Support focuses on areas specific to individual company’s needs, with an emphasis on tailored engagement with different elements of the health care system, as well as our external network of investors, entrepreneurs and community partners relevant to MedTech business.
It may include:
- Learning opportunities to deepen understanding of the health care system and MedTech business
- Engagement with health care providers, clinicians, subject matter experts, investors, entrepreneurs and community partners
- One-on-one business development sessions based on your needs
- Developing new products or refining existing products to meet the needs of the health care system
- Research collaborations and clinical studies to validate technologies
- Licensing of complementary intellectual property
- 100K Amazon Web Services credits per company, valid for one year
Passing the rigorous selection process is a testament to the hard work and potential of each company.
Companies initially apply using an online portal and are shortlisted against eligibility criteria.
Eligible applicants are invited to complete the full applications which are then shortlisted against specific criteria by professionals with expertise in healthcare and business. Companies scoring highly at this stage are offered an interview, which will be carried out by the Accelerator team in partnership with invited experts.
Applicants are ranked on their scores, and the top companies are offered a place, subject to due diligence vetting.
At both the online stage and during the interview, applications are scored for their suitability for participation in the MedTech Accelerator in the following areas:
- Fit for Mayo Clinic and Arizona State University
- Credibility of the leadership team and a business plan
- Potential to benefit from the program
- Motivation and interest in applying
Neither Mayo Clinic nor Arizona State University guarantee funding through participation in the MedTech Accelerator. However, there are opportunities when the MedTech Accelerator may provide funding through Mayo Clinic Ventures for specific product development projects that can leverage Mayo clinical-translational expertise and/or have Mayo intellectual property.
Companies that are selected to participate in the MedTech Accelerator are required to contribute $50,000 worth of cash, convertible notes or equity to the program.
We believe the program’s value lies in accessing and navigating the complex health care system and MedTech business by way of tailored business development interactions. The MedTech Accelerator allows for fast track product development collaborations, research and clinical validation studies with Mayo Clinic, the world leader in patient care, and/or medical education and research through Arizona State University, the nation’s most innovative university, to reach well-defined inflection points and increase the value of your business.