July 1, 2021
Today, VentureWell announced that Lignolix will be one of 10 early-stage student innovator teams who have been accepted into their summer 2021 E-Team Stage 2 Grant Program! The teams were chosen based on the potential for their innovation to have a significant positive social, health, or environmental impact.
Lignolix has now won E-Teams grants totaling $25,000 to support developing a process to convert biomass waste rich in lignin, an organic polymer in wood and plants, into additives that can replace traditional petroleum-based additives in personal care and cosmetics products. Cosmetic companies are struggling to meet the current consumer demand for sustainable, nontoxic products without raising costs. Through the VentureWell E-Team Propel training program, Lignolix will conduct customer interviews to further develop and validate the business model.
VentureWell states, “Propel helps early-stage innovators map and validate the pathway for their venture, digging into business model design and mapping action plans to engage stakeholders and de-risk their venture.”
Through the E-Team Program, VentureWell has trained nearly 400 student teams and more than 800 student innovators. E-Team alumni have raised close to $200M in follow-on funding and have launched 180+ ventures since taking part in the program.