Two Paths, Same Goal: Women founders translating deep research into market-ready innovation

The European Innovation Council Coffee Break series spotlighted two women leaders selected by the EIC Women Leadership Programme who were awarded best pitches at an online ePitching event on 13 June 2023. Beatriz Llamusí Troísi is co-founder and chief scientific officer at Arthex Biotech. Her company pursues antisense RNA compounds to treat diseases with unmet needs. Lisa Langer is chief financial officer at ionysis, a green tech spin-out working on membrane electrode assemblies intended for electrochemical converters. Their stories show common patterns in European deep tech: ideas incubated in universities, lengthy IP and licensing negotiations, tradeoffs between family life and startup risk, and reliance on targeted support schemes to access investors and mentorship.

From lab to company: how the ideas started

Both ventures trace their origins to academic research. Arthex Biotech grew from work at the University of Valencia and a public research project led by one of the co-founders. The lead scientific work included a PhD project that the founders converted into a company proposition. ionysis emerged from years of academic work on cleaner hydrogen fuel cell components and then brought in founders with business and organisational development expertise to turn the technical advances into a scalable company.

Profiles: Arthex Biotech and ionysis

Arthex Biotech — targeting microRNA for muscle disease

Beatriz Llamusí Troísi describes Arthex as the commercialisation of academic research carried out at the University of Valencia. The company is developing an anti-miR aimed at a microRNA upregulated in tissues of patients with myotonic dystrophy and other conditions. Their approach is a first-in-class mechanism intended to address upstream drivers of disease, rather than only managing symptoms. Arthex has focused on improving delivery to muscle tissue by conjugating oligonucleotides to fatty acids, a tactic intended to lower the active dose required and enhance tissue uptake.

The path from lab discovery to company has not been straightforward. Llamusí recalls lengthy intellectual property and licensing negotiations that took more than nine months to finalise. She credits patience, experienced advisors, and investor support in resolving these issues.

On the personal side, Llamusí emphasises the role of family support in accepting the move from a secure university role into entrepreneurship. She is a mother of two and notes the practical and emotional strain of balancing an intensive work schedule with family life.

ionysis — next generation MEAs and green materials

ionysis positions itself in the green tech segment with a focus on membrane electrode assemblies for electrochemical converters. The technical founders had been developing hydrogen fuel cell technologies in academia, and co-founders with backgrounds in economics and organisational development joined to provide business leadership. Lisa Langer, the company CFO, says she was attracted by the product potential and the team dynamic.

Langer describes the appeal of a company that could make a positive environmental difference while having large market potential. She also shared a recent intense month when family illnesses and the pressure of preparing for an EIC grant interview converged. She cites the company mission to address climate change as a key motivation to persist through difficult personal logistics.

Founders’ reflections: family support, resilience and advice

Both leaders highlight family support as critical in taking the leap into entrepreneurship. Llamusí acknowledged her husband and children as pillars when she shifted from a university position to the more uncertain biotech sector. Langer received mixed reactions from family members but felt a broader sense of pride and support. Both point to the importance of trusted co-founders and mentors in sustaining momentum.

When asked for advice to other women considering founding or commercialising research, the two provided complementary guidance. Llamusí urged persistence and patience noting that good things take time. Langer advised founders to remain true to their values and carefully evaluate external advice especially during fundraising. She emphasised that while external commentators may dismiss unconventional founder structures or personal circumstances, founders must make long term decisions they can live with.

Cultural notes: books and role models

Both interviewees offered personal reading picks and people they would invite to a business lunch. Beatriz cited Los Renglones Torcidos de Dios by Torcuato Luca de Tena. Lisa mentioned Crossroads by Jonathan Franzen and said she admires Angela Merkel for her sustained leadership in male dominated environments. Beatriz said she would invite Angela Hwang, group president at Pfizer, to discuss advice for women leaders in male environments.

The EIC Women Leadership Programme and the broader policy context

The EIC Women Leadership Programme provides tailored training mentoring and networking for women researchers and entrepreneurs in deep tech. The programme combines virtual and in-person sessions business coaching and personal mentors including CEOs investors and serial entrepreneurs. It is designed both for experienced women leaders in co-founder or c-suite roles and for researchers seeking to translate ideas into businesses.

The EIC has bolstered measures to raise women representation in its portfolio. The EIC Accelerator increased its threshold for women-led businesses invited to the second stage of evaluation to 40 percent. The January 2023 cut-off yielded a record share of 40.6 percent selected companies that were women co-founded or led. The EIC also runs initiatives such as Women TechEU and the European Prize for Women Innovators that target the pipeline at different stages.

Those policy moves reflect a pragmatic ambition to tap underused talent. Progress is measurable but incomplete. Increasing the share of women-led projects invited to later-stage assessment is a helpful lever. It does not remove structural barriers such as unequal access to networks investor bias or the persistent challenge of reconciling caregiving responsibilities with the unpredictable hours of early scale up. Programmes that combine coaching, mentoring and investor access can help mitigate those gaps but they are not a substitute for systemic change in funding behaviors and corporate procurement.

What this case study illustrates about European deep tech scale up

The trajectories of Arthex and ionysis are instructive for several reasons. Both moved critical knowledge out of universities, showing the continuing importance of public research as a source of commercial innovation. Both underline the nontechnical barriers that often delay commercialisation such as IP negotiation and investor readiness. Family and personal logistics remain central to founders decisions particularly for women who often shoulder more care duties. Finally both companies benefitted from targeted programmes that provided visibility coaching and investor introductions which are key ingredients when seeking seed to Series A capital in Europe.

Practical takeaways for founders and policymakers

Founders: plan for IP and licensing early secure experienced legal counsel and build teams that complement technical skills with business and organisational capabilities. Be deliberate in which external advice you follow during fundraising and stay aligned with your company values. Seek programmes that provide investor access as well as mentoring.

Policymakers and ecosystem builders: continue to expand programmes that reduce information asymmetries between founders and investors. Monitor whether improvements in selection thresholds translate into sustainable funding and board participation for women founders. Support measures that lower the invisible infrastructure burden for founders with caregiving responsibilities such as flexible programme scheduling and childcare stipends during intensive acceleration phases.

This Coffee Break edition is part of the EIC Community series designed to showcase innovators backed by EIC programmes. The profiles of Beatriz Llamusí Troísi and Lisa Langer highlight the interplay of science entrepreneurship and policy support that characterises Europe’s deep tech ecosystem. They also underline that technical ingenuity alone is not sufficient. Legal commercial and personal resilience are equally material to whether an idea makes it to patients or markets.

Disclaimer This article restructures and contextualises material published by the European Innovation Council. It is intended for knowledge sharing and analysis and should not be interpreted as the official view of the European Commission or any other organisation.