How much they invest, how long the program lasts and what they offerRead more...
They include MedTech Innovator, The TMCx Accelerator, Insight Accelerator Labs and KOA Accel
For startups, there are numerous paths for getting their name out there. One way, which Vator has been covering recently, are startup competitions, but another popular method to get a foot in the door, as well as some funding and traction, are accelerators. These are programs that provide companies advice, guidance and various forms of support for startups in their early stages. They also often invest in the companies, for a certain equity stake.
Need a list of startup competitions, challenges, accelerators, etc. from around the world? Check out VatorX. You can find them, or list yours!
There are some very well-known accelerators out there, including Y Combinator and 500 Startups, which have made their names through various successful alumni. Those programs fairly general, accepting companies from a variety of different spaces.
For some companies, it may help to join an accelerator that only focuses on their specific area. That's especially true for those in more specialized spaces, which will have their own unique challenges and regulations.
Here are some of the accelerators that are focused specifically on mentoring companies in the medtech space:
"The MedTech Accelerator provides medical device and healthcare IT early stage companies with personalized business development plans to collaborate with Mayo Clinic and ASU and accelerate go to market and investment opportunities."
Investment amount: Not specified
- Access to Investors, Entrepreneurs in Residence (EIRs), Mentors, and Mayo Clinic Physicians
- Customer interactions with the health care ecosystem
- Research collaborations and clinical studies to validate technologies
- MedTech milestones resulting in a Mayo Clinic and ASU completion certificate
Mentor makeup: Karen Anderson, Bernard Bendok, Junseok Chae, Jennifer Wethe
Portfolio companies: Biointeractive Technologies, Gyant, Hexoskin, Life365
"MedTech Innovator is the industry’s nonprofit global competition and accelerator for medical device, digital health and diagnostic companies. Our mission is to improve the lives of patients by accelerating the growth of companies that are transforming the healthcare system."
Investment amount: MedTech Innovator does not require equity and there is no application fee. However, companies are responsible for their travel costs related to attending pitch events and mandatory in-person events, where applicable.
Program benefits: 25 companies will receive a place in the MedTech Innovator Accelerator, a 4-month virtual program from June – September. Accelerator companies have an unparalleled opportunity to receive continual in-depth, customized mentorship from senior leaders in the medtech industry. The accelerator commences with a 3-day kick-off event in San Francisco in June that includes exclusive networking, workshops, and pitching with investors, manufacturers, providers, and customers. All 25 Accelerator companies receive complimentary registration to the WSGR Medical Device Conference where they have opportunities to showcase their company and compete to present for a Value Award and a profile in the MedTech Strategist. The Accelerator program concludes with all 25 companies participating in the Accel Leadership Seminar, the MedTech Innovator Showcase, and an opportunity to compete to present in the finals at The MedTech Conference.
Portfolio companies: 2C Tech, Adient Medical, Augmedics, MiNDERA
"The TMCx accelerator advances the development of health and medical technology companies by connecting visionary entrepreneurs to the abundant resources of the Texas Medical Center."
Investment amount: Not specified
Program benefits: Located in the TMC Innovation Institute, the program provides startup companies with shared workspace, a curriculum tailored to the needs of health care entrepreneurs and the guidance of over 200 advisors from the front lines of the industry. Companies have access to the world’s largest medical center, all without membership fees or equity sharing.
Participants further develop their companies by attending a variety of workshops and hands-on events to gain insights from experts in every facet of running a health-related business: clinical trials, FDA regulations, HIPAA/HITECH compliance, hospital procurement, commercial pilots, intellectual property, licensing, fundraising, marketing and other critical areas.
In addition, participants work with the TMCx team to refine strategies and build relationships across the Texas Medical Center. Companies network with key thought leaders and mentors during the Advisor Pitch Event, the TMC Expert Forum and other scheduled sessions. The four-month program culminates with TMCx Demo Day, an exclusive presentation to hundreds of investors, corporate partners, hospital stakeholders, media and other guests.
