What is the best way to get a federal grant for your medical device startup? Considering that the success rate for companies seeking federal loans hovers only between 11 and 15 percent according to Bhramara Tirupati, of BBCetc, an Ann Arbor, Michigan-based business consulting group, it is best to do everything you can in order to get one of these loans. She shared these four tips with Brandon Glenn from MedCity News for startups looking to acquire the elusive federal funding: Determine if you’re eligible. SBIR and STTR grants are open to for-profit companies with fewer than 500 employees that have a U.S. location. Follow the money. Eleven different government agencies issue SBIR and STTR grants. Think of each one of those 11 as a separate program, as each has...
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How do you ensure you give your medical device the best chance for success? Jessica Urban, Director of Program Management at Stratos Product Development suggests five factors to success in product development: 1. Wait Until the Technology is Really Ready 2. Choose the Right Team 3. Use a Systems Approach 4. Use a Risk-Based Approach 5. Dedicated Project Management For an in depth look at Jessica’s strategies, check out her article Five Factors To Success In Product Development. ...
Did you know that the seven big Facebook holders, including Mark Zuckerberg, Dustin Moskovitz, and Sean Parker, hold shares totaling $25 billion? By comparison, all the 12 health care billionaires on last year’s issue of the Forbes 400 Richest People in America had a combined net worth of a measly $28 billion. Forbes’ Matthew Herper concludes, “There’s not really much doubt: if you want to reach the upper echelons of wealth, creating a social networking site is a better bet than inventing a drug.” Sound depressing? Never fear, He had some suggestions as to how the medical device industry could change so that entrepreneurs might break through the glass ceiling and enter the upper stratum of the mega wealthy:
- De-emphasize drugs. Right now research in medicine is often centered around...