How should AgeTech founders think about non-dilutive funding?

I recently had the pleasure of speaking with Dr. Connie Vance. Dr. Vance is a Scientific Consultant at Eva Garland Consulting, LLC (EGC). Since its founding in 2013, EGC has helped more than 3,000 companies secure and manage more than $2 billion in non-dilutive funding from across 120+ agencies, including the National Institute on Aging (NIA). Each year, NIA provides nearly $150 million in R&D grants to small businesses through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.

Join me in learning wisdom and best practices from Dr. Vance’s years working with entrepreneurs to secure non-dilutive funding. 

— Sarah Richard

P.S. - If you’re an AgeTech founder, investor, or operator based in the NYC area, join us at October’s AgeTech NYC happy hour!

Dr. Vance, could you share a little bit about your background?

Connie Vance: My background is in medicinal chemistry, with a Ph.D. from the University of North Carolina School of Pharmacy. My focus was on neurological disorders, particularly those involving the neurotransmitter dopamine. After completing my postdoctoral research at the University of Michigan, I transitioned from academia to industry, working with small biotech companies on early-stage drug discovery and development. Now, at EGC, I specialize in helping innovative organizations secure grants, particularly SBIR grants, helping these entities advance their science.

Could you tell us more about your day-to-day work at Eva Garland Consulting?

Connie Vance: One of the things I love most about my job is interacting with amazing innovators who have great ideas. I help them advance their science, whether it’s through client meetings, drafting research strategies and other grant documents, or collaborating with team members at EGC. Every day is different, but it’s always interesting and exciting. The client interactions are incredibly rewarding, especially when we’re able to assist them in meaningful ways.

Interestingly, I’ve done very few projects directly related to what I studied in graduate school. Instead, I’ve worked on a wide range of projects, from early-stage concepts to late-stage clinical trials, covering everything from drug and medical device development to digital health platforms. EGC’s team’s broad expertise allows us to tackle a diverse array of challenges in the biotech and healthcare industries.

Could you walk us through the typical process you take with a client, from start to finish?

Connie Vance: Typically, we start with an introduction from our Business Development team, followed by a kickoff call to discuss the client’s goals and the grant mechanism they’re targeting. We develop a project checklist and work together to draft and finalize the necessary documents. We ensure they have the right team and that their project is well-defined. During the grant preparation period, we meet frequently with the client to discuss the project. Once the all grant documents are final, we often handle the submission process. Post-submission, we monitor the grant’s progress and provide feedback based on reviewer comments.

What guidance would you give to a founder evaluating non-dilutive funding opportunities?

Connie Vance: First and foremost, make sure the targeted funding opportunity aligns with your company’s objectives. Carefully read the grant criteria to ensure you’re eligible, and be aware of any specific requirements, like having an investigational new drug (IND) application filed. It’s crucial to understand whether the grant will provide enough funding for your project and how you can strategically apply for multiple grants if needed. Also, pay attention to whether the budget is based on direct or total costs, as this can significantly impact your scope of work.

What advice do you have for finding a principal investigator when a founder doesn’t have one on their team?

Connie Vance: Finding the right investigator can be challenging, especially for small businesses. For SBIR grants, the principal investigator must be a full-time employee of the company. However, with STTR grants, you have more flexibility, as the principal investigator (PI) can be from either the company or a partnering research institution. If you don’t have aPI, networking is key—attend conferences, NIH webinars, and don’t hesitate to reach out to potential partners through NIH RePORTER or other resources. Persistence often pays off in finding the right collaborator.

What are some common mistakes you see founders make in the grant proposal process?

Connie Vance: A top mistake is not starting the necessary registrations early enough. NIH requires several registrations, and the System for Award Management (SAM) registration alone can take weeks. Another mistake is not planning the grant timeline carefully, which leads to rushed submissions. It’s also crucial to have the right team in place before submission. Reviewers will scrutinize whether you have the necessary expertise to execute the project, so make sure you’ve identified and included all key personnel in your proposal.

Are there any tools or resources you would recommend to help manage timelines and team structure?

Connie Vance: For managing timelines, create a detailed checklist of all required documents and prioritize starting the most time-consuming ones early. Regarding team structure, networking is essential—attend local and national conferences, participate in NIH webinars, and talk to program officers who can help identify gaps in your team. Additionally, use resources like NIH Reporter to find and connect with experts who have the necessary experience and might be interested in collaborating with you.

What guidance would you give to founders who have secured a grant?

Connie Vance: Once you’ve secured a grant, it’s vital to have your team on board and ready to execute the work. You’ll need to submit progress reports, typically at the end of each grant year, detailing your accomplishments and any necessary modifications for the next phase. Keep in close contact with your assigned program officer, as they are your ally and advocate. Start building this relationship early and keep the lines of communication open throughout the grant’s duration.

Is there anything else you think is important to share with readers?

Connie Vance: Don’t give up. Many companies don’t get funded on their first grant submission, but persistence is key. Take the feedback from reviewers, strengthen your proposal, and resubmit. Since most grants are funded on subsequent submissions, use every opportunity to improve and keep moving forward.

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