Introduction to Nabanita Nawar from HDAX Therapeutics
Q: Can you introduce yourself and your startup?
A: Absolutely, I’m Nabanita, the CEO and co-founder of HDAX Therapeutics. Our focus at HDAX Therapeutics is to pioneer next-generation small molecule therapeutics to treat diseases associated with microtubule dysfunction. This includes a range of conditions, notably neuropathies and cardiometabolic diseases. Our mission is to address the unmet medical needs within these areas through innovative research and development.
Q: What inspired the creation of HDAX Therapeutics?
A: HDAX Therapeutics emerged from the University of Toronto based on the work during my and my cofounder’s PhD research. We dedicated seven years to building the foundational science within the university before the spinout. It was at the inflection point of our research, coupled with the filing of two patents, that we recognized our work’s distinct and unique potential compared to existing patient treatments. This realization was the catalyst for transforming our academic project into a commercial venture. Our primary motivation has always been to translate our scientific discoveries into tangible benefits for patients, bridging the gap between academic research and practical healthcare solutions.
Why Skydeck?
Q: How did Skydeck become involved with your startup?
A: A few months after officially forming our company and committing to it full-time—especially as first-time founders—we were on the lookout for opportunities to not only grow our company but also to enhance our understanding of company development. It was during this time that we were directed towards Skydeck, thanks to recommendations from other Canadian companies that had previously participated in the Skydeck program. They shared their positive experiences and the significant support they received, which encouraged us to apply. Our mentors played a crucial role in this decision-making process. Ultimately, we applied to Skydeck and were thrilled to be accepted into the program.
How a Founder Gets In
Q: Did you go through the standard application process for Skydeck?
A: Yes, we followed the standard application procedure for Skydeck. However, having multiple warm introductions did give us a significant advantage. It seems these recommendations, especially from founders who have previously been through the program or from mentors and community members associated with Skydeck, can place an application at the top of the pile. Given the thousands of applications Skydeck receives, this visibility is crucial. Despite these introductions, we were still required to complete the formalities of the application process, including filling out an online form and participating in interviews, just like every other applicant.
Q: How does Skydeck handle funding for admitted startups?
A: Yes, Skydeck operates in a manner similar to well-known accelerators like IndieBio and Y Combinator, where admitted startups receive funding as part of the program. Specifically, for our case, we were provided with $200,000 in funding upon admission. This financial support is a significant aspect of the Skydeck accelerator, enabling startups like ours to focus on growth and development with a more solid financial foundation.
Q: In exchange for the funding, does Skydeck take equity in the startup? If so, what percentage?
A: Yes, the funding comes in exchange for equity in the startup. The typical equity percentage taken by Skydeck is around 7% to 7.5%. This arrangement aligns Skydeck’s interests with those of the startups, ensuring mutual commitment to the growth and success of the ventures they support.
Daily Life in the Skydeck Program
Q: What was a typical day like in the Skydeck program?
A: In the Skydeck program, there really wasn’t a “typical” day as such. The program was bustling with activities each week, encompassing a wide range of programming, mentorship sessions, and networking events. Despite the busy schedule, Skydeck managed to maintain a balance that allowed us to work on our company independently while still engaging in the program’s various components. This balance ensured that the program was comprehensive but not overwhelming, enabling us to focus on building our company effectively.
Q: Could you choose which lectures and workshops to attend?
A: Yes, there was a considerable degree of flexibility within the program. This flexibility was crucial because not all programming is necessary or suitable for every company. We had the liberty to select the sessions that we felt were most relevant and beneficial to our needs, allowing us to tailor the experience to our specific stage of development and strategic focus.
Standout Feature of the Skydeck Program
Q: What stood out to you as a unique feature of the Skydeck program?
A: What truly distinguished the Skydeck program was the genuine eagerness and proactive nature of the community to assist the participating startups. The environment fostered by Skydeck is filled with incredible people who are not only supportive but also deeply invested in ensuring the success of each company. This level of enthusiasm and commitment from mentors, peers, and the administrative staff created a nurturing ecosystem. The standout feature, therefore, was the people—their mindset, their passion, and their unwavering support. It’s this community-driven approach that made our experience at Skydeck exceptionally valuable.
