It’s tempting to look forward to the new year — especially after such an abysmal 2020 for so many.
But before we do, let’s not forget all that happened in the region’s innovation ecosystem this year. It wasn’t all bad.
Here, we recap some of the top trends, events and topics over the last 12 months.
Local players make pandemic pivots
Potomac family deals company CertifiKid made an acquisition as it revamped its own business model. District carpooling startup Go Together Inc. rethought its fundraising plan in the face of pandemic-related challenges. Family-owned puzzle business Puzzle Huddle stepped up and broke into new product lines as it saw demand from two driving forces: families sheltering in place during the pandemic and the resurgence of the Black Lives Matter movement. The health and economic crisis required every business to adapt to the new dynamics and for some, that meant major shifts. “Pivot” just may have become the word of the year.
A series of companies enter the Covid fight
The D.C. region’s biotech community leaped into the search for a Covid-19 vaccine as early as January, with several front-runners gaining speed in the effort. Gaithersburg’s Novavax Inc. (NASDAQ: NVAX) secured funding and support from the federal government’s Operation Warp Speed and others, while salvaging the business that had a very different outlook pre-2020. Nearby Emergent BioSolutions Inc. (NYSE: EBS) teamed up with multiple companies to help advance their candidates while developing one of its own. Altimmune Inc. (NASDAQ: ALT) started advancing a different type of vaccine. Adaptive Phage Therapeutics Inc. started treating Covid patients for secondary infections. And Aperiomics Inc. expanded its testing capabilities to coronavirus.
Some startups scaled back. Others scaled up.
The year saw a seemingly endless string of cuts to jobs, salaries and services. Layoffs and unemployment became the norm for many businesses, even with relief from the Small Business Administration’s Paycheck Protection Program. But some metro-area companies used the moment to grow — and hire. That list included Tysons software firm Appian Corp., D.C. e-commerce tech firm GetUpside, Rockville contract research organization Emmes and Arlington software startup Phone2Action, among others.
First-time founders and experienced entrepreneurs raise funding
Covid hampered investments but didn’t stop many local companies from securing new funding. Rounds ranged in size from hundreds of thousands to hundreds of millions of dollars, across industry, geography and stage. We tracked it all closely, from the largest rounds to the smaller-but-equally-noteworthy raises of 2020. And the list keeps growing.
New initiatives sprout to support startups
Honest Tea founder Seth Goldman launched Eat the Change and doled out donations to nonprofits supporting the same mission. Monumental Sports & Entertainment founder Ted Leonsis upped his investment in Georgetown University entrepreneurs. West Point alum Emily McMahan started the Academy Investment Network, an investment group for U.S. Service Academy graduates built to back early-stage companies. D.C.’s Halcyon teamed up with Black Girl Ventures to support Black and brown female founders, and the Georgetown organization’s angel network went live and made its first few investments. Efforts to foster mentorship, growth and access to capital for the region’s ventures — and close the funding gap for women and people of color — proliferated across the innovation ecosystem to a new level.
Exits and deals and wins, oh my!
Alexandria condiment startup True Made Foods scored a three-year contract with the Boston Red Sox as the exclusive condiment provider to Fenway Park. Rockville biotech MacroGenics got its first-ever drug approval. D.C. juice company Jrink sold to a local competitor so its founder could focus on its herbal supplement brand’s explosive growth. We watched Greater Washington companies go public, pursue acquisitions and execute their next big moves to ensure their next chapters.
