. PG is a digital health company that enables individuals to control their health and share their personal health data with healthcare providers, payers, and research organizations.
• PureWick Inc. was acquired by C.J. Bard (now BD) in June 2017. PureWick’s female non-invasive, external catheter offers a new option for managing female urinary incontinence.
• Trefoil Therapeutics is collaborating with the National Institutes of Health’s (NIH) National Center for Advancing Translational Sciences (NCATS) to complete the investigational new drug enabling activities for their lead compound. The lead compound has the potential to treat Fuchs endothelial corneal dystrophy, a rare disease indication.
2017 Notable Milestones of Springboard Alumni
“Our company has pivoted greatly, but many relationships today are still heavily connected to our time spent with CONNECT, and our mentors in Springboard.”
Lisa Isaacson | Chief Business Development Officer | NuLeds Springboard class of 2010
“CONNECT – Springboard provided invaluable advice and suggestions for transitioning our products to mobile platforms.”
Gary Miner | President | Vivos Health |Springboard class of 2007
“We have definitely gained a lot of credibility as a Springboard alumnus. It has helped quite a bit as we go through our
fundraising process.”
Ajit Viswanathan | CEO| Doctible | Springboard class of 2014
“Springboard was a fantastic experience for us and led directly to securing a manufacturing partner, which probably cut 6
months off our time to market.”
Bryan Pate | CEO | Elliptigo | Springboard class of 2009
“I have to give special praise to our Springboard mentors. They showed “tough love” from the beginning combined with sage advice. Together, we re-worked our business and produced a
viable plan for long-term success.”
Glenn Oliver | CEO |H2Bid | Springboard class of 2016
“The Springboard process helped us refine and strengthen our pitch and pitch deck, helping us attract our first two investors.”
D.J. Todd |Product Manager |Puptimize | Springboard class of 2016
WHAT SPRINGBOARD GRADUATES HAVE TO SAY
““CONNECT helped us polish our strategy and pitch so we were prepared to begin fundraising.”
Eugene Cho | CEO | Echo | Springboard Class of 2014
“Springboard helped us make sure we had a complete understanding of our business model, go-to-market strategy, and business proposition to be able to speak to investors in their language.”
Brian Haghighi | CEO | California Fruit Wine Corp.Springboard class of 2013
“We gained a massive amount of learning in a short period of time through the CONNECT Springboard program, and made valuable connections with the mentors and beyond. We are deeply grateful for all the support and recommend the opportunity to any ambitious entrepreneur.”
Scott Ferguson | CEO | Aptitude Medical System
Springboard class of 2013
“
CONNECT Springboard Team
Steve HoeyVice President, Springboard Accelerator Program & Innovation Research
Petra StegmannDirector, Springboard Accelerator Program
Anindita SarkarManager, Springboard Accelerator Program& Innovation Research
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