Curiosity, courage, and perseverance drive both the Bonalive company and its CEO Heidi Rantala forward. Although the company's journey has at times been quite a rollercoaster, the deeper purpose of their work provides strength.
According to Heidi Rantala, CEO of Bonalive Biomaterials, Finland has a great deal of top-tier expertise and research, but it is not always successfully commercialized.
– Companies should know how to build brands better than they currently do. Furthermore, they should invest in internationalization from the very beginning, says Rantala.
A brand has been built for Bonalive from the very beginning, and even during its first years of operation, it signed a cooperation agreement in South America.
The company, operating in the Turku Science Park, is currently a leading manufacturer of implantable bone substitutes, supplying its products to over 40 countries around the world.
"Companies should also be able to build brands better than they do now." Heidi Rantala
At the core of the company is an innovation researched at Åbo Akademi University in the 1970s: bioactive glass and its bone applications. Through a business incubator and a few intermediate stages, the company Bonalive Biomaterials, led by Fredrik Ollila, was formed around the innovation in 2009.
Bioactive glass is an extraordinary invention. When it combines with the human body's own biology, it grows along with the person, thereby promoting bone growth. There would be a massive global demand for bioactive glass, as antibiotics in the Western world no longer work as effectively against infections as they once did.
Bioactive glass has a bacteria-inhibiting, or preventing, property, so local antibiotics are not needed in surgeries.
– The product can prevent amputations and treat, for example, foot problems caused by diabetes, says Rantala.
– There are big problems in the world, and we have a solution for them. This product and the solutions it offers the whole world are such significant things that they give all our work a deeper purpose. That purpose helps us keep going even when things are difficult.
Bonalive Biomaterials is not a typical biotech company, and Rantala does not have the most typical background for a CEO in the biotech industry. However, she believes that it is precisely this difference that is a strength.
– You aren't scared when you don't know what you're jumping into, laughs Rantala.
– If I had taken a more traditional path in my life, I would hardly be where I am now. And if Fredu and the others and I had proceeded with things traditionally, I don't know if Bonalive would even exist. Perhaps we would never have had the courage and the madness to get into this, ponders Rantala.
Before entering the biotech industry, Rantala worked as a bartender, DJ, and event producer, among other things. Then she became interested in the laboratory field and went on to study laboratory analytics.
– Because of my background, I am flexible and fearless. I get along well with people, which helps significantly in this work. You can draw courage from diverse life experience, which is needed in the startup world – especially if you want to create something new, both through the company's products and its way of operating.
It is not easy. Although Bonalive's growth started off well from the beginning, there have been challenges with funding. The company has had to carry out funding rounds every couple of years to keep the wind in the sails of its innovations.
– The years have been quite a rollercoaster! Fortunately, we handle uncertainty well, and the deeper purpose of our work has driven us forward. Many times, of course, I have wondered why I started this. But on the other hand, I wouldn't want an easier job, Rantala laughs.
Bioactive glass is still somewhat poorly known globally in clinical use. Bonalive's products are unique, as there is no other product offering the same composition.
– The guarantee of quality is that both innovation and manufacturing are in the company's own hands, says Rantala.
The necessary raw materials are ordered from outside, but the bioactive glass used in the product is manufactured in-house in Turku. Similarly, the syringes supplied with the product are assembled within the company. Everything is highly regulated and precise – which is why processes can sometimes be very slow.
"We are trailblazers and pioneers, so this is a long road." Heidi Rantala
"The biotech industry is not a quick cash cow. If you expect fast profits, you might as well quit right away," Rantala laughs.
"We are trailblazers and pioneers, so this is a long road."
Although the industry requires perseverance, it also offers enormous opportunities for growth. Bonalive's mission is to get bioactive glass applications into every operating room by 2035 and promote the world's transition to sustainable infection solutions. The goal is ambitious, but the groundwork has been done carefully. In fact, it has been going on for over ten years.
The startup phase may sound long, but it isn't when operating globally in the healthcare sector. You need to back the product with clinical trials, and every country has, among other things, different reporting practices. Everything requires endless work and constant communication – so much so that Rantala feels the authorities in different countries are almost like family members.
"The healthcare sector is conservative. It requires a lot of research results and data for doctors to be convinced of a new product. In addition, you need to find pioneers who want to try the product. Through their experiences and successes, the profession begins to be convinced."
Rantala is certain that we are finally at the moment where there is enough of everything: research, partners, and data. Bonalive is ready for takeoff.
"The foundation has been built for a long time, and our momentum is now."
Heidi Rantala's three tips for success:
1. Perseverance.
Doing the groundwork takes time, getting funding takes time, finding partnerships takes time. Don't give up!
2. Curiosity.
You have to be ready to look for new ways of working and follow your industry. Often workdays are not limited to eight hours a day, but work follows you almost 24/7.
3. People.
Committed employees, partners, and the rest of the network are ultimately like family. You work towards a common goal.
Bonalive Biomaterials
Industry: health technology
Founded: 2009
Employees: approx. 35, plus an extensive academic collaboration and distributor network
Revenue: €5 M (2022)