THE BACKGROUND AND NEED
Dr. Guelay Bilen-Rosas is a physician-scientist, entrepreneur, and Founder & CEO of AyrFlo Innovation Labs. Her company is developing the SmartAyrPatch, a wearable breathing sensor designed to detect post-surgical respiratory deterioration before it becomes life-threatening.
Her innovation is part of a new category of respiratory monitoring called Breathonics, which converts airflow signals into clinically meaningful breathing metrics. The technology has the potential to improve patient outcomes, reduce complications, and shorten hospital stays.
But Dr. Bilen-Rosas’ path to innovation began long before her first prototype. She grew up in a family of immigrants whose parents, despite limited formal education, believed deeply that learning could transform a life. That belief carried her from medical school in Germany to advanced clinical training in the United States, and eventually to a faculty position at the University of Wisconsin.
Throughout her clinical career, she repeatedly saw patients suffer from respiratory decline that could have been prevented with earlier detection. Determined to close that gap, she founded AyrFlo to bring real-time breathing intelligence to the bedside.
THE CRP ASSISTANCE
Dr. Bilen-Rosas entered the Capital Readiness Program with a strong technical vision but needed support refining her capital strategy and investor communications. Through the 10-week program, she received:
- Structured education on capital readiness and investor expectations
- Individualized commercialization and pitch coaching
- Peer support through a cohort of women founders
- Repeated opportunities to practice and refine her investor narrative
The program helped clarify AyrFlo’s commercialization pathway and strengthened the founder’s confidence in presenting to investors.
The Capital Readiness Program (CRP) is a 10-week virtual accelerator delivered by the Universities of Wisconsin Office of Business & Entrepreneurship. The program supports women entrepreneurs through structured education, mentorship, and connections to capital and technical resources, helping founders move from early-stage concepts to investment readiness.
THE INTEGRATED SUPPORT FROM OBE
In addition to CRP, AyrFlo received coordinated assistance across the Office of Business & Entrepreneurship ecosystem:
- SSBCI Technical Assistance: Development of capital-ready financial models, pro formas, and accounting systems.
- Center for Technology Commercialization (CTC): Support for R&D strategy, SBIR/STTR preparation, and commercialization planning.
This integrated approach provided stage-appropriate support, helping the company move from early concept to investor-ready status.
THE OUTCOMES
THE KEY METRICS
As a result of her participation in CRP and related programs, Dr. Bilen-Rosas:
- Developed capital-ready financial projections
- Refined AyrFlo’s commercialization and capital strategy
- Strengthened her investor narrative and pitch delivery
- Successfully delivered a formal pitch for $7 million to a London-based investor
- Founder: Woman, physician-scientist and UW associate professor
- Patents: 14 filings, including 6 issued
- Technology: First-of-its-kind wearable respiratory monitoring patch
- Program Outcomes:
- Investor-ready financial model
- Refined commercialization strategy
- Strengthened investor narrative
- Expanded mentor and capital networks
THE IMPACT
CRP helped transform AyrFlo from an early-stage innovation into an investor-ready venture positioned for capital, pilot deployments, and strategic partnerships. For Dr. Bilen-Rosas, the experience was both professional and personal.
“These programs changed my life,” she shared. “What made the difference was the genuine trust, care, and willingness to help me grow—not just as a founder, but as a person. They walked with me through uncertainty, setbacks, and breakthroughs.” Today, AyrFlo Innovation Labs is advancing toward investment, clinical pilots, and partnerships that could significantly improve respiratory care outcomes nationwide.
This success story reflects the impact of the Capital Readiness Program: preparing women-led ventures not only to access capital, but to lead innovative companies with confidence, clarity, and resilience.
The Capital Readiness Program is delivered through the Universities of Wisconsin’s Office of Business & Entrepreneurship with the help of stakeholder support across the state. For more information, visit our website at https://business.wisconsin.edu/initiatives/crp/