In the fourth installment of our new podcast series, MIDI Medical Product Developments, Greg Montalbano welcomed Paul Grand, founder, and CEO of MedTech Innovator, to have a deep dive discussion about the accelerator that unites MedTech Innovators with leading players, mentors, and companies across the globe.
MedTech Innovator and Its Founder
MedTech Innovator is the largest accelerator of Life Science companies in the world. The dominant part of MedTech Innovators' portfolio is Medical Devices, in addition to their leadership position as an accelerator of diagnostics and digital health technologies. Here are some impressive stats… 95% of MedTech Innovators portfolio are in business, 86% of their companies have raised equity financing, and their portfolio has had more funding rounds in 2021 than any other accelerator globally.
Boasting a vast network of investors, partners, and experts spanning the globe and areas of interest, the MedTech Innovator program places heavy emphasis on making connections for corporate success. Working virtually to provide mentorship and resources, this accelerator bridges the gaps between significant technology hubs to bring opportunity to cohorts regardless of geographical location.
Paul’s previous experience entails eight successful companies in biopharmaceuticals and medical technology as well as twelve years in venture capitalism, he has been on both sides of the startup table, making him uniquely suited to his role today as MedTech Innovator’s founder and CEO. Pursuing a passion for nurturing MedTech innovation and business success, he created the program in 2013 to support emerging in their journey from early tech to commercialization. Today, his focus is on creating an all-inclusive ecosystem providing the best support to today’s most promising startups.
Advancing Business to Push Innovation
Unlike many accelerators, the goal of MedTech Innovator is not to teach participants entrepreneurship or assist them in starting their business; instead, they seek to guide already established companies actively pursuing commercialization, with full-time teams, existing prototypes, and, often, some funding. Rather than aiding the transition from academia to business, they help companies adapt to the fast-paced world of medical device development and oversee their progress to prevent missteps along the way. Reflecting this mission, MedTech Innovator highly prioritizes engagement with the industry, introducing their companies to leading market players and fostering lasting, mutually beneficial relationships between them, including connecting each team to a corporate mentor with a vested interest in their success.
These connections are but one illustration of the platform’s vast network of partners and mentors, dubbed by Paul “the world’s best [network] for the world’s best startups.” For entrepreneurs, the MedTech Innovator network is both a means of communicating with their stakeholders and a gateway to over five hundred mentors dedicated to promoting innovation in the medical device field, available to provide guidance throughout the program.
The International Model
What makes this impressive network possible and most distinguishes MedTech Innovator from other accelerators is the program’s lack of geographical restrictions. The majority limit themselves to particular locations. Their platform operates internationally, utilizing remote resources to support companies no matter where they are based and curate a network that contains the world’s top minds in life science technology. Further, it continually grows alongside MedTech Innovator and their companies, often being expanded to accommodate the needs and interests of incoming participants.
This location-agnostic model has for entrepreneurs several benefits, eliminating the need for relocation and allowing companies to continue normal operations. However, its primary purpose is to address the lack of quality resources outside of significant technology hubs, something Paul cites as a significant barrier to innovation. With this system, the program may provide the highest quality guidance possible and accept the best startups the country has to offer.
With their unique model, MedTech Innovator is an accelerator that offers opportunities unlike any other, allowing for collaboration among parties otherwise improbable and doing so on a scale likely impossible.
To learn more about MedTech Innovator and the other accelerators, incubator labs, and development communities accelerating cutting-edge medical technology of tomorrow, visit the MIDI Innovation Vault: https://info.midipd.com/podcast
If you have any questions or comments about MIDI, MedTech Innovator, 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.
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