BioAccel will identify up to 5 health care needs based on input from health care professionals, industry and the consumer. Up to 3 will be in the medical device space and up to 2 will be in the medical diagnostics space. Winners will have a chance to receive a minimum of $50,000 of proof-of-concept funds from BioAccel if they can obtain a matching $50,000 from investors.
An Innovative Approach
to Solving Unmet Needs
Background:
What sparks innovation? There is an old but relative adage that states – Necessity is the Mother of Invention. There are many people who are gifted at creating new, innovative products; what usually prevents them from lucrative market success is a lack of accurate consumer needs. In the health care industry, those who can identify the needs (“necessity”) are usually health care professionals, sometimes the patients themselves. Hard to find are those few health care professionals who know how to identify the needs, develop product concepts and also develop a viable business plan. With major changes facing us in the health care industry, a drive for wellness coupled with opportunities for innovation create solutions as well as drive positive economic impact.
Concept:
BioAccel will address this opportunity through the creation of our BioAccel Solutions Challenge Program. For the launch, BioAccel will identify up to 5 health care needs based on input from health care professionals, industry and the consumer. Up to 3 will be in the medical device space and up to 2 will be in the medical diagnostics space. These health care needs assessments will contain detailed requirements that are currently unmet in the marketplace. Supporting data on specific needs, competitive technologies, reimbursement, regulatory and quality requirements will be furnished.
BioAccel will provide an open competition for product concept development based upon these health care needs. Applicants will identify teams within existing startup companies or new companies. BioAccel will perform several rounds of diligence reviews. Winners will have a chance to receive a minimum of $50,000 of proof-of-concept funds from BioAccel if they can obtain a matching $50,000 from investors. BioAccel will invite Arizona’s premier network of early-stage health care investors and host a single event for teams to pitch for matching funds. BioAccel also will solicit interested industry partners to sponsor the proof of concept funding and final selection event to support problem solutions as well as early and accelerated access to novel products.
Winning teams will form companies (if necessary) with $100,000 in proof-of-concept funding along with business development assistance to be provided by BioAccel and our network of advisors. This assistance will be exchanged for equity in the newly formed company.
Thru the collaborative and iterative process of the BioAccel Solutions Challenge model, our industry partners get lower risk technologies configured to meet the exacting company standards for a more seamless integration into the product development and/or acquisition process of the company. This would not be possible with typical university bench side technologies.
Overview:
• BioAccel is launching a statewide competition to seek novel technologies to address up to 5 identified and unmet health care needs.
• If selected, teams will receive a minimum $50,000 commitment from BioAccel, as long as their pitch can raise a matching $50,000 from BioAccel’s investor network.
• Limited funds will be available prior to the pitch for concept development and IP research. NOTE: Funds provided by TBD; Max $2,500 per group, up to 10 groups.
• Winning teams will form new companies that may be housed at a local incubator based on space availability.
Tentative Competition Schedule:
• Summer 2013: Announce Program and Identified Needs
• Late Summer 2013: Close of Applicants
• Fall 2013: Semi-Finalists Selected
• Late Fall 2013: BioAccel Solutions Challenge Pitch Event
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