Across the American Inno network of publications that covers 45 cities in the U.S., the Inno Fire Awards highlight innovative organizations and people who have had a year worth celebrating. Honorees could be startups, accelerators, or nonprofits buoying startups. They could be researchers or institutional leaders who rally innovators and give them the tools they need to succeed.
Memphis’ innovation ecosystem is growing swiftly, and the city isn’t short on high-caliber startups and individuals worthy of this award. There are many organizations and people in the community that could be considered “on fire.” But after careful consideration, MBJ and Memphis Inno have chosen five to highlight.
Below is a profile of one of the 2022 Inno Fire Award honorees — SweetBio — and Q&A with its CEO Kayla Rodriguez Graff.
Kayla Rodriguez Graff
Co-founder and CEO, SweetBio
When you think of sibling duos, who comes to mind?
The Russo Brothers, the directors of "Avengers: Infinity War" and "Avengers: Endgame?" Marc and Pau Gasol, basketball heavyweights and local legends?
If you didn’t think of Kayla Rodriguez Graff and Isaac Rodriguez, you should add them to their list. Because this brother-sister duo founded the Memphis-based startup SweetBio — and their future looks bright.
The company has created a bioengineered wound care product, Apis, which is derived from collagen and manuka honey. Many of the patients who use it have diabetic ulcers, venous ulcers, bedsores, and lesions at surgical sites, and the product has both helped close wounds and prevent amputations.
SweetBio gained U.S. Food and Drug Administration (FDA) clearance in 2019. And since then, it’s continued to gain momentum while weathering the challenges that came with the COVID-19 pandemic. The company has gathered a significant amount of clinical data, and it’s looked to make its product more affordable and accessible, with the goal of getting it into homes and hospitals.
SweetBio is also gearing up for commercialization — which will bring both challenges and opportunities.
Given its status as a Fire Award honoree, we asked SweetBio’s CEO about the last year, and years to come. Here’s what she said. This Q&A has been edited for clarity and space.
MBJ: What have been the biggest highlights of 2022 for you and SweetBio?
Kayla Rodriguez Graff: Vision clarity: At our core, we believe everyone deserves access to advanced wound care. That's why in 2022 we focused on making our innovative technology and products more affordable and accessible than the market has ever seen.
Unlocking affordability: Price and reimbursement are two of the most significant hurdles limiting the use of top-performing wound care products. In 2022, we launched our cost optimization initiative that leverages data-driven bioengineering and streamlined manufacturing to deliver the performance of a $1,000-plus product within the more widely used $25 reimbursement structure.
Unlocking accessibility: The pandemic has changed health care significantly. Patients continue to prefer treatments that work for them where they need it most, driving a demand for home health usage. We have made significant strides to make our product accessible to the home and are receiving fantastic feedback in this market.
Doubling down on building a trustworthy and comforting brand: While clinicians prescribe our product, we realigned our brand to ensure we are inclusive of patients and their loved ones.
Commercial excitement: In 2022, we have had the opportunity to share our products and stories with clinicians across the nation, which has been met with excitement and usage. We have also attracted interest from innovative and leading commercial partners, which we are looking forward to exploring further in Q4 and Q1 2023.
What big wins has SweetBio had in research funding this year? To date, we have raised $6 million from venture capital groups and angel investors, many of them from Memphis. We are thankful to our investors, who continue to believe in us, and we are excited to attract new investor groups as we continue fundraising and scaling SweetBio.
What’s the most fun you had with your colleagues in 2022? In April, we traveled to Phoenix for the Symposium on Advanced Wound Care. This was our first conference back in-person and our first time sharing our new messaging and story around unlocking affordability and accessibility. We presented at a workshop with more than 125 wound clinicians and spoke to hundreds more at our booth. Our story and product were well received, and we look forward to continuing to share this message as we scale.
You’ve been selected for this honor because your organization has been, in a sense, “on fire.” What’s been the fuel that’s kept this flame burning? Four categories of supporters who have fueled us in 2022: Clinicians across the U.S. validating that our products are helping their patients and restoring joy to their lives; patients who share their stories of their wound closing because of our product and what they are now able to do because of it; our investors, who continue to believe in the vision and fuel traction; and our families, who believe alongside us.
If you could pick any animal or mythological creature to be the mascot for your business, what would it be? As a team, we’ve always been drawn to the honey badger. Maybe it’s the “honey” connection. We are driven to change the game in wound care and won’t stop until high-performing products are accessible and affordable to everyone.
What books or articles have you read or movies you’ve watched in the past year inspired you in your work? "What It Takes: How I Built a $100 Million Business Against the Odds," by Raegan Moya-Jones. This story, about Raegan building the incredible and high-value Aden + Anais brand, is inspiring, real, and comforting, especially as a mom entrepreneur.
What are your key areas of focus for 2023? Market awareness and commercialization through partnerships.
What do you think the biggest opportunities and challenges will be next year? While we have overcome the hurdles of FDA clearance, patents across the globe, Medicare coverage, and published peer-reviewed clinical publications, commercialization will be our biggest opportunity and challenge yet. The market is ever-shifting as we continue to establish new norms in health care driven by the pandemic. We are now ready to leverage what we have learned from the industry and help thousands have a more hopeful tomorrow.
Imagine a genie appears to your business and grants you one wish for your business, but also requires you to give something up. What do you wish for, and what do you sacrifice? Ask for: To become the No. 1 wound care product in hospital systems to help reduce health care and hospital costs while improving patient time to wound closure. Give up: naming rights to our next product.
Where do you see your business one year and five years from now? Continuing to unlock ways to open access and affordability in wound care and adjacent industries, develop new products with our technology to meet and exceed unmet needs, and partner with an industry-leading organization to take SweetBio, our technology, and products to new heights that we could have never imagined.
