New Mayo Clinic-ASU MedTech Accelerator opens applications
The Mayo Clinic-ASU MedTech Accelerator, a collaboration between Mayo Clinic and Arizona State University that is designed specifically for medical device and health care technology companies, is now accepting applications.
The program, leveraging the resources and venture expertise of two innovative institutions, is designed for companies looking to take their business to the next level. Participants can expect to walk away from the program with personalized business development plans to collaborate with Mayo Clinic and ASU, as well as accelerate go-to-market and investment opportunities.
Dr. Steven Lester, M.D., chief medical officer of the Mayo Clinic-ASU MedTech Accelerator, says the goal is to help startups bridge the development gap.
"We can help the participants to enhance the clinical and commercial interest, and viability of their health care solution," said Lester, a Mayo Clinic cardiologist. "Our hope is that the businesses both gain knowledge to best forge their path forward as well as use the brand of the program to mitigate the risk when seeking investors. Above all, we want to truly translate idealism into action and help to invent the health care of tomorrow."
Rick Hall, director of health innovation at ASU's College of Nursing and Health Innovation and the accelerator's co-managing partner, says this concept provides businesses rare access to the university's well-established startup network.
"The number of patents and amount of funding going to startups through the vehicles of ASU's Entrepreneurship + Innovation and Skysong Innovations is significant," Hall said. "This accelerator will allow outside health technology companies to benefit from the ASU support network, while also leveraging the extraordinary business development and research opportunities of Mayo Clinic."
Those participating will take part in an accelerator immersion April 22–May 3 at Mayo Clinic's Scottsdale campus. The remaining components of the accelerator program can be done remotely. In total, the accelerator will be six months for each cohort, with incentives offered to participants to stay and work in Arizona.
Similar accelerators on other Mayo Clinic campuses have been successful. This effort builds off those accomplishments and capitalizes on the dynamic and emerging entrepreneurial ecosystem in Arizona.
"Beyond our great weather and low cost of living, we have access to top-tier research faculty, world-class physicians and a pipeline of talent coming out of our academic programs. The Mayo-ASU alliance uniquely positions Arizona as an attractive location for companies to accelerate growth," Hall said.
Charlie Lewis, senior vice president of Venture Development at Skysong Innovations, says it's an exciting time for this industry and something ASU definitely wants to continue to be a part of.
"The med-tech space has entered into a new frontier of health care with the emergence of artificial intelligence, advanced techniques in engineering design and other technologies that have enabled personalized patient care never before imagined," Lewis said.
Businesses nationwide are encouraged to apply if they meet the criteria. Each company selected will be required to execute a participation agreement and pay $50,000 to join.