Areas for Improvement in the Skydeck Program
Q: Was there anything about the Skydeck program that you found disappointing or in need of improvement?
A: One area where Skydeck could enhance its offerings is in providing tailored support and deeper expertise for specific sectors, especially for companies like ours in the biotech field. While Skydeck has extensive experience and a robust community in tech, software, AI, and SaaS, biotech is a relatively newer addition to their portfolio. To better support biotech companies, there could be more specialized programming and a community with deeper expertise in this area. Although I wouldn’t say that biotech companies are underserved by Skydeck, there’s certainly room for growth and improvement to meet the unique needs of this sector more effectively.
Q: Did you feel that the program was less catered to biotech companies?
A: While I wouldn’t go as far as to say we were not catered to, it’s clear that there is potential for Skydeck to develop its resources further for the biotech sector. Enhancing their focus on biotech could help ensure that companies in this field receive the same level of targeted support and opportunities as those in more established areas within Skydeck’s program.
Post-Accelerator Status and Benefits for HDAX Therapeutics
Q: Can you share the current status of your company after completing the Skydeck program? Do you see the benefits of having gone through it?
A: The program has definitely been beneficial for us. Post-accelerator, we’ve continued to see the advantages of having participated in Skydeck. The community remains a supportive pillar for us, actively engaging and providing assistance even after the program has concluded. For instance, just last month, in January, Skydeck hosted an event specifically for biotech companies, and we were invited to attend. This ongoing relationship and support underline that the program doesn’t just end with graduation; Skydeck continues to foster a nurturing environment and offers help when needed. The benefits of completing the program are evident in the continued growth and support we receive, solidifying our belief in the value of our Skydeck experience.
Correlation Between Skydeck Participation and Success
Q: Do you believe that your participation in the Skydeck program has played a role in your current success? Is there a direct correlation between the program’s intervention and where your company stands today?
A: Yes, I do believe that our participation in the Skydeck program has been instrumental to our current success. The program was definitely beneficial, providing us with invaluable resources, mentorship, and a supportive community that has continued to aid us beyond the program’s duration.
Q: Can you share any specific outcomes or quantifiable metrics that highlight the program’s impact on your company?
A: While I can’t pinpoint a specific quantifiable metric at the moment, the overall impact of the program on our company has been profoundly positive. The benefits of the Skydeck program are not always measurable in immediate, tangible outcomes but are evident in the sustained growth, continuous support, and opportunities that have been presented to us since completing the program. The program’s holistic approach to fostering startup development has undoubtedly contributed to our progress and achievements.
Continued Support and Investor Connections Through Skydeck
Q: Have you received any introductions to venture capital firms or investors through your continued connection with Skydeck?
A: Yes, Skydeck has facilitated introductions to venture capital firms and investors, particularly during what they refer to as ‘investor month,’ which is held towards the end of the program. This initiative is part of their continued support, aiming to bridge the gap between startups and potential investors, enhancing the opportunities for funding and partnerships. This access to a network of investors is a significant advantage for startups looking to scale and secure additional resources for growth.
Ongoing Support from Skydeck Post-Accelerator
Q: In the period following the accelerator, do you feel that you can still reach out to Skydeck for support, such as asking for warm introductions? Are they assisting you with achieving your next milestones?
A: Yes, the support from Skydeck extends well beyond the duration of the accelerator program. We feel comfortable reaching out to them for additional support, including warm introductions, which can be crucial for our next stages of growth. Skydeck’s commitment to supporting its alumni is evident, as they continue to assist us in reaching our forthcoming milestones, demonstrating a lasting partnership that goes beyond the initial program.
Advice for Prospective Accelerator Applicants
Q: Do you have any advice for those considering applying to Skydeck or any other accelerator program?
A: It’s crucial to speak with individuals who have previously participated in the accelerator you’re interested in. Getting a candid evaluation from them can provide insights into what the experience is truly like and the benefits it might offer. Every accelerator has its unique set of advantages and drawbacks, so understanding these from a firsthand perspective allows you to make an informed decision. Engaging with the accelerator’s network and alumni can help you assess whether the program aligns with your startup’s needs and goals, ensuring it’s the right fit for you.