Catching up with Velocity Fund $5K winner, Membio
Last July, Membio pitched and won $5,000 at the 22nd Velocity Fund Finals (VFF). We caught up with Shane Kilpatrick, Founder & CEO of Membio, for a post-VFF update. Membio is now a Velocity Garage company and will be pitching again on November 27, this time for $25,000!
Membio is developing and designing the world’s first truly scalable manufacturing platform for life-saving biologics.
Q: How has your company developed since winning VFF?
Shane Kilpatrick (SK): Since our last VFF pitch, we have validated our initial target markets with customers from both academia and industry. They are eagerly waiting to use our products. We have attracted angel investment, filed provisional patents, and added an employee to our team and subject matter experts as advisors. In a matter of months, we have been able to transform our scrappy proof of principle device into a working and scientifically validated technology with money from VFF.
Q: What is your company currently working on?
SK: Complete prototype development, attracting early customers, and fundraising.
Q: What do you enjoy most about building a startup?
SK: I enjoy working on something I truly believe in. Knowing that what we are doing at Membio will add immense value to not just to our customers but everyone who suffers from chronic disease is what motivates me. Despite the long hours and personal sacrifices needed to move the business forward, I enjoy every minute of being the founder of a startup in the Velocity ecosystem.
Q: What did you like most about competing at VFF?
SK: Competing at VFF gave me an opportunity to talk about something I’m really passionate about. This was a rare opportunity to highlight an important problem and share our vision of the future in a public forum with people who may not have known about it otherwise.
Q: Are there any tips you can give to startups that are pitching?
SK: No one is good at pitching. The difference between a good and a bad pitch is the amount of feedback you get. Take every opportunity to give your pitch and get feedback, especially from people who have never heard it before. Always start with a storyboard and determine what the 3 main things are that you want people to take away with them after your hearing your pitch.
Missed Membio’s pitch? Watch it on YouTube
Want to see all of the updates from past season’s winners? Check out our Road to 23rd Velocity Fund Finals blogs.
Learn more about the Fall 2018 Velocity Fund Finals today!
This interview has been lightly edited for clarity.