Where Do I Find the Money?

At this year’s ASMS 2025 Entrepreneurship session, money and where to find it were among the top questions asked of our panel. Since I launched and ran two state innovation and funding programs during my career, I was asked to join this panel. As a result of that experience, I’ve seen dozens of academic founders come and go.

With so much interest in this topic, I’ve highlighted the actions of successful academic founders and teams who moved through the programs (including life sciences) - those who got off to a fast start, attracted early funds, and built momentum. (Even if you’re not a faculty or student entrepreneur, most of these concepts will apply to you, too.) While this is not an exhaustive list, it represents the energy, thinking, and determination required.

It would be great if venture investors would write you a $5 million check to kickstart your brilliant idea. However, as a first-time entrepreneur, you can choose to lose time waiting for that check or roll up your sleeves and take control of your narrative.

It’s time to skill up and get scrappy.

ASMS 2025 Entrepreneurship panel - Jennifer Hammaker 2nd from left, (Red & Rugged), Jarrod Sandow (Ion Optics, Inc.), Oliver Rinner (Biognosys), and Craig Asher (OMX Ventures), with fantastic facilitation by Lindsay Pino in the pink (Talus Bio) and Paula Burton (Mass Dynamics) on the far right.

Instead of asking an investor for $5 million, break down your milestones or goals into smaller chunks - what can you accomplish with $250K or $500K to chip away at meaningful milestones? Who will trust you with $5 million (or $100 million) if you don’t know what to do with a quarter million?

Apply to pitch contests aligned with your goals. $50K is better than zero, and you can get more than just a financial boost. A pitch contest will force you to practice telling your story in 3 - 5 minutes - in cohesive, business language. You’ll use this skill forever!

Anyone without a PhD should be able to understand your innovation - and easily explain it to a friend! You’ll meet plenty of valuable advisors who are not well-versed in your specific area, but who can assist, if they understand what you’re doing.

No one buys (or invests, or opens doors) when they are confused by your message.

Research the people judging the pitch contest. Have the panel members built financially successful businesses, exited, and/or invested in companies in your space? If so, they likely have connections and experience that can accelerate your journey. This may be the easiest access you’ll ever have to these people.

Find a pitch contest that understands visibility (earned media) and promotes participants across social media, their newsletter list, and on LinkedIn. Will participating help get your name out there so investors, advisors, and industry thought leaders can start reading about you?

Look for specialty grants in your focus area. Research grant options available inside your university, typically $50K - $100K funded by a former successful academic, alum etc.

Find out if funds are connected to a regional, community-based, or campus-affiliated incubator - typically around $25K. How can you access these funds?

Find your state’s top innovation and entrepreneurship organization. (For example, in PA, it’s Ben Franklin Technology PArtners, and in MD, it’s TEDCO.) This is an organization typically funded by the state whose mission is to take earlier risks in order to build a thriving innovation ecosystem or community. (These are not policy-making organizations; they do not replace a bank, nor do they award free money for foolish ideas.) They may have an early-stage non-dilutive grant option (and yes, there will be paperwork if awarded, so get over this issue before you apply.) Funds are often in the $100,000+ per award.

Make friends with your tech transfer office (TTO). Investors and corporate partners call them first. Whether you need a patent or not, you want your TTO talking about what you’re doing and why you are one to watch. Keep them informed and give them a reason to champion you.

Apply to a regional NSF I-Corps program. This gives you more pitch practice in front of industry professionals. Blow the doors off the required business appointments to separate yourself from the pack. Learn how to ask questions and how to listen openly. Make the most of this program.

Get people talking about you. Demonstrate your willingness to do what it takes: piece funds together, build momentum, create buzz, and gain visibility. These are things you can do right now.

With the above effort, we watched teams and founders consistently clear the first financial hurdle of $250,000 - $500,000. This combination works if you’re willing to put in the effort.

Is this hard work? - in addition to your day job of lab time, teaching, grant requirements, etc. Yes. Welcome to building a company. It is not for everyone, and it’s okay if this doesn’t interest you.

For those called to this life, know it’s a long game. In addition to a potential financial payoff, it is the pride, fulfillment, and accomplishment of learning to put your skills, vision, and technology out into the world, into the hands of people whose lives are positively impacted. No matter the result, you are learning, growing, and acquiring valuable skills.