Baltic Sandbox Ventures "Demo Day" / Photo by K. Polubinska
On February 1st of this year, the 4th incubation program event "Demo Day" was organized by Baltic Sandbox Ventures together with partners - Vilnius University Faculty of Medicine (VU MF), the Center for Life Sciences (GMC), and VU Santaros Clinics.
Over 70 scientists and business professionals from life sciences, medical sciences, and deep tech fields, as well as enthusiasts interested in innovation in science, participated in the 2-month incubation program. The experienced team from Baltic Sandbox Ventures, assessing the technological aspects of business ideas, provided participants with personalized consultations aimed at revealing the commercial potential of science-based startups and selecting the right business development strategy. They also assigned practical tasks, shared accumulated knowledge, and experiences.
During the final event "Demo Day," participants presented and listened to presentations on various topics ranging from innovative immunotherapies to artificial intelligence-driven diagnostic tools for infectious diseases. A total of 20 short pitches about the results of hypothesis-testing-based incubation programs were heard. The conclusion of the "Demo Day" event was marked by informal discussions and networking among the Baltic Sandbox community members. During the event, particular attention was paid to discussing the potential of interdisciplinary collaboration in the healthcare sector.
MF dean Prof. Dalius Jatužis / Photo by K. Polubinska
Scientists representing VU Faculty of Medicine at the event and delivering presentations included: Dr. Rūta Morkūnienė ("ProNeoMetrics - Combines professionalism and a focus on neonatal metrics for better newborns growth and health"), Assoc. Prof. Dr. Marija Jakubauskienė ("Optogene - Portable pocket-sized device for diagnostics of bacteria and viruses based on PCR testing from saliva"), Dr. Rokas Šerpytis ("CORE AI - take a selfie to save a life"), and Assoc. Prof. Dr. Karolis Ažukaitis ("Soft Hc - Blood pressure monitoring solution for children").
"Innovation requires not only knowledge but also inspiration, flexibility, collaboration skills, and directionality. Creating innovations often involves facing numerous technical and legal barriers, and in science, answers are not always immediately found. Nevertheless, the first steps are a significant achievement. I want to congratulate all the participants - I believe that there will be many more significant achievements to come," said the Dean of the Faculty of Medicine, Prof. Dalius Jatužis, addressing the gathered audience.
Rūta Morkūnienė / Photo by K. Polubinska
"Baltic Sandbox Ventures" in its 7-week incubation program explored how to apply insights from clinical practice and academic research in the business field. Distilling and presenting one's science-based business idea to such a knowledgeable audience in just 5 minutes was a considerable challenge. "I am glad that I participated and expanded my knowledge about business and its possible synergy with science," shared Rūta Morkūnienė, a doctoral student from the Department of Anatomy, Histology, and Anthropology at the MF Biomedical Sciences Institute, sharing her impressions after the event.
"Participating in the Baltic Sandbox incubation program was a very valuable experience. Our team, CORE AI, presented an innovative idea - how to diagnose atherosclerosis from facial photographs. During the program, we gained a comprehensive understanding of business development, startup business models, possible sources of funding, sales, and business development strategies. This knowledge is very important and provided us with the necessary tools and direction on how to turn a scientific idea into a viable business," shared Dr. Rokas Šerpytis about the event.
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"Baltic Sandbox Ventures" is the region's first venture capital fund specializing in deep tech. They focus on early-stage startups in deep and life sciences, businesses that prioritize technology and intellectual property, early-stage entrepreneurs, providing them with opportunities to participate in various incubators and acceleration programs, offering scholarships, and investing.