Boston Scientific, backed by the Mayo Clinic and the University of Minnesota, says it has opened the first medical-technology accelerator under the umbrella of “Gener8tor,” the Wisconsin-based business incubator that struck a partnership with the university in 2016.
The medtech accelerator will operate under Gener8tor’s “gBETA” model: a seven-week program requiring no fees and no equity, and which will be offered three times a year.
“The next big ideas in healthcare won’t happen in a vacuum—meaningful innovation is the result of thoughtful collaboration,” David Knapp, vice president of corporate research at Boston Scientific, said in a prepared statement. “We look forward to working with these ‘scaling’ companies in Minnesota to identify new opportunities to transform patient care.”
The inaugural six companies, according to a news release:
● ExpressionMed creates and sells designed medical tapes so expensive wearable devices last longer and are more fun and socially acceptable to wear.
● Kobara Medical pioneers transverse pericardial sinus cardiac rhythm management and neuromodulation to address heart failure and cardiac arrhythmias.
● NeuroVASx develops interventional assist devices and therapies for treating cerebral aneurysm and stroke patients.
● Quench Medical revolutionizes symptom control for patients suffering from lung diseases.
● Soundly’s gamified app-based therapy has been clinically shown to reduce snoring.
● Vitrose Health’s crowdsourced, localized, patient-facing, diagnostic solution utilizes existing medical infrastructure to save patients and clinics time and money.
Each company will work with physicians, researchers, successful entrepreneurs, angel investors, venture capitalists and industry experts to develop strategies to grow, gain customer traction and pitch investors.
“Minnesota’s Medical Alley is the premier ecosystem to launch a medtech accelerator,” said Adam Choe, director of gBETA Medtech. “Our goal is to create a flywheel effect by supporting the best and brightest companies…alongside such strong collaborators.”
Applications for the second and third 2018 cohorts are available at: www.gbetamedtech.com
The University of Minnesota’s Office of Technology Commercialization launched the partnership with Gener8tor in 2016.
Jay Schrankler an electrical engineer and industry veteran who was hired by the UofM in 2008, amid criticism that too much tech was languishing in the lab, said in 2016:
“This will increase the probability of success of our start-ups ... and give our start-ups access to a broader universe of investors. Gener8tor has a great track record of success in helping validate and scale early-stage companies and we think this partnership is another innovative step.”
Three times a year Gener8tor invests up to $140,000 in each of five startups that receive a "concierge experience" during a 12-week accelerator program. The startups are supported by a network of business mentors, technologists, corporate partners, angel investors and venture capitalists.
Gener8tor’s 65 graduates have cumulatively raised more than $150 million in follow-on financing. Of these 65 alums, 57 percent have raised more than $1 million in follow-on financing or have been acquired.