New Health and Medical Technology Development Opportunities
The National Science Foundation Small Business Innovation Research program offers small firms and startups new health and medical technology development opportunities that will companies to produce novel, marketable, problem-solving solutions. The attachments provide basic information about how your small firm/startup can obtain non-dilutive seed funding that will help your company succeed in 2022 and beyond. More importantly, the attachments outline specific information about new health and medical technology development opportunities in the following areas:
Funding Your Startup From Product Development To Business Growth
Moving your health technology startup or MedTech startup from product development to business growth requires money. In fact, each business development stage demands different types of funding. For example, a seed grant is used to conduct concept feasibility and produce a health or medical technology prototype. Other funding sources, such a convertible note, a working line of credit and a private early-stage investment, are needed for executing the Go-To-Market strategy, customer acquisition, and overall business growth.
This free brief provides information and illustrates the various funding sources, such as a seed grant, a convertible note, a working line of credit and an early-stage investment, required to move your startup from product development to business growth. In addition, it will show how a business model can be used to acquire funding at each business development stage.
Preparing Successfull National Science Foundation Small Business Innovation Research Phase I Funding Documents
The National Science Foundation Small (NSF) Business Innovation Research (SBIR) program awards startups and small firms $1.2M seed funding to produce a novel, marketable, problem-solving health technology or medical technology. Phase I funding, $275K grant, is used to conduct proof-of-concept, while Phase II funding, $1M grant, is used to produce a technology prototype, i.e., minimum viable product (MVP).
The attached guide contains information needed to prepare successful NSF SBIR Phase I funding documents, i.e., 3-Page Project Pitch and Phase I proposal, and win the $275K seed grant.
Sterile Geeks VR Inc, a Jacksonville, FL MedTech startup, is a recent NSF SBIR Phase I $255K seed grant winner. The company is developing a mixed reality real-time, immersive training solution, using the Microsoft Hololens 2 headset, for hospital and ambulatory surgery centers sterile processing departments (SPDs).
Using the approached described in the guide, Eighteen Ventures helped Sterile Greeks VR successfully prepare NSF SBIR Phase I funding documents: 3-Page Project Pitch and Phase I funding proposal. We are currently helping the company prepare its Phase II funding proposal.
Startup Business Model Development Outlines
Without a business model, startup MedTech and health technology firms will face difficulties securing new technology development seed funding as well as producing, commercializing, monetizing and distributing a novel healthcare/medical solution. In fact, producing a startup business model is the best approach towards accomplishing all of these objectives.
Attached are business model development outlines that can be used for a startup MedTech firm and a startup health technology firm. The presentations were produced based on Eighteen Ventures' work with our clients, which include startup medical technology and health technology companies. We have used this business model development process to help our clients support their vision and aspiration as a fledgling company.
The two attached documents explain how to construct a realistic, actionable new technology development strategy that will help guide startups to market success.
Startup MedTech Business Model Development Outline
Startup Health Technology Business Model Development Outline