Science Exchange - Most Innovative Company
Company: Science Exchange, Palo Alto, CA
Company Description: Science Exchange is the world's leading platform for outsourced research, providing an efficient procure-to-pay platform for ordering services from a network of more than 2,500 qualified scientific service providers, all with pre-established contracts in place that protect client intellectual property and confidentiality.
Nomination Category: Company/Organization Awards Categories
Nomination Sub Category: Most Innovative Company of the Year – More Than 10 Employees
Nomination Title: Science Exchange
Describe for the judges the innovations and accomplishments of the nominated organization since the beginning of July last year (up to 525 words):
Elizabeth Iorns Ph.D., Co-founder and CEO leads Science Exchange and the company was founded in 2011 to streamline R&D outsourcing and give researchers access to qualified scientific service providers. Science Exchange is now the world's leading platform for outsourced research, providing an efficient procure-to-pay platform for ordering services from a network of over 2,500 qualified scientific service providers, all with pre-established contracts protecting client intellectual property and confidentiality.
The Science Exchange platform increases scientists' access to innovation and improves productivity, freeing them from the administrative burdens associated with sourcing, establishing and managing service provider contracts. Science Exchange also enables organizations to consolidate R&D outsourcing spend into a single strategic relationship, driving efficiency and cost savings. The company has grown the number of strategic agreements with leading pharmaceutical companies by more than 2000 percent since 2015.
In 2017, the company raised $28 million in Series C investor funding, bringing the total raised for Science Exchange to $58 million. In this latest round, Elizabeth worked closely with Norwest Venture Partners and secured confident participation from Union Square Ventures, Maverick Capital, and Collaborative Fund. The company plans to use the funding to expand beyond biopharma into agrosciences, cosmetics, aerospace and industrial chemicals.
Other company achievements:
Business agreements and partnerships –
Since July 2016, Science Exchange has successfully negotiated agreements with several of the top 20 biopharma companies, and with startup incubators, such as YCombinator, LabCentral and IndieBio. There are now over 30 enterprise clients using Science Exchange-powered marketplaces to manage outsourced R&D. For startups, partnering with Science Exchange gives researchers the same level of access to advanced scientific services enjoyed by Science Exchange’s established pharmaceutical and biotechnology clients. With these resources, early-stage companies can drive their discoveries forward.
Launched a new version of enterprise dynamic report tool –
Science Exchange’s enterprise clients use this dynamic reporting tool to uncover purchasing behaviors within their organizations. R&D and procurement leaders receive business intelligence – in real time – that helps them assess the performance and impact of outsourced R&D programs. "The Science Exchange enterprise dynamic report gives me the ability to tease out diverse suppliers and export spend data. Our procurement management team has been thrilled with the report," said Gregory Smith, Associate Director, Indirect R&D Procurement, Teva Pharmaceuticals Industries, Ltd.
The Alzheimer's Drug Discovery Foundation (ADDF) and Science Exchange launched ACCESS –
a first-of-its-kind platform matching scientists working on central nervous system diseases with a vetted network of service providers. This new ACCESS website helps scientists find services they need to bring potentially life-saving drugs to market faster.
The senior management team has broken ground for women in science by helping to promote women- and minority-owned service providers via the Science Exchange network. As R&D organizations increasingly prioritize the use of diverse service providers, they find value in using Science Exchange’s platform to support their diversity goals.
The company’s mission is to make it much more efficient for scientists to advance innovation and bring their vital research to market faster. The top 10 bipharma companies in the world rely on Science Exchange to streamline the procurement process for their scientists and researchers, saving them time and money and opening avenues for working with new suppliers. Elizabeth’s determination and fearlessness have helped lead and differentiate Science Exchange in the industry. Science Exchange is deserving of this recognition as one of 2017’s most innovative companies
Provide a brief biography of the person or persons who lead the nominated company (up to 125 words):
Elizabeth Iorns is currently CEO and Co-founder of Science Exchange. Elizabeth Iorns, Ph.D. (Institute of Cancer Research, London) was an Assistant Professor at University of Miami’s Miller School of Medicine, where she investigated breast cancer development and progression, before launching Science Exchange. https: //www.linkedin.com/in/elizabethiorns"
Elizabeth is a sought-after thought leader in the life science, technology, and entrepreneurship communities. Elizabeth’s work has been featured in multiple media outlets and she regularly speaks at industry events.
Her recent honors include Nature’s "Ten People that Mattered,” WIRED’s "50 Women Who Are Changing The World,” and the “Kauffman Foundation Emerging Entrepreneur Award.” She is a finalist for 2017 Scrip Executive of the Year Award.
Choose one (even if both apply): The CEO (or other principal manager) of this company is a woman, and at least 40% of the management team is comprised of women.