Introducing Adam Glen and Unicorn Biotechnologies
Q: Can you introduce yourself and your company?
A: I’m Adam, a founder at Unicorn Biotechnologies. We’re in the business of automating the production of various mammalian cell types. Our work is driven by the belief that scientists’ true value doesn’t lie in manual tasks like transferring liquids between containers, which consumes much of their time. This automation is crucial not just for research and development but also for manufacturing, enabling us to scale innovative solutions that current tools can’t handle. We focus on areas like cell therapy and cellular agriculture, developing a platform versatile enough for different applications. Founded three years ago, we’ve raised about $4 million in venture funding, secured Innovate UK grants, and grown to a team of 11, blending science and engineering expertise.
Q: How did the idea for your startup come about?
A: The idea stemmed from firsthand experiences and the broader challenges in biotechnology. My journey through a PhD in cancer research, working with human embryonic stem cells, and scaling processes at GE Healthcare highlighted the inefficiencies in cell culture. This exposure revealed the need for engineering solutions that cater specifically to biology, rather than fitting biology into pre-existing engineering frameworks.
Over the last 15 years, working across academia, startups, and large corporations, I’ve noticed patterns and gaps in the field. These observations led to the realization that transformative solutions were necessary, sparking the idea for Unicorn Biotechnologies. Despite many investors initially rejecting our proposals, perseverance led to finding supportive partners, allowing us to bring our ideas to fruition. Unlike many tech ventures, we chose not to spin out from a university, valuing speed and agility over the traditional academic approach. This decision underscores our commitment to rapid innovation in biotech.
Why HAX Accelerator?
Q: What motivated you to join HAX?
A: My path to becoming an engineer was sparked by a blend of personal curiosity and a desire for self-improvement, coupled with an observation that some scientific processes are carried out in ways that are both labor-intensive and inefficient. While science itself is invaluable, marrying the scientific with an engineering mindset opens the door to truly transformative solutions. Transitioning from a scientist to an engineer to meet the unique challenges we face at Unicorn Biotechnologies, I found myself in a team of individuals with formal degrees in mechanical and electrical engineering. Here, I am seen more as an enthusiastic engineering aficionado rather than a trained expert. Yet, it’s this hybrid view of science and engineering that propelled us toward HAX.
The decision to join HAX was significantly influenced by their value-added approach. Unlike typical investors who provide capital and expect periodic updates, HAX offers substantial engineering support alongside their investment. This practical assistance was a major draw for us, especially considering my limited formal engineering background.
Moreover, HAX’s track record with companies like Opentrons and Formlabs showcased their ability to nurture ventures that have made significant impacts in making biology more automated and accessible and advancing 3D printing technology, respectively. Their success stories are not just about financial backing but also about providing the necessary technical support to translate innovative ideas into market-ready solutions. This blend of investment and expertise perfectly aligned with our needs, making HAX an ideal partner for our venture.
HAX Application Process
Q: Can you briefly describe the application process you went through for HAX?
A: Our path to joining HAX deviated from the conventional route. Despite not being a university spin-out, our engagement began with a UK accelerator named Entrepreneur First (EF), akin to Y Combinator but less focused on biotech. Thanks to EF’s strong connections with HAX, we were introduced in a manner that bypassed the standard application process. This referral led to direct discussions with HAX, where we shared our pitch deck and engaged in dialogues similar to what others might undergo in a formal process.
However, our approach leaned more towards personal interactions and calls, rather than navigating an online application system. This unique entry point, facilitated by EF’s introduction, eventually resulted in collaborative investments from both EF and HAX into our venture, showcasing a less conventional but effective pathway to securing support and funding.
Q: What do you believe sets your company apart for acceptance into accelerators?
A: The criteria for acceptance into programs like Entrepreneur First (EF) and HAX vary, but each has its unique focus. EF invests in people more than specific products or ideas, evaluating potential founders based on qualities that they believe indicate the ability to succeed. They look for individuals who are tackling real-world problems with solutions that could address massive markets, potentially worth billions. The evaluation is not solely based on academic credentials but also on attributes such as resilience, resourcefulness, and a clear understanding of the problem at hand.
HAX, on the other hand, has specific interests in areas like climate tech and hardware. Our timing was fortunate as we aligned with their thematic interests when we applied. However, like EF, HAX also values the founding team’s background, focusing on whether the team has a technical edge and a deep understanding of the problems it aims to solve. This “edge” is seen as a combination of experience and the ability to articulate why a problem is worth solving.
Both accelerators assess whether the founding team possesses the right combination of market understanding, technical ability, and execution capability. At the pre-seed stage, where we were when applying, the emphasis was less on existing data or patents and more on the potential for significant market impact and the founders’ ability to quickly move forward with their ideas. HAX’s decision to follow on in our seed round further validated our approach and potential in their eyes.
Inside HAX’s Accelerator Program
Q: After getting accepted, what does the HAX program look like?
A: The HAX program’s structure can vary, especially as our experience was shaped by the pandemic. Typically, teams would travel to Shenzhen, China, to work in a maker space alongside engineers, fostering a collaborative development environment. However, with changes brought on by the pandemic and logistical shifts, HAX moved its base to New Jersey. Participation often involves working in their provided spaces, which isn’t strictly mandatory but is a significant part of the program.
Unlike traditional academic settings with structured classes and workshops, HAX offers a more flexible environment. The focus is on practical, hands-on development rather than formal education sessions. Participants are paired with engineers to co-develop a minimum viable product (MVP), which can then be showcased to potential investors or included in a seed funding pitch deck.
