Photo - SCINET
60138

SCINET

USA, Colorado
Market: Services, Pharmacology, Financial services, Blockchain, Biotech
Stage of the project: Prototype or product is ready

Date of last change: 18.05.2023
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Idea

At SCINET, we're building a revolutionary Web3 ecosystem for life sciences research to accelerate groundbreaking discoveries, improve quality of life, and solve global problems.

Current Status

Current Status
* MVP for first dapp to be completed in 30-45 days

Traction
* Two Dfinity Foundation developer grants of $25,000 each;
* Completed the Newchip Accelerator;
* "As seen at ETH Denver 2022"
* As seen in the DeSci section of the Binance Research March 2023 report, as well as Coin Telegraph, Future by A16z, and more;
* Alpha and Impact Featured Startup at Collision Toronto 2022;
* LOIs, waitlist, Letters of Recommendation; Positive feedback from the National Science Foundation
* Many technical milestones

Market

Research Professionals that need funding that have projects that have strong commercial promise - Ricardo
* Background: Female/Male, Age 25-40 (SiliconValley, Denver, Austin, Cambridge, MA) Graduate Degree in Life-Sciences, MBA (Works at a small or medium-sized biotech company). Either has or is affiliated with someone with expertise in the field being researched.
* Frustrations: Dissatisfied with the grant-writing process. Few/ no connections to venture capital.
* My Typical Day Involves: Has fully or mostly integrated the use of mobile devices (smartphones, tablets, laptops) into daily work and personal life - or wants to. Equally motivated by conducting scientific research, changing the world, and making money.
* Barriers to Purchase: Can they obtain funding without sacrificing control over their research, at an affordable cost, with less difficulty, while preserving their intellectual property? Is there a way to monetize their work after the research is completed? Does the platform actually enhance their research?
* Motivations: Wants to conduct research in the specific field that they find most interesting and important. Are passionate about their field and need funding to continue their work. Want to ensure that they are recognized and compensated for the work they do.
* Industry Resources: Personal Network, Trade Publications, Professional Conferences, LinkedIn, Research Publications


Tokenomics-Savvy Crypto Investors - Terry
* Background: spends a lot of time on twitter and discord and researching new crypto projects. They’re typically able to understand crypto white and lite papers on some level, and have invested in a myriad of different crypto projects, tokens, and digital assets. They understand how blockchain works and its advantages.
* Frustrations: They are skeptical of fraud and risky investments, and have likely been rugged in the past.
* My Typical Day Involves: Has fully or mostly integrated the use of mobile devices (smartphones, tablets, laptops) into daily work and personal life - or wants to. Equally motivated by conducting scientific research, changing the world, and making money.
* Barriers to Purchase: Can they obtain funding without sacrificing control over their research, at an affordable cost, with less difficulty, while preserving their intellectual property? Is there a way to monetize their work after the research is completed? Does the platform actually enhance their research?
* Motivations: Wants to conduct research in the specific field that they find most interesting and important. Are passionate about their field and need funding to continue their work. Want to ensure that they are recognized and compensated for the work they do.
* Industry Resources: Personal Network, Trade Publications, Professional Conferences, LinkedIn, Research Publications

TAM: $2.939B/yr - 14.32% of total held by accredited investors - Fidelity’s recommended biotech sector exposure

SAM: $2.057B/yr - 70% of accredited investors invest in crypto

SOM: $13.125M/yr in four years - 5% of Accredited Investors that invest in crypto




Problem or Opportunity

Imagine a world where groundbreaking medical discoveries happen in months instead of decades, where biotech innovations improve the quality of life for everyone in our lifetime, and where science unlocks the potential to solve the planet's problems. At SCINET, we believe that world is not only possible but critical for our survival and growth. However, outdated systems continue to hinder scientific progress, causing decades of delays. That's why we're building a revolutionary ecosystem for life sciences research.

Solution (product or service)

We're building a life sciences research ecosystem that empowers scientists to fund, conduct, publish, and commercialize groundbreaking research with greater speed and accuracy than ever before.

Competitors

Molecule (https://www.molecule.to):
* Focused on institutional deals, no options for retail backers which leaves trillions on the table in the US alone - SCINET allows for all kinds of backers.
* Only does pharma and biologic funding, leaving many life sciences areas unserved - SCINET facilitates funding for all areas of life sciences.
* Requires all deals be done via DAO, which is confusing for most people - SCINET allows for DAOs, but does not require them.
* They are already a big player in desci funding in the ETH network, we are focusing on doing the same in an untouched market in ICP network.

Traditional crowd investing platforms (Wefunder, StartEngine, Republic, etc.): * Focused on projects that have already commercialized and have traction, with no special focus on solving problems for scientists. SCINET allows for raising funds at the research stage for vetted projects.
* Marketing the rounds is essentially a full-time job. SCINET will handle driving traffic to SciFi to get visibility to the projects.
* Business, regulatory, and legal acumen or counsel is needed in order to navigate the traditional crowdfunding process. Fundraisers on SciFi do not need to know how to operate a business and SCINET will handle most regulatory and legal matters programmatically.
* Traditional platforms are household names, at least to retail investors who look for pre-IPO opportunities. We are a fresh brand, a new opportunity, and a more impact-focused project.
* Traditional platforms have years of demonstrated success, which is a good signal for founders as well as investors. This already proves our market and we have second-mover advantage.
* Traditional platforms have roughly the same cost as SciFi (our fundraising platform), however fundraisers have to do a lot more work for that price.

Federal grants system:
* Extremely time consuming. Scientists spend up to half their time in grant-seeking activities. Fundraising on SciFi will take 90% less time.
* Approval rates are in the low 20% range. Fundraising on SciFi will be much more successful with less time, energy, etc., and more available to early and mid-career scientists who typically are underfunded by grants. Funding on SciFi will also reduce competition for grants so that people who need grant funds are more likely to obtain them.
* Dollar amounts for SBIR I are similar to the amounts SCINET will facilitate raising, but with much less time spent to obtain the funds.
* Grant funding is non-dilutive. SCINET will emphasize that in fact it is dilutive because all the efforts scientists have to spend to obtain the funds essentially reduces the value of the funds by however much effort they have to put into it.

Advantages or differentiators

See above.

Finance

See business model.

Business model

As a holistic suite of dapps for life sciences research, we have different revenue streams for different dapps.

1. Capital commissions from funds raised on SciFi (for Science Finance);
2. SAAS fees from the RnDNA (our life sciences digital lab);
3. Fees from primary and secondary sales of science-based NFT assets;
4. Token sales fees.

Money will be spent on

Technical Milestones
* Complete Development of SciFi MVP
* Integrate Coinbase Fiat Onramp with SciFi
* Complete SCNT Token Contract Development
* Release and Improve Elastic Search Open-Source Package
* Integrate SciFi with Ethereum and Bitcoin Blockchains
* Automate User KYC Process
* Design Digital R&D Platform, Conduct Customer Surveys, and Begin Building Platform
* Design and Deploy Science-based NFT Collection on Ethereum

Business Milestones
* Beta Test and Launch MVP
* Onboard 100 vetted projects
* Onboard 50,000 investors
* 100 fully funded projects
* MVP of digital R&D platform
* $1.75M 4 quarters post-launch

Offer for investor

We are raising $1,000,000 on a SAFE. Value cap is negotiable but should be around $5,000,000.

Team or Management

Incubation/Acceleration programs accomplishment

Newchip Accelerator

Won the competition and other awards

Recipient of two $25,000 developer grants from the Dfinity foundation.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Product Video
Presentation