Dr. Tom Luby visited the MIDI Innovation Vault for episode eight of our series, exploring the accelerators, incubators, and development communities creating ecosystems for entrepreneurs to deliver transformational MedTech solutions to patients. Serving as Director of Innovation at Texas Medical Center located in Houston, he sat with MIDI CEO Greg Montalbano to discuss the vast ecosystem they provide to early entrepreneurs, connecting developers of novel health technology with the world's largest medical complex.
TMC, JLABS, and a Leader's Vision
TMC Innovation is devoted to providing resources in funding, contacts, mentorship, and infrastructure to startups and entrepreneurs looking to pioneer innovative technology in the MedTech and Biotech space. Connected with JLABS, Johnson and Johnson's network of accelerators and incubators, TMC Innovation offers two formal accelerator programs to early entrepreneurial groups, one working with medical device and digital health startups while the other accepts primarily prospective entrepreneurs from academia developing solutions in cancer therapeutics.
Previously the head of JLABS in Houston, Tom has an extensive background in accelerating businesses by infusing innovation within the healthcare and biotechnology marketplace. Describing himself as a "startup person," his experience has led him to intimately immerse himself within the planning as well as challenges of startup life, market's needs and how they should be addressed. Recognizing the essential components of startup and emerging company success, Tom has concluded that the best path forward for MedTech startups is connecting them with thoughtful and practical strategic partners. His work at TMC Innovation is based on assisting early entrepreneurs in doing so.
Healthcare Connections
As previously mentioned, TMC Innovation is connected to the largest medical complex in the world, creating one of the most comprehensive ecosystems available to early entrepreneurs today. When developing MedTech devices and digital applications, seeking and continuously receiving feedback from the industry leaders and key-stakeholders is critical to success. Yet, it is often tricky for groups working with novel technology to secure the contacts and opportunities they need to do so, potentially missing out on opportunities to consult with stakeholders on their needs and have their technology validated in actual practice. With six major enterprise hospitals within their ecosystem, TMC Innovation mitigates the hesitation and resistance these entrepreneurs are met with in the clinical space by connecting them with healthcare professionals whose needs match their technology, opening doors impossible to access without the support of such a reputable entity. Further, MedTech entrepreneurs often take the opportunity to leverage their rapport with leading physicians to learn critical needs directly from the source in order to develop devices and systems that serve the medical and biotech markets’ needs hand in glove.
Along with their connections in healthcare, TMC Innovation has significant corporate backing, with Johnson and Johnson holding two sites with TMC of which are available to provide resources including but not limited to prototyping and lab space to entrepreneurs pushing their technology further. Yet, this still only scratches the surface of the tremendous support offered by this enormous ecosystem, allowing innovators to start their journey to commercialization with confidence and optimize the chances of emerging company success.
To dig deeper into TMC Innovation, JLABS, and their comprehensive efforts serving early entrepreneurs in medical technology, click on the link below to listen the MIDI & TMC Innovation Podcast located within the MIDI Innovation Vault: https://info.midipd.com/podcast
If you have any questions or comments about MIDI, TMC Innovation, or would like to schedule a complimentary consultation with Greg Montalbano about your business, you can reach him by phone at 1-631-467-8686 or email at innovation@midipd.com.
If you enjoyed this blog content, please follow MIDI on social media. If you would like to download informative industry-related white papers and supporting material, please visit MIDI's website at www.midipd.com.