MedTech Innovator, a nonprofit, announced that it has incorporated as an independent nonprofit based in Los Angeles, Calif.
Over the past five years, MedTech Innovator has grown from a project overseen by CEO Paul Grand during his years as a venture capitalist at RCT Ventures to a full-fledged company with several full-time and part-time staff.
“When I started working on the program that would become MedTech Innovator, venture capital firms were moving away from the medtech industry for a number of reasons, and I wanted to address this gap for entrepreneurs and emerging companies in the space,” MedTech Innovator CEO Paul Grand says. “MedTech Innovator has had early success because it focuses on the needs of companies on both sides of the equation: startup companies require capital, industry feedback, and meaningful guidance, and industry leaders benefit from a strong pipeline of innovative products and promising technologies.”
Sponsors RCT Ventures, Johnson & Johnson Innovation – JJDC, Inc. and Johnson & Johnson Medical Devices Companies support MedTech Innovator’s accelerator program, including the competition, and it receives additional funding support from industry partners BD and Baxter.
MedTech Innovator was also awarded funds from the U.S. Small Business Administration’s Growth Accelerator Fund Competition and works with annual program partners the Advanced Medical Technology Association (AdvaMed), Wilson Sonsini Goodrich & Rosati, and Innovation in Medtech.
“We have been a proud supporter of the MedTech Innovator program since its early days, and we are thrilled to serve as a founding sponsor for the new organization,” says Renee Ryan, Vice President of Venture Investments for Johnson & Johnson Innovation – JJDC, Inc. (JJDC). “We strive to bring ideas, products and services to life to advance the health and well-being of people around the world, and MedTech Innovator’s efforts to find and cultivate the best medtech startup companies in the world supports that mission.”
MedTech Innovator’s sponsors play a role in the organization’s activities, including participation in an annual survey to decide the transformative themes for the competition, serving as judges during in-person pitch events and conferences, and working with startup companies as mentors during its four-month accelerator program.
“RCT shares Paul’s vision to improve the lives of patients by providing up-and-coming medical technology companies from around the world with sound guidance and best-in-class resources to pursue the development of groundbreaking technologies,” says Chris Martin, RCT president, medical devices. “We are proud to be founding sponsors for MedTech Innovator and understand the value to the healthcare system of having a healthy pipeline of medical technology startups.”
During its annual competition series, funds that are provided by partners and sponsors directly benefit startup medtech companies through a number of non-dilutive cash awards, totaling $500,000 in 2017.
MedTech Innovator is pleased to have named the following executives to its board of directors at its first meeting in December 2016: Paul Grand (MedTech Innovator), Chris Martin (Research Corporation Technologies), Renee Ryan (JJDC), and Ashley Wittorf (AdvaMed).