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.

A Pioneering Spirit: The Woman Behind the Whisky

During Women’s History Month, we’re highlighting stories of artisan innovators and inspirational female leaders. As we celebrate these global go-getters, you’ll see their drive and determination to build businesses and lift others. We hope these stories inspire you to take your next bold step. (Note: We are not sponsored by or affiliated with any of these organizations or businesses.)

To help you celebrate the accomplished women in your life this month, we’re excited to offer our limited-edition Strong & Sassy Gift Box. (Today’s the last day to order, 3/31/22.)

Today, we're raising our glass to another artisan and female business owner making history. This pioneering spirit is one of the first Hispanic founders of Scotch Whisky. Not only has she built a successful business, but she's also created a fund to support other entrepreneurs of color.

As a first-generation Cuban American and woman entrepreneur, Carin Luna-Ostaseski knows a thing or two about building a business. Fueled by her desire to create a modern scotch blend and revamp the outdated perception of whisky as "an old man's drink," SIA Scotch Whisky was born.

Like most successful entrepreneurs, Luna-Ostaseski was scrappy in the early days going on distillery tours, visiting Scotland, attending whisky tastings, reading books on the subject, getting her bartender's license, hosting focus groups and workshops, even becoming a certified whisky ambassador.

In 2012, the initial funding for SIA Scotch Whisky came from an unlikely source, a Kickstarter campaign. She raised almost $50,000 in 28 days. It's one of the first scotches to be crowdfunded, and the result paid for the first production run. Since alcohol is prohibited as a reward, creativity ruled the day with shirts, flasks, and tickets to launch parties given in exchange for financial contributions.

Luna-Ostaseski held multiple jobs during the course of building the company. She grew SIA while working full-time in graphic design and communications for large companies like Reuters and small businesses. Her years of experience were instrumental in SIA's design, leading to the selection of the label, glass color, and bottle shape. Like most entrepreneurs, she worked on her business over lunch breaks, evenings, and weekends for many years. When necessary, she added freelance design work to fund the business.

Her persistent networking and community-building skills proved vital in growing the company. After several failed meetings with importers, her luck changed when Luna-Ostaseski met female executive Lauren Shayne Mayer of Spirit Imports. Mayer, along with other family members, helped guide her through the process with assistance in everything from manufacturing to distribution. Another group also noted as instrumental to SIA's success is the Women's Cocktail Collective, a group of 25 female founders of spirit brands. The biggest piece of advice Luna-Ostaseski has for female founders? Find community.

In 2021, she decided to expand her efforts and support other business owners of color. The Entrepreneurial Spirit Fund by SIA Scotch was launched, with the help of online platform Hello Alice, to support entrepreneurs of color build successful companies. Luna-Ostaseski joined forces with actor Wilmer Valderrama, and together they used the Fund to deploy $250,000 to 25 multicultural small business owners, each one receiving a $10,000 grant and 1:1 business coaching. The plan is to repeat the process this year, continuing to provide community, mentorship, and capital to minority business owners.

Carin Luna-Ostaseski is flying high these days, both inside and outside her business. She’s one of the few women (Less than 20%) licensed as a private pilot. Her Scotch Whisky is a multi-award-winning brand scoring 96 points at the Ultimate Spirits Challenge (2016). In San Francisco, she won a Double Gold Medal in the World Spirits Competition (2014), a prestigious and exclusive award. For Luna-Ostaseski, it seems the sky is the limit.