There is a chicken-or-egg question perplexing professionals in the biotechnology sphere: If the industry is to maintain its trajectory of rapid growth, does it need more life-science entrepreneurs or more funding for early-stage companies? On May 6, scientists, entrepreneurs and investors gathered at Temple University to determine which factor gives rise to the other.

The Fox School of Business' Innovation and Entrepreneurship Institute hosted the two-panel event, which was financed by a Johnson & Johnson grant to advance education about life-science entrepreneurship at Temple and fund an annual life science conference in the region.

"These events are meant to build networks and partnerships that lead to innovation in healthcare," said David Bower, vice president of technology transfer and academic relations at J&J. "We chose Fox because we are very happy with the school's dedication to entrepreneurship."

While the greater Philadelphia area is already recognized nationally as a hub of biotech firms, the conference aimed to improve its efficacy by linking the oft-separate private and academic sectors.

"At this conference and in the greater scheme of things, we are promoting the entrepreneurial spirit at Temple and in Philadelphia," said Larry Lemanski, Temple's senior vice president for research and strategic initiatives. "And we are doing that by promoting communication between the university and private enterprise."

The attendants were diverse — venture capitalists, state funding officials, angel investors (individuals and groups who provide capital to startups) and life-science entrepreneurs spoke at the conference.

The first panel was comprised of investors from Laurel Capital Partners, NewSpring Capital, BioAdvance and Robin Hood Ventures, who discussed funding criteria and deficiencies in the research field.

All the panel members agreed that, to be worthy of investment, research must be market-driven. But investors diverged on the definition of "market-driven" and its gravity in their decisions.

"We're very focused on milestone achievement and we make sure there is an exit strategy," said Zev Scherl, general partner of NewSpring Capital.

Ellen Weber, executive director for Robin Hood Ventures, cited different criteria. "The researchers need to feel comfortable with advancing to the next stage, but they also have to be comfortable with very hands-on investors," she said. "Angel investors are very involved with the companies they choose."

The managing director and CEO of BioAdvance, Barbara Schilberg, vocalized her challenges with entrepreneurs. "We sometimes struggle with startup teams that don't have an experienced entrepreneurial leader," she said. "They have fascinating technology, but don't have the right management."

In the second panel, Lemanski spoke about strengthening the relationship between academics and entrepreneurs. He was joined by representatives from Ben Franklin Technology Partners, the Pennsylvania Department of Community and Economic Development, and Select Greater Philadelphia. They discussed solidifying relationships between public and private sectors, creating incentives for entrepreneurship, and improving Temple's role in the biotechnology industry.

"With our new president, it's a new era at Temple University. We are improving our research immensely," Lemanski said. "To keep that going, I will be working to educate staff, faculty and students on the identification and proper procedures for the protection of intellectual property and patents, as well as encouraging them to form startup companies."

Jane Hollingsworth, CEO of NuPathe Inc., commended Lemanski's efforts. "There must be internal champions in the university to promote that thinking," she said. "And that's what Temple is doing."

The second panel also wrestled with the pesky chicken-and-egg question, but they couldn't seem to agree. "I talk to investors and they say we need more entrepreneurs. When I talk to entrepreneurs, they say we need more funding," said Tom Morr, president and CEO of Select Greater Philadelphia. "It's a subject that needs to be looked at from both sides."

Chris Pavlides, executive director of the Innovation and Entrepreneurship Institute, said events like these foster the much-needed dialogue between entrepreneurs and researchers in the industry. He acknowledged the great help provided by the event's moderator, Anne-Marie Corner, CEO of ProTem Pharma. Currently, she is the institute's Entrepreneur-in-Residence. "She was instrumental in inviting the participants and making this event happen," he said.

"This life science conference has brought together more than 100 people from private business, state government, economic development agencies, research institutes and investment groups," he said. "To grow the life-science entrepreneurial ecosystem at Temple, Philadelphia and the region, we need to continue promoting these lines of communication."

—Written by Holly Otterbein for the Fox School of Business