Startup Sunrise – Biotech Q&A Recap
Posted May 3, 2024
On May 1, 40+ individuals attended the Biotech edition of Startup Sunrise — a monthly gathering of entrepreneurs and the community that supports them. The event featured an introduction by comedian Nathan Hults, followed by a discussion on biotech facilitated by Joni Ekstrem from SD Biotech, with speakers Tung Nguyen and Craig Arnold sharing their experiences and insights.
Meet the Performer & Speakers
Local Comedian: Nathan Hults
Nathan has been doing comedy for several years, featured on Amazon Prime and Gilda’s Laughfest, and opening for greats like Kyle Kinane, Bob Zany, WWE’s Mick Foley, Chad Daniels and Lachlan Patterson. He is the winner of Club David’s 2013 Comedy Battle, The Foreman award, and was named “Sioux Falls Funniest” in 2016. He is also a co-producer of Sno Jam Comedy Fest, which raises money for the South Dakota Special Olympics.
Tung Nguyen – Thel & Worksleeve
Tung is a Partner and VP of Engineering at BlueSky, where he leads the development of a revolutionary rib fixation technology aimed at accelerating recovery from chest wall injuries. With a background in Mechanical Engineering and an MBA, Tung brings a unique blend of technical expertise and business savvy to the table. Since 2022, he has been driving the company’s mission forward by spearheading design efforts, evaluating manufacturing partners, securing grants, and building vital relationships within the healthcare industry.
Craig Arnold – Dakota BioWorx
Craig is a seasoned technology and innovation leader with a keen eye for identifying promising new research and driving business growth. At Dakota BioWorx, Craig leverages his experience to harness groundbreaking concepts and propel them towards commercial viability, always keeping a sharp focus on delivering value to both clients, consumers, and investors.
Question and Answer
Can you tell us about your backgrounds and experiences in the biotech industry?
Tung: I was born and raised in Sioux Falls and attended the School of Mines. COVID prompted my return home, where I’ve been actively involved in various aspects of marketing, science, and technology.
Craig: My journey spans diverse sectors, from being a pilot for a bank to becoming the CEO of an ethanol company. After retiring, I ventured into launching BioWorx at SDSU, collaborating with universities and startups on innovative projects.
How do startups decide on funding sources, and what factors influence these decisions?
Craig: Startups should align funding decisions with their vision and goals. It’s crucial to prove the concept works with a minimum viable product before scaling up.
Tung: Identifying non-diluted funding sources is essential. While grant funding and SPIRs remain options, startups may need to explore options outside the state. Crafting a relatable story is vital to captivate investors’ attention.
How do you see AI and automation impacting the biotech industry?
Tung: AI presents exciting opportunities but also raises concerns about data security and accuracy. It’s crucial to evaluate models carefully and prioritize cybersecurity measures to mitigate risks.
Craig: While automation offers growth opportunities, understanding processes and investing in skilled graduates are essential. The focus should be on growing the capabilities of South Dakota’s workforce to drive innovation.
How do you stay motivated despite challenges?
Craig: Maintaining a clear vision and addressing challenges keep me motivated. I believe in a borderless approach to foster sustainable opportunities in the state.
Tung: Having a strong support system and tackling hardware challenges inspire me to pursue innovation in the industry.
Invite
Join us for one of the best monthly entrepreneurial gatherings in Sioux Falls and reserve your free seat at our next Startup Sunrise – Childcare, June 5 (8–9:15 am).