Meet Jason Fontana from Wayfinder Biosciences
Q: Can you introduce yourself and your startup?
A: I’m Jason Fontana, the CEO of Wayfinder Biosciences. We’re a drug discovery spin out of the University of Washington in Seattle. Our focus is on creating therapies for undruggable diseases. Our approach involves targeting RNA with therapeutics, leveraging a unique high throughput screening platform we’ve developed for discovering small molecules that can modulate the structure of RNA. This platform is enhanced by our proprietary machine-learning models, which help us dramatically increase the number of molecules we can explore..
Q: What inspired your startup idea?
A: Our inspiration stems from our strong background in RNA structure and its modulation. We’re harnessing this expertise and our technology as our unique angle for discovering new drugs for challenging diseases.
Why IndieBio?
Q: How did Wayfinder Biosciences connect with IndieBio?
A: IndieBio was our first investor. I first met the IndieBio team at the SynBioBeta conference, a gathering spot for the synthetic biology and engineering biology communities. The conference played a crucial role in our networking and fundraising.
Q: Can you describe the application process with IndieBio?
A: After meeting the IndieBio team at SynBioBeta, we had several calls to discuss Wayfinder. IndieBio is more like a hands-on, pre-seed VC rather than a traditional accelerator. They select companies either through direct sourcing or applications and invest in them. You work closely with them for four-six months, during which they work with startup teams on all sorts of aspects of the company. This period was vital for us for transitioning from academic scientists or engineers to startup founders. IndieBio’s approach is unique because they focus on deep tech, not just biotech, as evidenced by the diverse types of companies in our batch.
Q: Any tips for contacting IndieBio?
A: IndieBio is very open to exploring new companies. Many founders, including myself, are often happy to make introductions because of our positive experiences. It feels like a large, supportive family. If you’re interested in reaching out, it’s helpful to connect with someone in your field who has gone through the program or directly contact IndieBio through their application process. They’re receptive to new ideas and companies that align with their interests.
Funding and Resources Provided by IndieBio
Q: What does IndieBio offer in terms of funding and support?
A: Yes, IndieBio includes an investment when you’re selected, though I’m not privy to the details of the current terms. The investment is the beginning of a hands-on program tailored to your company and focused at rapid development, continuous iteration and learning. You get to learn how to refine your pitches, focus on critical business areas, and prepare for further investment opportunities. Along with financial support, IndieBio provides access to their lab facilities, which is a crucial resource for conducting experiments and testing hypotheses. We worked with the San Francisco team. Being in San Francisco places you close to other VCs and offers daily feedback opportunities, which was incredibly beneficial for us.
Q: Can you share more about the advantages of being part of IndieBio?
A: For Wayfinder, the ability to quickly conduct experiments and have a physical space for our research was instrumental. Being in proximity to a network of VCs interested in our space and receiving ongoing feedback significantly accelerated our development process.
Q: Are you able to share the investment amount and terms with IndieBio?
A: We received $500,000 from IndieBio, but I believe the amount they can invest has increased slightly. The investment was in exchange for equity and included an instrument that allows investments to convert into equity at a later financing round under predetermined conditions. These types of agreements are standard practice in the industry, especially at early-stage, and are popular as they offer simple terms and flexibility for both the investor and the startup. We have also received additional follow-on investment from IndieBio during our seed round.
Key Benefits and Areas for Improvement of the IndieBio Program
Q: What aspects of the IndieBio program were most beneficial?
A: The two standout benefits from IndieBio were access to VCs and the community of founders. IndieBio’s reputation in the deep tech world means their endorsement can open doors, leading to warm introductions with investors who are willing to write significant checks. They also gave us a lot of advice on how to engage in investor conversations and the fundraising process. This access and mentorship is invaluable for new startups. Another key aspect to mention is the larger community of IndieBio founders. I found the camaraderie among founders, who are often facing similar challenges, created an open environment to share ideas and strategies. This community helps with the immediate stresses of founding a company but also builds a network of peers who continue to offer support and advice, even after the program ends.
Q: Is there anything about the program you believe could be improved?
A: While it’s challenging to pinpoint a specific area for improvement, I believe that being part of IndieBio in-person, and ensuring that engaging with the program is a top priority, is crucial to the experience. The spontaneous interactions and exchanges that happen when you’re physically present in IndieBio’s environment contribute significantly to the value. Enhancing the remote participation experience could be beneficial. My advice to future participants is to engage with the program in person as much as possible and with full-time effort, as it maximizes the return on the investment and the overall experience.
Wayfinder Biosciences’ Progress Post-Accelerator
Q: What has been the status and achievements of your company since the accelerator?
A: Participating in IndieBio has significantly impacted our trajectory. Many investors we met through the program contributed to our seed funding round, and we’ve received numerous introductions to others interested in our work, leading to further investments. This exposure has been pivotal, not just in securing funding but also in connecting us with vital resources like patent lawyers and advisors across different areas of the business. IndieBio helped us refine our market approach and focus our efforts where our technology fits best, which has been crucial for our progress.
Q: How has your relationship with IndieBio evolved?
A: Our relationship with IndieBio remains strong; they are one of our key investors. We maintain regular communication, providing updates and engaging with their team. The nature of our interaction varies, but it’s often through direct messages with partners and team members, and Zoom calls. IndieBio has continued to offer support and check-in periodically. While the frequency and method of updates might differ from one company to another, I personally aim to touch base every month or two to keep them informed about our progress and developments. This ongoing dialogue ensures we remain connected and can leverage their network and support as needed.
Advice for Aspiring Accelerator Applicants
Q: Do you have any advice for those looking to apply to IndieBio or similar accelerator programs?
A: For startups in the pre-seed stage, following programs like IndieBio or Creative Destruction Labs can be incredibly valuable. The value proposition they offer might change as your company grows and secures more funding, so it’s essential to consider where you are in your journey. Starting a company is challenging and requires a significant amount of work, particularly in the early stages. My advice is to go into this process with the understanding that it will be difficult and stressful, but know that this is a normal part of the journey. Don’t hesitate to seek advice and ask for help. Many have walked this path, and there’s a community of founders and investors willing to support new entrepreneurs. Remember, it’s crucial to actively engage in the ecosystem and utilize the resources available through these programs.