The North Carolina Research Triangle is a hotbed of technology that needs massive amounts of funding for research. After experiencing the challenge of fundraising firsthand at a rapidly growing startup, Dr. Eva Garland founded her consulting firm to provide leadership in an underserved area of corporate financing: non-dilutive funding for scientific advancement.
Typically, when companies raise capital, they are giving investors equity ownership in return for cash, which dilutes the ownership stake of the founders and existing shareholders. For many companies, often in critical areas of biotechnology, pharmaceutical discovery, and energy, there are opportunities to receive grant-based capital injections from other sources, such as the government or nonprofits — that do not come with equity exchanges. Accessing these funds requires a lot of effort — which is where Dr. Garland and her team come in.
Eva Garland Consulting (EGC) has been a tenant at KBS’ Bank of America Tower in Raleigh since 2017. Over the years, EGC’s office space has evolved, and KBS — which prides itself on being equipped to work with our tenants to meet their unique needs — has been able to accommodate the firm as it grows.
We spoke with Dr. Garland about business, her career and why her company enjoys working at Bank of America Tower.
EGC has made a significant impact in the scientific community. What was that pivotal moment for you in the path to starting EGC?
After receiving a Ph.D. in chemistry from the California Institute of Technology (Caltech), I took a position on the faculty at North Carolina State University. During my time in academics, I learned how to write high-quality grant applications to support scientific research. Then, in 2007, I had the opportunity to join Agile Sciences, a new company that had spun out of North Carolina State’s Centennial Campus research park.
As Agile’s Vice President of research and development (R&D), it was my job to lead the research team and to advance its technology — a new class of antibiotic-resistant molecules. Agile was easily able to raise investor money in 2007, but in 2008 during the Great Recession, equity funding dried up.
I saw clearly the important connection between science and securing funding.”
At that point, I had a beautiful lab, fantastic scientists, but no access to capital. I saw clearly the important connection between science and securing funding. I realized that growing a small business meant that you have to be able to adapt.
To get funding, I decided to go back to what I knew from my academic days: writing grant proposals. Our team at Agile became very successful at securing non-dilutive funding, raising nearly $15 million for R&D. During that time, I saw a lot of other companies with significant scientific advancements struggle because they hadn’t been able to pivot the way that we had. This inspired me to start a consulting firm to support these companies, and in 2013, I struck out on my own to help others do what we had done at Agile.
Since founding EGC in 2013, what accomplishments are you most proud of, both personally and for the company?
I’m extremely proud of the $2 billion in non-dilutive funding EGC has helped secure for more than 3,000 clients in all 50 states and in countries across the world. Growing EGC, and the team we built, has been very gratifying.
In 2013, when I started the company, I wasn’t entirely sure where it was going to lead. However, over the past 11 years, our pace of growth has exceeded anything I could have imagined. I hired my first employee, then my second, and fast forward to today, we have 75 full-time employees.
We also expanded on our initial vision of helping companies prepare grant proposals to providing full-service support for high-growth technology companies — from developing and implementing a strategic approach to securing funding to accounting, compliance and financial services.
Your company plays a crucial role in helping scientists secure funding. How do you set up clients for success?
Our secret sauce is great people. The quality of our team is 100% the reason behind how we help our clients succeed. We hire expert doctoral scientists because we need to understand our client’s technology and then be able to break it down in a way that will help them win funding. Our accountants are very experienced in the unique and dynamic accounting and financial needs of high-growth technology companies.
We’ve also worked hard to establish strong relationships with major funding agencies, such as the National Institutes of Health (NIH). We have a common goal: fund innovative technologies so they can succeed. For example, we support a large program for the NIH that works with over 800 small businesses to help them write competitive grant proposals. The program provides strategic guidance in proposal preparation that isn’t necessarily readily available, such as when to contact the program officer and how to interpret the reviews that come back. Those details can make a difference in whether companies are successful at receiving grants.
How do the past few years of your firm’s expansion reflect your mission of actively bridging the gap between scientific discoveries and the funding behind their societal potential?
Our growth has enabled us to work with thousands of clients who all have one thing in common: innovative research that could make a difference in the world. We help them find the resources to translate that innovation into a commercially viable product.
While known for our expertise in the biotech space, our growth has enabled us to provide support to clients across all technology areas, including the energy sector. Recently, two clients with energy-related technologies received significant funding awards — one for $100 million and the other received $50 million. We also work with clients in agriculture, education, and of course artificial intelligence (AI), as every company is trying to figure out how to use AI in innovative and meaningful ways.
Let’s talk about where your firm is located. Raleigh, North Carolina, is a hub for scientific research and innovation. What initially attracted you to start a business here, and why did you choose Bank of America Tower?
North Carolina has been recognized as a great place to grow a business. There’s an amazing business ecosystem in Raleigh. With groups like the North Carolina Biotech Center, the Council for Entrepreneurial Development, First Flight Venture Center and the small business and technology development center (SBTDC), there are many support organizations that connect successful entrepreneurs who want to help new founders. North Carolina, with its lower cost of living, educational resources and business-friendly policies, creates an environment that increases one’s chances of success.
In terms of Bank of America Tower, EGC was one of the building’s first tenants. I wanted our company and employees to have the best possible collaborative working environment. We love telling employees and clients that the building has been voted one of the best places to work in the Triangle.
Being part of a broader ecosystem in the financial sector helps our growing company make new connections and expand our network.”
Your company has experienced exceptional growth since you first signed your lease in 2017. What drove your decision to expand within Bank of America Tower?
Bank of America Tower is a fantastic place to be, and not just for work. The proximity to other tenants is a big benefit. Right across the hall is Plexus Capital. We’re in the same building as KPMG, and Price Waterhouse is in the next building over. Being part of a broader ecosystem in the financial sector helps our growing company make new connections and expand our network.
It is also a very convenient location. There are seemingly endless restaurant options nearby. You can grocery shop at lunchtime and get your oil changed right after work without leaving the area.
We started with a single office, and as we grew, KBS made sure we didn’t have to leave the building
— we were able to expand into different floors. We recently added an additional 3,000 square foot space on the 8th floor, which was our fifth expansion within the same building. We now occupy a total of 15,000 square fee and are grateful Bank of America Tower has been able to accommodate our growth with minimal disruption to our business.
Bank of America Tower aligns with our approach to deliver our clients a high- quality, attention-to-detail commitment to their success.”
Based on your years of experience running a business in this market, how does Bank of America Tower compare to other office properties in Raleigh?
From my perspective, Bank of America Tower is the best office building in the area. It offers extensive amenities, and helps attract new employees, from the massive coffee machine on the eighth floor to the conference center to the locker rooms and showers.
The property has everything a tenant could need. Free parking was also a big factor in our decision to stay here. The majority of downtown buildings have paid parking, and it’s important to be able to offer free parking to our employees as well as our clients. In addition to these practical aspects, the building is impressive architecturally. When clients visit, they experience a world-class office. Bank of America Tower aligns with our approach to deliver our clients a high-quality, attention-to-detail commitment to their success.
If there is one key takeaway for readers of this interview, what would that be?
I’d like readers to understand that EGC strives to be a catalyst for getting scientific innovation into the world where it can make a difference. For example, one of our clients had an idea for a medical device that could save the lives of babies born with a very rare congenital disorder. This made securing funding from traditional Venture Capital sources more difficult as only a thousand babies are impacted every year. We successfully helped them secure over $15 million of funding with non-dilutive grants and contracts. Now their innovative product is in clinical trials, saving lives. To me, that is what’s special about what we do. We help great innovations get out into the world, where
it matters most.
To learn more about this property, visit our KBS Bank of America page here.
