PROJECT: Foligo Therapeutics, USA
A biotech company aiming to improve the detection and treatment of ovarian cancer.

Mona S Jhaveri: "A breakthrough in ovarian cancer treatment"

Ovarian cancer is often referred to in medical circles as a 'silent killer' because it is notoriously difficult to detect. A lack of accurate screening tests or clear early symptoms mean that most women who develop the disease aren't aware of it until it's too late. The treatment will depend on the type of ovarian cancer, how far it has spread and the severity of the cancer. Most women are offered surgery to remove the cancerous tumour, followed by a course of chemotherapy or radiotherapy.

Dr. Mona S Jhaveri hopes to change the way we detect and treat ovarian cancer. Her company, Foligo Therapeutics, Inc., is developing early diagnostic techniques and DNA-based therapeutics that aim to destroy cancerous cells and reduce suffering.

Mona says, "I have always wanted to play a part in solving major problems affecting women's health. Foligo is the embodiment of my dream."

A chance discovery

After receiving her doctorate in biochemistry from Wake Forest University, Mona carried out post-doctoral research at the U.S. National Cancer Institute. One day, while experimenting with cancer-promoting proteins called folate receptors, she had a serendipitous moment: she accidentally reversed the DNA sequence of the folate receptor, which, when combined with ovarian cancer cells, caused them to die, rather than multiply.

The NCI allowed Mona to patent her DNA-based therapeutic in the late 1990s. But it wasn't until years later, while participating in a program training women entrepreneurs to create technology-based start-ups, that she decided to create her own business and market her discovery.

Founded in October 2005, Foligo has a three-fold mission: achieve earlier diagnosis of ovarian cancer, improve efficacy of standard care through "personalised" treatment strategies and improve quality of life through non-toxic, cost effective, targeted therapies. Mona says, "I want to give hope to the thousands of women who succumb to ovarian cancer every year."

When the disease is caught early, survival rates are much higher. Mona also believes that therapeutic technology has several advantages over traditional treatments. "DNA-based compounds only impact diseased cells, leaving healthy tissue unharmed and reducing the side effects of non-selective chemotherapies. Plus, DNA-based therapeutics are extremely cost effective to manufacture and can be taken orally."

Foligo's leading therapeutic compound, FOLIGO 001, has already been proven effective in destroying cancer cells containing high levels of the folate receptor. The next step is to test the treatment on mice with ovarian cancer.

The long road to a cure

Mona quickly learned that starting a biotech company is no easy task. Beyond passion, it requires a great deal of time and money. Lab costs quickly multiply, as do expenses for blood samples and animals, often running into the millions.

Foligo is looking for state, county and federal government funding, as well as small business grants to finance costly clinical trials and manufacturing fees. But Mona isn't discouraged: "Advancing medicine always takes years of persistence, but we really believe we have a wonderful opportunity here to help thousands of women."

Foligo has already partnered with Isis Pharmaceuticals, which provides research materials and support. In the future, Mona hopes to license her technology to companies like Bristol-Meyers Squibb, Genzyme and Eli Lilly. In the meantime, she's working on diagnostic techniques, including a test that would help identify which ovarian cancer patients will respond positively to chemotherapy.

It can be particularly tough being a women entrepreneur in the medical research field, which remains a predominantly male domain. "I've often found myself working in boys clubs," Mona says. "I'll go to medical events and there are no women there. I come as the anomaly. It's inspired me to work harder and keep pushing for my vision."

PROJECT: Motorsports Apparel for Women, USA
A marketing company selling premier apparel for women in motorsports.

Lorin Cassidy: "Motor racing apparel created by women for women"

Motor racing is one of the fastest growing sports in the world today. Whether premium tours like NASCAR and Formula 1 or more rugged ventures like dirt track, sprint cars, and super bikes, the industry is rapidly attracting new drivers and fans, many of whom are women. But the clothes available for female professionals and fans are still limited.

Lorin Cassidy wants to level the playing field by introducing a new line of apparel created by women for women. The venture which she founded with her business partner Stacie Hogya, will provide a complete line of stylish yet functional motor racing clothing.

"The sport is growing fast and women continue to embrace it enthusiastically," Lorin says. "It's time we design clothing to serve the needs of professional female drivers, enthusiasts, and fans."

