Did you know that Summit Host Krista Covey is 2x Summit Host? The “Economic Gardener” was our Summit Host for the 2020 San Antonio Summit, where she put her city on display as the Vice President of Economic Development and Operations for VelocityTX.
VelocityTX is a hub where entrepreneurs in life sciences and biotech can access capital, mentors, executives, scientists, deal flow, specialized manufacturing, and other resources to help them grow. Its campus occupies six acres. Krista's role there was to listen to community needs and develop programs to fill those gaps.
Krista has deep roots in innovation entrepreneurship. Before she was recruited to Texas, she started two innovation centers with incubators in the Tampa Bay Area, started the SMARTstart Business Incubator program (which more than doubled in size and expanded to two locations within a year), coordinated an Entrepreneur Assistance network to provide free help for small businesses, and managed the Economic Gardening program for established high-growth businesses (among other things). You can read more about her background on the blog we wrote about her in 2020 here.
Since the 2020 San Antonio Summit, Krista has moved to the Triangle in North Carolina to grow and evolve innovation in Research Triangle Park (RTP) as the President of First Flight Venture Center and Hangar6. First Flight is the longest standing business incubator focused on science and technology in Research Triangle Park.
“We’re really an innovation hub and have so much more than incubation space. We have a lot of folks working out of labs or have creative technology they are working on. We help them get access to the physical amenities and needs to get them to their next achievement milestone. We also help them get investment, non dilutive funding through grants and other federal programs, and offer pitch support. We have other programs we call our runway to success. If someone comes to us with an idea and a ‘napkin sketch’ we have different programs to help them get from idea to commercialization,” says Krista.
What are you most proud of in your organization?
“I have so many reasons to be proud. I have a stellar team that has a heart for serving others. I’m really proud of the way my team has stepped up during the pandemic and transition years. It has been trying at times because of the pandemic we’ve been busier than ever. We’ve been serving more innovators than we’ve ever had and have launched many new programs. We’ve identified some gaps in how we were serving entrepreneurs in their life cycle and now we are filling them. I’m really proud of that. I’m just really proud of how the team has stepped in and stepped up in those roles to serve even more,” says Krista.
If you attended the San Antonio summit, you were introduced to its strong ESO partnership where entrepreneurial support organizations come together to collaborate and address gaps in the ecosystem. Well, Krista loved the community of support so much that she helped found one in the Triangle.
“I’ve been extremely proud of something I helped start, which is the Triangle ESO. I had the honor of being a part of one in San Antonio. We have a wonderful community here in the Triangle. Anyone can live in any part of ‘the Triangle’ and have access to the network, which is really nice. From my perspective, being new to the Triangle, the community has been overwhelmingly welcoming, supportive, and collaborative. There is a lot of heart around the folks we are serving here. Overall there’s a regional approach to serving innovators and entrepreneurs. Everyone has stepped in to work with each other and figured out how can we work better together, where are the gaps, how can we solve problems together, and how can we not only solve challenges but how do we celebrate together?” says Krista.
What are you most excited about showing members during the summit?
“The track that I’m focused on is transformational tech. The Triangle specifically is known for science and technology so what’s new, what’s changed and who are we serving? How is technology accessible to all? When we have new therapies, vaccines, or drugs that are being developed for market, how do we get more inclusive efforts on the CROs? How do we do clinical trials that are truly inclusive of the population? I’m pretty excited about that. How do we take our science and technology to best serve our market?
I hope attendees leave with inspiration to better serve their own communities. I hope that each individual attendee comes away feeling renewed, reinvigorated, and reenergized to continue the work they’re doing. Because this work is hard. I always found it helpful to talk amongst friends and be in that really fun space where you can say ‘hey I’m doing this work’ and everybody gets it. I just think that’s so important,” says Krista.
What advice would you give an ecosystem builder entering a new ecosystem?
“Who else is doing the work that you are doing? Who are the Startup Champions in your area? If they’re true ecosystem builders and startup champions, they’re going to be willing to collaborate. It has been an enjoyable process for me as I move to different communities to find other like-minded folks and band together.”
Growth Accelerator Awardee
First Flight Venture Center was recently named a Growth Accelerator Awardee by the SBA to continue its work supporting female founders.
“There are less than 5% of female founders running life science companies in Research Triangle Park despite its long history of wonderful life science startups and enterprise level companies that have been doing research in RTP.
Our goal is to shine a light on that gap. We have programming specifically for female founders in the science and technology arena to help them get a leg up on their success journey. We provide scholarships and virtual programs to reach anyone anywhere and try to be as accessible as possible.”
First Flight launched their Propeller Cohort in March, a 6-week bootcamp for early stage founders who have an idea and need to validate their idea.
As a 2x SCN Summit planner, tell us about your experience planning the summit
“My first experience hosting was great because I learned a lot. Not only as I was building out the content but it helped me be more aware of all the resources in my own community. It was helpful to me and exciting. Same thing here. I’m newer to this community and am constantly learning about more resources - which makes me a better ecosystem. Being able to show off your own community is so nice. You develop a wonderful sense of pride and appreciation for your own community. If you’re thinking about planning, do it. It’s worth it. It’s a lot of work though I won’t lie!”
In addition to being at the helm of First Flight, being a Summit Host, and managing a regional ESO group, Krista is also the Chair of the Board of InBIA. Don’t miss connecting with her at the Summit!