Bioinnco spreads its wings

Bioinnco, a spinoff from University of Antioquia, is now ready to enter the market.

Bioinnco founders Amanda Mejía and Carolina Arboleda 

14 years ago, student Carolina Arboleda and professor Amanda Mejía, did not know that their work at the School of Pharmacy, which consisted of collecting and analyzing fungi and plants, would eventually become a promising company. Bioinnco, a spinoff from University of Antioquia, is now ready to enter the market.

Bioinnco is a good example of how research work can lead to establish successful companies. This company is the result of the work conducted by a student and a professor at the School of Pharmacy, who started manufacturing fungal enzymes to counteract the environmental damage caused by pollutants resulting from the chemical industry.

Their work led them not only to discover a wide diversity of fungi and plants but also gave them the opportunity to enter textile and cosmetic industry. Since 2009, these two researchers are involved in prototype design and development.

Soon after they started working with different types of plants and agro-industrial waste in order to reduce costs in biocomposite production. “This had allowed us to create high-quality products at lower cost, so we decided to file a patent application”, says Carolina Arboleda.

Until then, they had succeeded to manufacture laccase, an enzyme found in fungus such as Ganoderma lucidum. Then their products started to be used in the production of natural hair dyes that can be safely used even during pregnancy. They also created an eco friendly product for denim bleaching and shading.

In 2010, Bioinnco won the first place in the RUTA N contest “Nuevas Empresas a partir de Resultados de Investigacion (NERI)”. The winners were given professional advice on prototype improvement, business plan development and patent application.

During this time, Bioinnco researchers found that biomass remaining after fungal enzyme extraction could be safely used in pharmaceutical and food industry. “Winning the NERI contest allowed us to understand that we had not only a product but also a wide range of products to offer”, says Arboleda.

Ruta N - a non-profit set up by the Medellin Mayor’s office as a center for innovation and entrepreneurship - has been a key partner for Bioinnco, as this organization has provided the company with advice on intellectual property, product development and business training. Thanks to the support of the Entrepreneurial Management Unit at University of Antioquia, the company has received a significant investment from a renowned pharmaceutical company.

Recently, Bioinnco signed a licensing agreement with University of Antioquia, which allows the company to market its products. “This achievement demonstrates how research can help improve people’s lives, as we create products that positively impact health, nutrition, welfare and environment. Also, this agreement allows University of Antioquia to receive royalties on sale of the company's products”, claims Arboleda.

According to Carolina Arboleda, Bioinnco will generate $10 million in annual revenue in the coming years.

To achieve its goals, the company must still fulfill a series of objectives such as purchase of equipment, building production plant and small-scale manufacturing. For now, its purpose is to gain a foothold in the domestic market, however the company is planning to enter foreign markets in the short term.

Currently, Bioinnco focuses on the production of nutraceuticals, which are products manufactured through bioprocesses that reportedly provide health benefits such as immune system strengthening.