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Bacterin Receives International Honor - "National Business Incubation Association’s 2006 Outstanding Incubator Graduate award"

May 8, 2006View for printing

On Tuesday, May 02, Belgrade-based Bacterin International was awarded the National Business Incubation Association’s 2006 Outstanding Incubator Graduate award. The award was presented to Bacterin’s CEO Guy Cook at the National Business Incubation Association's 20th International Conference in St. Louis, Mo. The award was designed to recognize a start-up company that had met its respective incubator’s graduation criteria and since then had been operating on its own. Having met all of its graduation requirements, Bacterin graduated from local incubator TechRanch at the end of 2003 and moved its operations to Belgrade. “This is a huge honor for Bacterin,” said TechRanch Executive Director John O’Donnell. “Over 1,000 organizations belong to NBIA and each organization has the opportunity to submit unlimited nominations for each award. To be recognized at this level affirms that Bacterin is bound for long-term success,” he said. “Bacterin is the exemplary model of a successful company that has come out of an incubator program. Every incubator in the world would love to have a story like Bacterin,” said O’Donnell.

Bacterin joined TechRanch in 2001 and was one of the incubator’s first client companies. TechRanch’s value proposition for Bacterin was twofold: an optimal platform for developing an integral business foundation and lab space to perform contract research and testing services for major medical manufacturers. Within a short time period, and because of the many associated benefits of the relationship with TechRanch, Bacterin was able to proliferate beyond testing and research to include contract development agreements that utilized its vast knowledge of biofilms.

Aside from having access to laboratory space to expand its science and technology, while officing at TechRanch, Bacterin experienced the many benefits that came from working with and learning from other entrepreneurs. Cook noted that while at TechRanch, it was like he was part of a unique community. “A sense of camaraderie develops, a sense of support and infrastructure, the idea that you’re not alone,” he explained. “You tend to make bad decisions early if you’re making them on your own; it’s good to talk to people. You can bounce ideas off of them to help avoid those big mistakes.” While at TechRanch, Cook said he also received valuable advice from professionals who were brought in twice a month to provide guidance on topics pertinent to the entrepreneur, which included everything from public relations to intellectual property.

Bacterin’s ability to stay in the Bozeman area also was due, in part, to the incubator. Without TechRanch’s help in securing investors, Bacterin might have had to move to the East or West Coast where potential investors were located, Cook said. Working with Bridger Private Capital Network, a local angel network managed by TechRanch, the company was able to stay in Montana.

O’Donnell noted that Bacterin’s commitment to stay in Montana was one of the qualities that made it an ideal client company. “We looked at it and realized it could be a big company that could generate a lot of jobs for [university] graduates in Montana,” he said. That has certainly been the case; what started as a two-person company has grown to close to 40 employees and is helping to make the area a hub for biofilm research and development. Even the U.S. Food and Drug Administration (FDA) is learning from Bacterin; in 2003, 13 FDA officials visited the company to confer on how bacteria testing is done in medical device companies.

Bacterin’s list of accolades is extensive. In 2005, Bacterin was named by a top breakout company by Fortune Magazine. Bacterin has also expanded its intellectual property and patents to include the areas of bone repair and tissue engineering. Its scientists have patented three products and have several more pending; it can boast the federal government as a client, developing coatings with battlefield applications for the Department of Defense. Bacterin’s newest development is its pending IPO, which is expected to take place sometime in the next three years said Cook.

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About Bacterin:

Bacterin – named by Fortune magazine as a top breakout company of 2005 – has developed coatings for medical devices that help prevent biofilm infection; these products also help the body recognize an implant not as a foreign object but as something that belongs there. Guy Cook, the company’s founder, CEO and chief scientific officer, is recognized as a world expert on biofilms. Visit Bacterin at http://www.bacterin.com.

About TechRanch:

TechRanch was formed in 2000 to assist Montana State University and other Montana-based research institutions with their quest to commercialize research. Additionally, TechRanch works with many Montana-based high tech entrepreneurs to help them launch and build profitable, long-term operating companies in Montana. The value proposition for TechRanch is to help entrepreneurs create companies that will be attractive to sophisticated, early-stage private equity investors. Visit TechRanch at http://www.techranch.org.

About NBIA:

The National Business Incubation Association is a worldwide organization striving to advance business incubation and entrepreneurship. Nearly 1000 organizations belong to NBIA. Each year, the NBIA Incubation Awards honor the business incubation programs, graduates and client companies that exemplify the best of the industry. Bacterin International is one of 36 companies to be recognized by NBIA as an Outstanding Incubator Graduate. Visit NBIA at http://www.nbia.org.

For further information:

Guy Cook, President, Bacterin, 406.388,0480, gcook@bacterin.com

Stephanie Kaleva, Marketing Manager, TechRanch, 406.556.0272, skaleva@techranch.org


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Reprinted under the Fair Use doctrine of international copyright law. Full copyright retained by the original publication. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.


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