The Michigan Medical Device Accelerator's 5-Phase Process
The process of developing an idea into a medical product and bringing it to market involves a number of stakeholders, each with their own interests and influences. For many small companies, navigating through this maze can be insurmountable and bring an early end to an otherwise promising device. Understanding this topography is the role of the Michigan Medical Device Accelerator (MMDA). Our 5-phase process is able to turn an "idea" into a marketable product.
The Selection — FIND IT
The selection of entrepreneurial ideas is based on promising scientific results having the highest probability of being transformed into tangible economic value. The goal of the selection process is to identify those ideas that serve an unmet clinical need by employing novel technology that will allow patients to live a normal life. The MMDA will target engineers, technology transfer offices, venture funds, entrepreneurs and physicians who have an idea for a device or want to develop a medical device.
The MMDA will also target established start-up companies in the later stages of development. These companies are typically in need of developing a sales organization in the United States, which can be complicated and costly. For start-ups located in other countries, companies may be looking for an entrance into the United States to finish development and build a sales organization. The MMDA can help.
The Diligence — PROVE IT
The due diligence process takes advantage of the talent and history surrounding Michigan in medical device and life science research through a Advisory Board. The MMDA draws on the experience of medical device experts in the fields of intellectual property, finance, regulatory affairs, quality systems, design and manufacturing, in addition to scientific research, surgery, physics and chemistry. The MMDA will measure the potential success of the technology as a viable product and potential stand-alone company.
The Approval — ACHIEVE IT
Upon completion of the due diligence process, the idea will be presented to the Investment Board for approval. The approval process will need to include a summary report of all due diligence findings in accordance with the due diligence checklist. The report should include any findings that may lie outside the checklist but are important to the decision-making process. The Investment Board will grant final approval by means of a majority decision.
The Start-up — LAUNCH IT
This step requires several competencies such as intellectual property management, business development, financing and a strong network of collaborators and partners. This is the stage where many ideas simply die without the expertise of a resource such as the MMDA. The right steps taken here result in a much higher degree of success.
The Exit — SELL IT
At the end of the incubation period, the Accelerator will provide the ability to (1) structure the company into a stand-alone enterprise, (2) license and/or sell the technology or (3) sell the entire business to a larger corporation.