Innovation-focused medical device startups from all over the U.S. and the world vie for a coveted place in California-based Medtech Innovator’s Accelerator. The largest accelerator of medical device startups in the world selects fifty applicants for its September Showcase of which twenty-five join the Accelerator cohort that kicked off its program in June.
All are chosen for their innovations in the areas of device, diagnostic, and digital health technologies from around the globe. All share the same goal of improving patient care through innovation as explained by MedTech Innovator Paul Grand, CEO.
“Our goal at MedTech Innovator is to find the most promising medical innovations and make sure they actually reach the patients who need them.”
The leaders of the chosen fifty began the program in mid-June at the annual MedTech Innovator Summit where they met with MedTech Innovator’s partners. Hosted virtually the leaders were given exclusive virtual networking engagements and interactive workshops. In addition, a subset of 25 early-stage companies were selected to participate in MedTech Innovator’s award-winning Accelerator program.
After months of intensive work and exposure to industry manufacturers, providers, investors, and other industry stakeholders, the program culminates with a final competition at the MedTech Conference set for September 27th through the 30th. All 50 medical device startups compete at the Conference of which five startups from the Accelerator cohort will compete for the Execution Award, and another five companies will advance to compete in the Grand Final competition. The grand prize winner is chosen via audience vote to receive the $350,000 grand prize and the winner title of 2021.
Participating in the Accelerator and Showcase has a great impact on the success trajectory of the competing medical device startups. Since its launch in 2013 MedTech Innovator has reviewed more than 5,000 startups of which 340 graduated from the Accelerator and gone on to raise more than $2.7 billion in follow-on funding.
This year’s cohort was extremely competitive with only a 4% acceptance rate. Senior leadership teams of its corporate partners and over 200 industry judges evaluated the pitches of 195 candidates out of more than 1,100 applications from 54 countries and 42 U.S. states.
The network that helps judge the applications to the Accelerator and Showcase includes stakeholders across the medical device industry that promote early and mid-stage startups. This includes well-established relationships with 25 corporate partners and a network of more than 100 medtech investors, business development representatives, and industry experts.
Medtech Innovator provides their medical device startups with a range of support that includes mentorship and feedback, funding opportunities, and continual engagement with peers and advisors. Those elements and infrastructure moves their medtech startups along faster, optimizing their resources and improving their chances of success—as reflected in the 80 plus medical device products that have been brought to market since the Accelerator’s founding in 2013.
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