The TMCx team’s goal is to quickly and effectively connect entrepreneurs to stakeholders.
Mentor makeup: Rakesh Agrawal, Phil Beckett, Zachary Bujnoch, Stephen Ford
Portfolio companies: Ward Medication Management, BetterConsult, GiantLeap, Alleviant
"The Medical Device Accelerator, sponsored by the Perelman School of Medicine and Penn Medicine Center for Health Care Innovation, in partnership with the Penn Center for Innovation and Penn Health-Tech, empowers entrepreneurs, clinicians, and researchers at Penn Medicine to create and commercialize innovative medical devices to address unmet clinical needs, improve patient outcomes and reduce the cost of care. The program supports faculty and staff in transforming their "paper napkin drawing" to a final product ready for clinical use. We also partner with PCI Ventures to help participants make the transition from device to company after the program concludes."
Investment amount: Seed funding of $5,000 - 50,000 to develop your concept
- Project support: Advisors will help you refine your design, build partnerships and achieve proof of concept
- Access to experts: We partner with best in class companies to assist with engineering and design, manufacturing, regulatory guidance, quality systems, and marketing
Portfolio companies: Perry Dubin, MD, MPH; Eric Lancaster, MD; Bryan Pukenas, MD; Richard Shlanky-Goldberg, MD
"The Cedars-Sinai Accelerator is transforming healthcare quality, efficiency, and care delivery by helping entrepreneurs bring their innovative technology products to market."
Investment amount: $100,000 in funding
Program benefits: This three-month program, based in Los Angeles, California, provides companies with $100,000 in funding, mentorship from more than 300 leading clinicians and executives, access to Cedars-Sinai, and exposure to a broad network of entrepreneurs and investors. Since 2015, the accelerator has helped dozens of companies transform healthcare delivery and patient care.
Mentor makeup: Tom Priselac, Linda Burnes Bolton, Terri Cammarano, Bryan Croft, Darren Dworkin
Portfolio companies: Aiva, CancerAid, HomeHero, Jessie
"The ZeroTo510 Medical Device Accelerator is a first-in-kind entrepreneurial accelerator program that focuses on leveraging key regional strengths of the Memphis area: biomedical research and medical device manufacturing. The goal of ZeroTo510 is to help medical device startups navigate the startup process, refine their business models and complete the Food and Drug Administration’s 510(k) premarket notification filing."
Investment amount: If you accept a spot in ZeroTo510 you agree to the standard terms of the program. These terms have been modeled after several other accelerator programs and our sponsors have donated over $100,000 in legal fees creating the documents.
When you enter the program, we will invest $50,000 cash in your company. Furthermore the program provides $50,000 in services and perks to you as well.
- We team you up with a couple of mentors with great hands-on, industry experience to fill in the gaps!
- We have relationships with great FDA consultants that will explain the process and help you navigate the murky regulatory waters
- We provide you with space in our incubator facility and provide lab space to tinker in as well as a desk, a phone, Internet
- Thanks to our innovative program, we can get you to an FDA filing in less time than you could possibly do so on your own.
- We can help you get access to design and manufacturing resources to help get your prototype created – fast!
Mentor makeup: Our mentors come from a wide array of backgrounds and have seen success and failure first hand in their business career. In addition to business and startup acumen, our mentors provide domain expertise. Whatever your concept, there is a strong chance that a couple of the mentors have expertise to accelerate your success. Mentors sharpen your concept and provide a source of accountability to ensure founding entrepreneurs execute quickly and works towards to right goals.
Portfolio companies: Fairway Biomed, EMBrace, Cast21
"We don’t “incubate” or “accelerate” early-stage medical device startups in the classic sense. Rather, what we do to turn an idea into a vibrant commercial venture is so much more than that. Unlike most accelerators, we reduce risk by embedding a crack team of business functional experts who significantly shorten the time to success or failure."
