The nonprofit Memphis Bioworks Foundation and Innova, a pre-seed, seed and early-stage investor, have announced a program designed to help entrepreneurs bring medical device products and companies to market. Called ZeroTo510, the program is an initiative of the state-funded Greater Memphis Accelerator Consortium, whose mission is to “to accelerate growth of entrepreneurial businesses in the Greater Memphis area.”
ZeroTo510 is focused on helping “medical device entrepreneurs navigate the start-up process, refine business models and achieve the Food and Drug Administration’s 510(k) pre-market notification filing,” according to Bioworks. Through a competitive application process, six startups will be selected to participate in an “intensive, mentor-driven, 12-week program of instruction and hands-on activities designed to guide the entrepreneur through the process.” Each of the six companies chosen will receive $50,000 in seed capital from Innova and MB Venture Partners to “jumpstart their finances.” Applications are due April 5, 2012.
“ZeroTo510 is the first-ever program of its kind in the United States focused on medical devices,” said Allan Daisley, