Med Tech Innovation Clusters
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Transcript of Med Tech Innovation Clusters
![Page 1: Med Tech Innovation Clusters](https://reader031.fdocuments.in/reader031/viewer/2022030304/587aa7fa1a28abed218b4d8b/html5/thumbnails/1.jpg)
Tim Blair; Director of Strategic Partnerships
NAMSA
Lifescience Ecosystem
1. What is an Innovation Cluster?
2. Why do they matter to me?
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Speed of Innovation and Information
50 Million Users
Mirror – 250 years
Radio – 36 years
TV – 13 years
Internet – 4 years
iPhone – 3 years
Instagram – 2 years
Angry Birds – 35 days
100 Million Selfies / day
Information to 2x
1900 – 100 years
1945 – 25 years
2015 – 13 months
2020 – 12 hours
You can hold all of the data
moving between EU and US in
the palm of your hand
Pure genius is rare: Invention
happens
because of the environment, the
previous, the necessity
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Medical Device Ecosystems
Without competition, a cluster will fail.
"Competition can coexist with cooperation
because they occur on different dimensions and
among different players."
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Medical Device Ecosystems
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http://www.clustermapping.us/cluster/medical_devices
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Traditional Medical Device Ecosystems
Medical Device Clusters Globally:
NoCal (Silicon Valley)
SoCal
Minneapolis
Boston
Warsaw, IN
Ireland (manufacturing)
Lyon, France - Switzerland
Israel (R&D)
Shanghai
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Medical Device Ecosystems
All helpful data, but how do clusters originate?
How do medical device clusters originate and develop?
What is the “one” thing these locations have in common?
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“Nine Number Ones”
Medical Device
Ecosystem
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Medical Device
Ecosystem
Commercial
Success
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Commercial Success
Someone has to be successful (early wins!)
Examples . . .
Target Therapeutics, Guidant in Silicon Valley (Dr Shockley from MIT)
New Jersey (rich history – Edison, Bell)
Medtronic in Minneapolis (Mayo Clinic)
DePuy in Warsaw, IN (1895)
Boston Scientific in Boston (Mass General)
Brings talent, economic growth, cash
Platform for entrepreneurs and spin outs
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Medical Device
Ecosystem
Capital
Commercial
Success
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Capital
Grants (NIH), SBIR, Institutional
Angel, Seed
Venture (A/B/C)
Tax Incentives, Banks
M&A, IPO
Economic Development Cooperation
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Medical Device
Ecosystem
Capital
NGOs
Commercial
Success
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NGOs
Non-Governmental Organizations which provide
intellectual capital / clinical know how, such as:
• Hospitals
• Universities
• Community Colleges (skilled trades, employment)
• Bio / MedTech Trade Associations (not just advocacy,
but networking, supply chain, training, buying consortia,
economic data)
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Medical Device
Ecosystem
Capital
NGOs
Incubators
&
Accelerators
Commercial
Success
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Incubators
Incubators/Research Institutions/Accelerators:
• Public or privately funded
• Accessibility to space, labs, prototyping facilities,
materials testing (specific)
• Mentors are critical
• Regulatory, preclinical, clinical, reimbursement
knowledge readily accessible
• Fail fast, iterate, bridge the early gaps
• Awesome Innovation at this level
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Start Up Incubator Objectives
• An early “link” between Ideation and Industry
• Refine and prepare technology and a research team for success
• Research focused on getting the technology aligned with the market needs (innovation)
• Market opportunity 1. who is willing to pay for this product, 2. does this product address that opportunity
• Help companies on their journey
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Incubator Advantages
• Increase value (work out the research bugs)
• Poise for next stage investments
• Mentors & Strategic Partners
• Networks of investors, industry, universities, hospitals,
researchers, manufacturing, engineering, regulators,
distributors, etc.
• Small % to no ownership exchanged
• Education
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Concept/FeasibilityDesign Validation /
PreclinicalClinical Market Approval Post-Market
Medical Device
Timeline
Incubator Accelerator
Investment gap
Innovation Pain
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Start Up Accelerator Objectives
• Cram 2 years into 2 months
• Poise the company for significant funding
• Refine and define the business models, marketing plans,
commercial strategy
• Typically focused on scaling the business
• Graduation will increase value
• Help companies on their journey
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Accelerator Advantages
• Increase value (fast)
• Poise for larger capital / scale
• Education
• Mentors (10-100 Executive types)
• Strong networks of investors
• 3-9% piece of your business
• Help you avoid mistakes
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IncubatorCreating entrepreneurs,
new technology, jobs
Start UpEntrepreneurs
AlumniStudentsInventors
BanksVC Firms
Corporate Support
Community ResourcesMentorsInvestors
Vendors / Suppliers
Academic Inst.Angel Firms
Corporate Structure
Seed Financing, FundsOrganizational commitment
& support to resources
Strong PULL for Incubator’s
Value propositionHigh value ROI
for time, money, andeffort
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Incubators AcceleratorsAccess (Space) Access (Mentors & Capital)
Right Networking Right Networking
Right Equipment Right Tools
Low acceptance rates Low acceptance rates
Dedicated markets Dedicated mentors
6 mos - 2 years to graduate 3-6 months to graduate
Early Stage (typical) Early to Mid Stage (typical)
Innovation Scale quickly
Focused Learning Events Focused Learning Events
Poised for early funding Instructions for larger funding
Seeds & Soil Greenhouse
Apples Oranges
Innovators: What to look for vs Institution: What to offer
Both could be done in a singular designed building
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Interesting Facts
• (1500) 71% reported a boost in creativity since joining a
shared work space
• 62% report the quality of work improved.
• 64% we better able to complete tasks on time
• 90% reported and increase in self confidence because
they now worked in a supportive community
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Interesting Facts
• 2012 – North American incubation programs (2,000-7,500 depending on your definition)
• Assisted more than 40,000 companies
• Employment for more than 150,000 workers
• Revenues estimated at $30BB
• Recent data suggests # of Lifescience focused incubators are sharply declining (longer exits, funding gaps, regulatory hurdles)
• High success rates for companies who are able to enter incubators programs (2% acceptance rates)
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Medical Device
Ecosystem
Capital
NGOs
Incubators
&
Accelerators
Supportive
Regional
Government
Commercial
Success
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Supportive Regional Government
Not just supportive, active!
• Grants/funding for start-up ventures
• Employee development/training/transitions
• Tax incentives, R&D tax credits
• Advocacy at regional, state, national levels
• Collaborative
• Engaged
• Mutually beneficial
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Medical Device
Ecosystem
Capital
NGOs
Incubators
&
Accelerators
Supportive
Regional
Government
Some
Local
Supply
Chain
Commercial
Success
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Some Local Supply Chain (Innovation)
Some (not all), to make development easier:
• Materials development/assessment (metals,
polymers, coatings, adhesives, cleansers)
• Fabricators, machine shops, injection molders,
• 3D printers
• Contract manufacturers
• Labs, CROs
• The successful regions have > local supplier
support and an abundance of resources.
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Medical Device
Ecosystem
Capital
NGOs
Incubators
&
Accelerators
Supportive
Regional
Government
Some
Local
Supply
Chain
Risk
Tolerance
Commercial
Success
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Risk Tolerance
Includes competition, but also cooperation for
the whole to succeed
Loosen institutional handcuffs
Failures are “learning moment”
As long as you don’t make the same mistake(s)
And as long as there are more successes than
failures . . . over time
Question: Is failing fast really a good thing?
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Medical Device
Ecosystem
Capital
NGOs
Incubators
&
Accelerators
Supportive
Regional
Government
Some
Local
Supply
Chain
Risk
Tolerance
Commercial
Infrastructure
Commercial
Success
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Commercial Infrastructure
Support services . . .
IP/Legal/M&A
Bankers, Accountants, Insurance
Employment firms . . . Talent
Educational institutions
Travel, transportation, tourism – clean, easy
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Medical Device
Ecosystem
Capital
NGOs
Incubators
&
Accelerators
Supportive
Regional
Government
Some
Local
Supply
Chain
Risk
Tolerance
Commercial
Infrastructure
Community
Commercial
Success
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Community
Not traditional definition . . .
Online/E-exchanges/Social Media
Gathering places, informal networking
Chance meetings
Collaboration, idea exchange
Meet other cool people with similar interests
Diversity
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3 Suggestions
Community . . . 3 C’s (conferences, connectors,
collaborators); spaces and places
Pull local and State government into your conferences . .
. Make them active?
Is there a common theme? Yes, the best innovations
hubs have active community and government activity.
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Final Thoughts
We need more hubs of healthcare innovation!
• Jobs
• Next generations depend on global innovations for today’s global
markets
• Government cannot dictate what is considered innovative
• Need more collaboration across the healthcare sectors
(practitioners, regulators, global researchers, investors, big MedTech)
• Need more avenues for early technologies (big gap here!)