HAX, as part of SOSV, integrates startups into a broader community through platforms like Slack and organizes meetups primarily in the US, although some occur in the UK. This community aspect introduces startups to a network of peers and mentors, including figures like Alan from HAX, who plays a crucial role in fostering inclusivity and company culture.
The program’s informal structure suited us well, emphasizing learning by doing and providing access to valuable resources and contacts. This approach ensures that while there’s no rigid curriculum, the support for development, networking, and fundraising is substantial, making the experience highly beneficial for participants.
Q: Is the funding provided by HAX a fixed amount, or is there room for negotiation before joining the program?
A: HAX’s funding strategy can differ, but in our case, it involved a fixed amount, currently set at $250,000. Our experience was somewhat different as we embarked on a joint venture with Entrepreneur First (EF) and HAX, an arrangement that might not be typical for all involved.
The idea that “everything outside the laws of physics is negotiable” resonates with me, suggesting that even if there’s a standard deal, there’s always room for negotiation. This perspective is essential for founders, who should not feel powerless in negotiations with investors. Given the uniqueness of each startup’s technology and potential, founders should assess the fairness of the offer and consider other investment opportunities that might present better terms.
For Unicorn Biotechnologies, prioritizing speed was crucial, and both EF and HAX were able to move quickly to support us. Early on, the focus is less on the valuation of abundant ideas, and more on the execution, which is challenging. The initial funding provided by HAX was sufficient for us to begin operations modestly, allowing us to allocate resources to essential hires rather than high salaries for the founders. This strategy enabled us to grow our team thoughtfully and develop our product to a stage where further investment became viable.
I’m grateful for HAX’s willingness to invest in us at such an early stage. Their support was not just about the financial backing but also about the confidence they had in our potential to create something impactful. This early-stage investment is a testament to the boldness required from both founders and investors to bring innovative technologies to market.
Achieving Milestones with HAX
Q: Can you share one significant milestone you achieved during the HAX program?
A: Reflecting on our journey with HAX, the most significant achievement wasn’t a singular event but the evolution from working in my attic to assembling a team capable of developing our product. This process encompassed iterating through ideas and building and discarding prototypes that didn’t meet our expectations. In essence, our major achievement was learning to fail fast.
This might sound counterintuitive, but the ability to quickly identify what doesn’t work and pivot accordingly is invaluable, especially in a startup environment. With limited resources and time, the capacity to experiment, evaluate, and move past unsuccessful attempts accelerates progress. HAX provided the bandwidth and support necessary for this process, enabling us to explore various prototypes and swiftly eliminate the unfeasible ones.
Having a dedicated team by our side throughout this process was crucial. It allowed us to not just fail but to learn and adapt quickly, setting the stage for future successes. This environment of rapid iteration and learning was perhaps the most tangible benefit of our time with HAX, highlighting the accelerator’s role in fostering a productive cycle of development and refinement.
Unicorn Biotechnologies’ Current Status and Future Goals
Q: What is the current status of your company, and what are the upcoming milestones?
A: Unicorn Biotechnologies has experienced significant growth and diversification since its inception. Recently, we’ve spun out a second entity under the same umbrella, focusing on cell line engineering for various applications, including cultivated meat, with more projects in the pipeline. This expansion wasn’t initially planned but emerged from recognizing an opportunity and addressing a market need.
On the machinery side of our business, we’re engaging in early testing partnerships that we aim to convert into commercial relationships. Our main objectives for the near future include bolstering our commercial presence. This involves acknowledging the extensive R&D testing phase required in our field, which often takes longer than anticipated, especially when dealing with living cells and machinery.
Our immediate goals are to solidify and expand these partnerships, with an eye on progressing toward a Series A funding round. Additionally, we’re actively involved in several grant-funded projects, further expanding our research and development efforts.
The journey ahead is filled with exciting challenges and opportunities as we strive to increase our impact within the biotech industry, moving closer to our vision of automating biotechnological processes and engineering cell lines for a wide range of applications.
Final Advice for Founders Considering Applying to HAX
Q: Do you have any final advice for founders thinking of applying to HAX?
A: My advice to founders is fundamentally about persistence: make whatever you envision a reality. HAX, as an accelerator, comes highly recommended for its unique support, especially in hardware development. However, it’s essential to acknowledge that numerous other organizations might offer different kinds of support. The path to innovation isn’t linear or restricted to traditional routes like university spin-outs or climbing the corporate ladder before branching out on your own. The most crucial aspect is to start making and building things.
We’ve somewhat lost the art of building and inventing, partly because risks scare us, and the fear of failure or rejection looms large. Yet, echoing Mike Tyson, everyone has a plan until they are punched in the face. The theoretical perfection of plans often crumbles in the real world, underscoring the importance of moving quickly and leveraging the startup’s primary advantage: agility. Startups lack the resources, capital, and established presence of larger entities, but they should excel in experimentation and rapid iteration.
HAX was appealing to us not just for their financial investment but for their tangible support in areas like hardware development and even in the early stages of our branding and online presence. They provided assistance beyond just capital, contributing to website design and implementation, among other things. This comprehensive support was invaluable as we developed our MVP and refined our approach based on what worked and what didn’t.
For anyone considering HAX or any accelerator, remember that your unique advantage is the ability to experiment rapidly and pivot as needed. Embrace the journey of building, testing, and iterating, and don’t shy away from the multitude of resources and support available to help bring your vision to life.