In pole position

Lorin was introduced to the world of professional motorsports in 1998, when she joined the shop and pit crew of the Hendrick NASCAR racing team. One of the only women in the industry at the time, she struggled to find appropriate clothing. "I had to wear a pit-crew uniform that was five sizes too big and my own jeans since the team pants were ill-fitting," she recalls.

She went on to manage an extreme off road race team and engineer, test drive and market for Land Rover, Jaguar and BMW. Years after her NASCAR debut, she was still unable to find appropriate clothing, a problem shared by other women. "There are female mechanics out there without flame-retardant attire, drivers without proper-fitting race suits and fans with disappointing choices."

Lorin decided to take matters into her own hands and set up her own company. She enrolled in Harvard Business School to gain the skills she needed to launch a winning plan.

Racing ahead

With her Master's degree now in hand, Lorin is devoting all her time and energy to giving her project a flying start.

The company plans to sell flame-retardant suits, driving shoes, gloves and other safety gear for professional female drivers. It is also looking to develop a range of flame-resistant breathable athletic clothing for pit-crew members and industry participants. For female fans, Lorin wants to create a line of comfortable, fashionable clothing, providing an alternative to the revealing racing attire designed by men for women. "We're giving women the chance to define what style means in motorsports, showing that fashion and function can go together."

Lorin already has a designer lined up for her prototypes, and is now seeking investors to finance her business venture. She will eventually outsource manufacturing to Li & Fung in China and distribute her apparel through retail, wholesale and online channels.

Lorin also hopes that the business will bring together female motor racing enthusiasts and professionals across the globe. The website will include an online membership community and chat forum where women can discuss their passion for motorsports in a secure social network.

As the community expands, the management team plans to sponsor young female competitors in the motorsports industry and partner with racetracks and Porsche and BMW to offer training opportunities to its members.

"Starting a company as a woman focused on a product for women is exciting," Lorin says. "This idea has huge potential, and I think the way we're approaching it is unbeatable!"

PROJECT: B.E Innovative Group Inc., Canada
Devising interactive games to help students prepare for their exams.

Elsbeth Vaino: "Everyone has at least one great business idea - it's having the courage to try it that counts!"

For years, exam preparation techniques have been dominated by traditional study guides and flash cards. Former university roommates Elsbeth Vaino and Bobbi Jaimet believe that this lucrative market - worth one billion dollars a year in the US alone - has long needed an injection of fresh ideas. With this in mind, they created B.E. Innovative Group Inc., a company which helps students preparing for exams by using lively interactive games that complement traditional study methods.

They invented their first board game when Bobbi was studying for the LSAT, the standardised law school entrance exam. Elsbeth recalls, "She was saying how boring preparing for the test was. We put our heads together and within five minutes, we came up with the idea for an interactive board game that would make the process fun!"

Engage, encourage, educate

Two years ago, the two friends decided to adapt the game - originally called Test Prep U: SAT Game - for the 1.5 million US high school students who study for the SAT test every year. They were surprised to discover how few fun exam preparation methods there were out there. "When we looked at the idea seriously, we realised that SAT students would be by far the largest target market," explains Elsbeth. "Animated group study has been proven to be more effective than studying alone, so it made total sense!"

The board game is designed to be played by up to eight people - family, friends or classmates. "Teenagers want to get their parents and friends involved," explains Elsbeth. "What's more, a game is a great way to open up communication, have fun and learn from each other."

In August 2007, after producing a test run of 500 games, Elsbeth and Bobbi entered into a licensing agreement with Wiley Publishing, creator of the For Dummies series of guides. "We produced the test version using our own money and that of investors, and once they saw it, Wiley got back to us within an hour," Elsbeth recalls.

The game was redesigned and relaunched under its new name, the "SAT Game For Dummies", at New York's Toy Fair in February 2008. The deal has given B.E. Innovative Group Inc. the reach of an established, nationally recognised brand. The game is now sold online on the company's website, www.satgamefordummies.com, as well as Amazon.com, and in eight different retail outlets. It is selling well as a classroom aid for schools and Elsbeth believes that this is just the beginning.

Everything to play for...

In the future, Elsbeth envisages producing a range of innovative learning products including online games: "We could adapt this game for up to 11 university exams in the US, and we have also discovered that India uses a similar university entry system."

B.E. Innovative Group Inc. is looking to attract more investors to ensure that it can develop and market its products to their full potential. On being selected as a finalist, she says, "It's a great endorsement for us as women entrepreneurs. We hope the experience will help us to keep our ideas on track and learn how to communicate them more effectively to potential investors."