Chile’s Ministry of Science recognizes Cells for Cells as a success case in a white paper studying the factors that differentiate thriving university-derived businesses from less prosperous ones. The document compiled information from a qualitative study of the experience of 20 ventures that originated in public and private national universities. Its main goal was to identify practices that can be replicated for future companies that may arise from the research activity of higher education institutions in Chile.
Each case study consisted of in-depth interviews with its founders and people involved in institutional support, resulting in more than 55 in-depth interviews and some focus groups with teams of founders. Of the cases, eight were related to public universities and 12 to private universities.
To be considered a success story, spin-offs should have been incorporated for at least two years (preferably no more than ten years to facilitate reconstruction) and meet at least 1 of the following four criteria:
- Show a positive trajectory in terms of sales growth (having surpassed the microenterprise stratum in the first three years or the small enterprise stratum in 10 years).
- Have raised private capital (have had more than one round of investments or a total greater than or equal to US$500,000).
- Regularly export at least 30% of its sales.
- Have received awards or recognition, both in Chile and abroad.
Matías Vial, Cells for Cells’ co-founder and Chairman of the Board, said the company is “very proud” of this recognition given by the Ministry of Science, Technology, Knowledge, and Innovation. “It has been an extraordinary journey of learning, failures, and successes that have helped us to grow as a team, always aiming to offer innovative, excellent, and affordable healthcare to all our compatriots and the world under the wing of the Universidad de los Andes (CL), with a strong team of scientists, a great board of directors, committed investors, a powerful collaboration network and the permanent support of the National Agency for Research and Development and CORFO,” remarked the executive.
