Medical device startups face several challenges to gain recognition and reputation in the market. While some face troubles in getting product validation, others lack funding to expand their business. Either way, these startups require assistance to break even and release their visionary products and technologies in the market.
This is where medical device incubators come to the fore. In the healthcare startup economy, the role of medical device incubators is extremely vital. These incubators support and help startups at every step of their initial years in the market. Medical device incubators provide financial funding, guidance, resources, practical advice to these startups to help them transform their vision into a real product. This article offers the names of top seven medical device incubators, in no particular order, which can help medical device startups flourish and expand in the U.S. healthcare market.
Top 7 Medical Device Incubators in the US
1. Global Center for Medical Innovation (GCMI)
Located in Atlanta, the Global Center for Medical Innovation is Southeast’s one and only medical device incubator. GCMI aims to help healthcare and medical device startups accelerate the development process of their business and benefit the medical community with their inventions and discoveries. Established in April 2012, the six-year-old medical device incubator has till date collaborated with more than 50 different healthcare and medical device startups. Apart from the startups, GCMI also collaborates with academic researchers, clinician innovators, and university tech transfer offices.
GCMI maintains a close working relationship with the startups enrolled under its program and assists them to accelerate the development process of their products while lowering the manufacturing costs at the same time.
2. Adventus Ventures Corporation
Adventus V.C. is a small-scale medical device incubator which identifies startups having breakthrough technologies and assists them to develop these medical devices both externally and internally. This venture capitalist and medical device incubator provide financial support to medical device startups with unique ideas and transformational technologies. Apart from offering the seed funding, Adventus V.C. provides assistance in corporate financing, IPO, business advice, and technical help. Using its vast business connections, Adventus V.C. supports the startups to carve their presence in the commercial market.
If your startup is in the early stage and you are looking to expand the business rapidly, TMCX+, located in Houston, is just the place for you. TMCX+ is an innovative incubator program that takes place at the Texas Medical Centre’s Innovation Institute which is dedicated to offering innovation and entrepreneurship guidance to the startups selected in this prestigious program. The TMCX+ supports innovation in the field of medical technology and biology and is situated at a stone-throw distance from AT&T Foundry for Connected Health and JLABs.
4. Blueprint Health
Housed in the New York City, Blueprint Health is one of the biggest names in the healthcare startup economy. This medical device incubator uses its vast connection with healthcare mentors to help startups expand their ventures in the medical device domain. Every year this medical device incubator takes 100 startups under its wing, which already has a reliable base of paying consumers. This program is best suited for startups wanting to expand quickly to reach the same level as its competitors.
5. Massachusetts Medical Device Development Centre (M2D2)
M2D2 offers medical device startups access to medical device and biotechnology labs, and assistance of additional researchers. Apart from these facilities, the medical device incubator program also helps in business development, engineering, and offers access to top-notch medical testing equipment. The startups enrolled in this program can tap into the vast network of venture capital and angel investment firms to look for funding opportunities.
6. Rev1 Ventures
Rev1 Ventures based in Ohio has played a significant role in the uplifting of medical device startups in the last five years. The medical device incubator in its 2016 annual report announced that it has invested a total of $5.2 million in 27 different startups and maintained an average salary of $86K across all the startups that were under its wing. Apart from supporting medical device startups, Rev1 has also made a positive impact on the local economy of Columbus by minting out a staggering $1.2 billion in revenue, capital, and exits through its portfolio of startups.
Matter is a medical device and healthcare incubator based in Chicago, Illinois, which brings entrepreneurs from life science and healthcare domain under the roof of its 25,000 square-foot facility. It houses an interactive studio featuring all the aspects of an outpatient environment, a workshop dedicated to concept and prototype development, and many more features.
In an increasingly competitive healthcare industry, medical device incubator plays a significant role in the development of innovative technology and accelerating the process of releasing the device in the market. Likewise, the above-mentioned organizations and programs act as efficient medical device incubators helping the startups turn great ideas into reality.