The funding landscape for digital health and medical devices is highly competitive—funders and investors are increasingly interested in products that deliver cost savings for healthcare consumers while also providing evidence-based improvements. Like most startups, you may underestimate the amount of funding needed to meet your goals. Once you reach the proof-of-concept phase, funders may be more financially motivated to support the critical steps toward commercialization.
- Work with an expert to develop a business plan, which should include:
- A succinct, yet detailed overview of how your technology will fill a novel market gap
- The funding you will need to launch your technology and sustain your business based on a reasonable timeline
- Evidence that your technology will save money and improve outcomes
- A demonstration of existing interest from the market
- A demonstration of a management team with a track record of success
- How investors will earn a return on their investment
- An exit strategy
- Join a business accelerator program to gain valuable expert advice that will help you shorten your path to market and reduce costs.
- Explore support through the National Institute of Health, Small Business Innovation Research/Small Business Technology Transfer programs, I-Corps, and others.
- Participate in pitch competitions and matchmaking events to connect with government, angel, and venture funders.
The National Institutes of Health supports the development and commercialization of biomedical technologies through the Small Business Innovation Research and Small Business Technology Transfer programs.
The New Enterprise Forum provides capital-seeking entrepreneurs with coaching to help them effectively communicate with investors.
Fast Forward Medical Innovation provides information to help biomedical researchers accelerate their innovations from idea to impact. This presentation highlights medical device development, U.S. Food and Drug Administration (FDA) regulation, intellectual property, mentorship opportunities, and funding resources.
MaRS provides insights on raising money, preparing documents for investors, and creating the perfect business pitch.
MichBio, a bioscience trade association, provides a list of Michigan-based investors and the portfolios they support.
The National Angel Capital Organization provides education, research, and networking events to ensure investors are familiar with industry best practices and that entrepreneurs have access to critical early-stage funding.
Ontario Centres of Excellence co-invests with industry officials to commercialize innovation originating in the province’s publicly funded colleges, universities, and research hospitals.
The Payor Communication Task Force facilitates communication between device manufacturers and payors to potentially shorten the time between U.S. FDA approval or clearance and coverage decisions.
The Small Company Innovation Program matches small-to-medium Michigan-based technology companies with experts at Michigan’s 15 public universities and awards grant funds for research, development, and testing projects.
The Michigan Economic Development Corporation provides resources to help find capital providers and financing for business.
The Windsor Essex Capital Angel Network (WECAN) is a nonprofit corporation with the goal of sourcing early-stage investment opportunities to angel investors. WECAN facilitates the introduction of entrepreneurs to potential investors through business presentations, investment meetings, and networking opportunities.