MOUNTAIN VIEW, CA--(Marketwired - Sep 22, 2016) - The Fogarty Institute for Innovation, a nonprofit that provides intellectual, physical and financial resources to emerging medtech companies, today announced it has opened the application process for startups interested in being incubated at the Institute. Applications are due Friday, November 18 and can be submitted online. Up to three companies will be selected during this application round.
Through this program, the Institute supports early-stage innovators whose ideas have significant technical and business merit, and a high likelihood of benefitting patients. Selected startups are provided with the tools needed to effectively and efficiently bring their products to market, and attract seed-stage funding. They are typically supported for one to three years. The program is customized to each individual startup, with expert mentors from both our staff and within our network, working closely with each innovator to maximize their chances for success.
"We are very proud of our incubation program, which has already successfully launched six startups, with more closely following in their footsteps," said Michael Needels, Chief Operating Officer of the Fogarty Institute. "Combined, our startups are projected to improve and/or save the lives of millions of people worldwide. We are looking forward to hosting and supporting additional innovators whose technology will make a long-term impact on healthcare."
Selection criteria include:
- Innovators whose ideas address a major unmet clinical need or provide an opportunity to significantly improve an existing treatment method
- Medical device, medtech, digital health companies (not biotech)
- Unfunded or modestly funded companies that need support building the technical and/or business aspects to attract an initial round of financing; OR moderately funded companies (between $500,000 to $4 million cash on hand) that will greatly benefit from the mentoring support and exposure to the innovation ecosystem they'll receive at the Institute to accelerate the development of their technologies
- Startup companies with fewer than five members on their team
- Innovators who are able to work full-time at the Fogarty Institute's facility in Mountain View, Calif.
- Innovators who will significantly benefit from the unique educational resources (i.e. mentoring and clinical access) provided by the Institute
The current companies-in-residence are focused on finding solutions to address significant medical conditions such as postpartum hemorrhage, cardiac arrhythmia, skin cancer and neonatal resuscitation, among others. "Before we can incubate and support important new medical technologies we need to discover them, which makes our application process critically important in helping launch successful companies that will ultimately benefit patients," Needels said.
About The Fogarty Institute for Innovation
The Fogarty Institute for Innovation is a 501(c)(3) non-profit that helps early-stage medical companies transform their ideas into medical products that improve patient care. Carefully selected medical innovators are offered office and laboratory space, financial aid and world-class mentoring by physicians and industry experts to bring their products to market. The Institute was founded in 2007 by internationally renowned cardiovascular surgeon and innovator Dr. Thomas J. Fogarty, M.D., and it is based on the El Camino Hospital campus in Mountain View, Calif. To learn more, visit www.fogartyinstitute.org, and follow the Institute on Facebook and Twitter.