On episode six of the MIDI Innovation Vault series exploring the accelerators, incubators, and development communities driving innovation in medical technology today, MIDI CEO Greg Montalbano was joined by Penn Health-Tech Executive Director Katie Reuther to discuss the institution behind Penn’s broad effort to improve healthcare, as well as their associated accelerator.
Penn Health-Tech and Passionate Leadership
At the head of a university-wide initiative, the Center for Health, Devices, and Technology at the University of Pennsylvania, known abbreviated as Penn Health-Tech, seeks to translate discoveries made in research performed at Penn into technology with, in Katie’s words, “the potential to benefit human health and society.” Part of this effort is the Health Tech Accelerator Program, the center’s formal program supporting early entrepreneurs through conceptualization, development, testing, and commercialization, which imparts pilot funding, project support, and management, as well as access to a comprehensive ecosystem connecting teams with resources both in and outside of the university.
For Katie, taking breakthroughs from bench to bedside is an individual interest as it is professional. Her initial interest in translational research was sparked while training for her Ph.D. in Bioengineering at Penn; after publishing several discoveries in orthopedic research, Katie was captivated by the idea of seeing them in practical use. This interest eventually bred a sense of personal responsibility that has guided ten years of work advancing academic entrepreneurship, including being involved in Columbia’s accelerator program, co-founding her startup, and consulting on NIH programs, among numerous other achievements.
De-risk, Catalyze, Launch
One of Penn Health-Tech’s most significant advantages to early entrepreneurs is its robust ecosystem. Intending to serve as a bridge to funding, they prioritize early communication with industry and strategic partners, bringing them onboard even before selecting their cohort. When reviewing candidates for the Health-Tech Accelerator, they include experts from each stakeholder group to ensure that each project has proven potential for success and that each team will have opportunities within the ecosystem after the program has ended.
MedTech entrepreneurs are often responsible for pursuing their early testing and implementation opportunities. The center’s partnership with Penn Health, the university’s health system, allows them to further de-risk and catalyze commercialization by providing them directly within the ecosystem. Notably, the Penn Health-Tech ecosystem also includes hospital and healthcare networks, featuring strong engagement and support from the surrounding health system. This is particularly important when the program’s medical device has a higher risk. During their earlier stage, these project types can often experience risk and find it difficult to succeed without proper support.
While the HTA program spearheads Penn Health-Tech’s efforts, HTA also manages other Penn initiatives it in several ways, including serving as a hub for entrepreneurs to find and navigate opportunities available through the greater Philadelphia system as well as nationwide programs. For their groups, they are not only a bridge from academia to entrepreneurship but an entire structure built to support and expedite the journey from lab to the clinic.
To learn more about Penn Health-Tech 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, Penn Health-Tech, 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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