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Archives for July 2017

How to Raise the Funds You Seek for Your Medical Device Company

Rick Baron, Dave Sheppard, Teresa Gonzalo, and Enzo Villani led our panel at our fifth annual 10x Medical Device Conference.

Among the topics they discussed:

What kind of capital should I raise?
• Talk to angels, friends, and family; after that stage get an advisor who will guide you. Another: Go to VCs when you are pre-revenue and seriously consider debt once you’re post revenue so you don’t dilute your ownership.

Is there such a thing as “bad money?”
• Yes. That’s when you end up with a partner you can’t tolerate. Find money that wants to work with you and that understands what it takes to succeed in medical devices. Better still if they are connected in the industry and can make introductions for you.

How do investors determine how risky an investment is?
• They evaluate the management, engineering and regulatory expertise, size of market and financials, the strength of your IP, your freedom to operate, and reimbursement.

Rick added: Whenever you’re raising capital ask yourself, “How much do I need? Why do I need it? How will I pay it back?” And, “The day you get the check is the day you start the next round.”

Medical Device Funding and Resources to Jump Start Your Company

Dr. Chris Sasiela gave you a gift at this year’s 10x Medical Device Conference: A list of resources from the National Institute of Health (NIH) and their Small Business and Innovative Research (SBIR) program you may have overlooked.

NIH resources are extensive and include:

• Up to $225,000 for your feasibility study and up to $5 million for companies creating FDA-regulated technologies
• $100 million in grants each year for small business research from the NHLBI (National Heart, Lungs, and Blood Institute)
• $800 million across all the divisions of the NIH annually
• Advisors specializing in regulatory, small business, business development, investments, entrepreneurship, and many types of scientific advisors
• A clinical specimen and data repository where you can leverage their clinical studies to validate your diagnostic
• A video library including one clip about how to write an effective grant
• Innovations created in academic labs that you might be able to incorporate into your company
• Innovation conferences where they put you in front of a room of investors plus partnering with other forums

Click for the slides. »