$400K for prototype development still available in round two of new MedTech Launch Fund
February 2, 2021
Applications are open for the second round of funding through the new MedTech Launch Fund, which aims to pump a total of $550K into medtech startups across the Dayton region.
$150k was awarded to two companies through the first round of funding last fall.
The MedTech Launch Fund will accelerate the development of medical technology opportunities in the Dayton region by funding alpha prototype development to validate and advance a technology’s commercial viability and move it towards commercialization through a startup company.
The MedTech Launch Fund is part of a new collaborative effort to align the Dayton region’s healthcare specialization, defense research assets, and entrepreneurial ecosystem to spin out new medical technologies faster. Launch Dayton partner organization Parallax Advanced Research was awarded a $200,000 Technology Validation and Startup Fund (TVSF) grant from Ohio Third Frontier last July to launch this new initiative. The effort is also supported by $330K from the Economic Development Administration’s i6 program.
The time to market for medical technology is longer than other industries because it can take years to complete the necessary testing to meet regulatory standards. While the Dayton region is rich in R&D institutions, entrepreneurs who want to get those technologies out of the labs and into the healthcare system often lack the resources necessary to build and test prototypes; lack of access to experts who can help build regulatory compliance strategies; and lack a workforce to tap when the company is pre-revenue and pre-investment.
The MedTech Launch Fund will provide that gap funding to help regional medtech entrepreneurs build the prototypes they need to seek angel and pre-seed investment. The Entrepreneurs Center (TEC) will collaborate to connect these entrepreneurs with experts to build regulatory strategy, and The ONEIL Center at Wright State University will collaborate to match these medtech startup companies with student interns.
Through the MedTech Launch Fund, up to $550K in grant funding will be competitively awarded to projects to perform validation activities such as prototyping, demonstration and assessment of critical failure points in subsequent development, scale-up, and commercialization in order to generate proof of viability needed to move technologies into the hands of Ohio startup companies to take to market.
“MedTech” is defined broadly to include medical devices, diagnostics, imaging, patient monitoring, surgical tools, implants, therapies, supplements and medical foods, wellness, performance optimization, prevention, hygiene, life science research tools, therapeutic methods, health data mining and application of AI, healthcare delivery cost reduction and workflow/efficiency improvement, patient safety, and all other aspects of technologies intended to protect, improve, or otherwise optimize human health.
The fund will source technologies from two tracks:
- Researcher Track: Technologies originating in the Air Force Research Lab, University of Dayton or Wright State University will be eligible for up to $400K in total awards. These technologies must have moved beyond basic research and already have intellectual property protections in place, such as a provisional or full patent application submitted to the USPTO and/or trade secret protections in place . The technologies cannot already be licensed to a commercial partner. Each project is eligible for up to $75K.
- Entrepreneur Track: Technologies originating outside of these three institutions, but geographically located in or with significant ties to the 8-county greater Dayton Region (Montgomery, Greene, Miami, Clark, Champaign, Preble, Shelby, & Darke counties) will be eligible for up to $150K in total awards. Some level of intellectual property protection must be in place, and the concepts must be beyond basic research. Each project is eligible for up to $75K.
Want a piece of the MedTech Launch Fund for your startup?
Projects that fit the program will be invited to pitch the selection committee in May. Notifications of acceptance into fund and project kick off will be in June. Questions about the program can be direct to firstname.lastname@example.org.
The MedTech Launch Fund is backed by Launch Dayton partner organizations. Launch Dayton is a collaborative effort to connect entrepreneurs to peers, resources, and supporters, and to tell the stories of our region’s thriving startup community. Launch Dayton partners believe everyone, regardless of their background, should have the opportunity to determine their own economic prosperity.
Parallax and The Entrepreneurs Center are both proud partners in the Launch Dayton community.