December 8, 2020 -- The Novo Nordisk Foundation has established the BioInnovation Institute (BII) as an independent foundation and will provide up to 470 million euros ($570 million U.S.) over the next 10 years to support early-stage life science projects and startups.
BII was established in 2017 with the purpose to advance research, innovation, and entrepreneurship within biotechnology and life science. Since then, over 85 research projects and startups from Denmark and the Nordic countries have received funding and support from the institute to develop solutions and technologies within therapeutics, bioindustrials, and health technology. To date, the foundation has awarded 64 million euros ($77 million) to BII.
With the new commitment, BII will house up to 500 researchers, innovators, and entrepreneurs and will focus on attracting talent to Denmark.
Entrepreneurs can, in open competition, apply for financing and business development through BII's programs. The Creation House program offers business development, access to BII's international entrepreneurial culture and 2,300 sq m of office space and laboratory area in Copenhagen plus a low-risk convertible loan of up to €1.3 million ($1.57 million) for each high-growth startup company.