- Each project is assigned an experienced manager who assembles the right members of Team Koa expert in the key medical device disciplines necessary to ensure each startup’s success. This team works hand-in-hand with the inventor/founder to move the project forward.
- Koa’s team represents the following disciplines:
- Project Management
- Intellectual Property law
- Upstream Marketing
- Market Research
- Medical and Scientific Affairs
- Product Development
- Regulatory & Clinical Affairs
- Health Economics & Reimbursement
- Strategic and operating plans are developed and rapidly executed in 12-18 months around key milestones with meaningful value inflection points, such as manufacturing readiness and 510(k) submission.
- In each functional area, key business risks are identified, and a mitigation plan is developed.
Mentor makeup: We’re not simply “advisors” or “mentors.” Think of Koa as a Navy Seal team that drops in and does all the heavy lifting that you don’t have the time, expertise or desire to do. With deep knowledge and experience in all aspects of medical device development, our team works closely with the inventor to develop an idea into a company with urgency, saving time and money along the way.
Portfolio companies: None yet
"We are a Chicago-based medical device accelerator that helps startups close the gap between core technologies and commercializable solutions."
Investment amount: Not specified
Description: “We are a Chicago-based medical device accelerator that helps startups close the gap between core technologies and commercializable solutions.”
Program benefits: By leveraging NEMERA Insight Innovation Center’s user-centered approach to solving complex problems and accelerating innovation, our member startup companies tap into the full range of resources necessary to realize their technologies’ commercial success. Our focus within the Accelerator is advancing product-centric innovation across a range of health tech platforms, with a variety of complementary physical and digital technologies. Our world-class resources are highly sought after among serial healthcare entrepreneurs, leading technology transfer programs of major Midwestern universities, and Fortune 500 healthcare corporate clients.
- Executive-level mentoring, consultation, and networking options
- Expert technical planning toward commercialization goals
- Customized product development programs, including FDA formative and summative testing, at a significantly discounted rate
- Office space, prototype shop, engineering labs, and meeting rooms with extensive infrastructure support such as IT and admin services at no cost
- Additional support services, including legal assistance, on a deferred-fee basis
- Assistance and support in grant and award applications, as needed
Portfolio companies: Includes, but not limited to, InTuitap Medical, BriteSeed, physIQ, Healthy-TXT™, Innoblative Designs, Inc., Output Medical, Caraseal, Pepex Biomedical, iivWatch, Somna Therapeutics, Clear River Enviro, University of Michigan’s Office of Technology Transfer, Voyant Diagnostics, IntuiTap Medical, etc.
"With a deep understanding of what it takes to translate technology into commercial success, we partner with top healthcare entrepreneurs and leading university technology transfer programs to help drive innovation and business growth, fuel the momentum of Colorado’s health tech startup ecosystem, and improve people’s lives."
Investment amount: $10,000 cash as an equity investment to be used against product development, regulatory and/or quality management services from Boulder IQ, LLC.
- Product development services, quality, regulatory and admin services at a significantly discounted rate through Boulder IQ, LLC
- Expert mentoring the appropriate product development to commercialization processes
- Office, lab and meeting spaces and extensive infrastructure support located on-site at our Boulder office.
Portfolio companies: None yet
"CTIP addresses the most important components necessary for pediatric device innovation: simultaneously engaging clinicians, engineers, designers, regulators, hospital administrators, patients and the business and investment community in the process of assessment and development of technology."
Investment amount: Not specified
Program benefits: CTIP provides feasibility analysis tools, resources, and services as well as assembles and educates pediatric product development teams. CTIP is dedicated to promoting and advancing the commercialization of pediatric medical devices by serving innovators and companies and by engaging clinicians, engineers, patients and the business community in the process of assessment and development of novel technologies related to pediatric care. CTIP continually seeks to build its relationships with a variety of stakeholders, such as the medical device industry, medical centers, innovators, parents, and patient advocacy groups.
Portfolio companies: Hemex Health, Tombot, Trexo Robotics, Truecath
(Image source: pharmaphorum.com)
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