If there was ever a time to be an entrepreneur, this day and age is it. With new technology blossoming around every corner, it’s easier than ever to take a unique idea and push it out into the world. Anyone can write a book and self-publish, selling their work on Amazon. And as the popularity of smartphones and other mobile computing devices continues to rise, programmers can churn out new apps and find great success.
Making a living this way requires little investment, other than time; however, it’s not a model that works well for all startups. Companies that require heftier investment for equipment may find it more difficult to get off the ground. That’s why Illumina, the top seller of gene sequencing machines, is working with Russian investor Yuri Milner on a new project.
Together, Milner and Illumina hope to provide a stepping ladder for biotech startups trying to work their way to success. To do so, Illumina plans to provide a laboratory filled with genome sequencing equipment. In addition, they will grant promising startups $100,000 for business trainings and additional supplies, with more funding if needed.
This new effort from Milner, who has backed companies like Facebook and Twitter, and Illumina could be a godsend for biotech entrepreneurs with innovative ideas. The company says it will help three companies every six months.
Incorporated in 1998, Illumina is a global company that specializes in sequencing and array technologies as they relate to genetic variation and function.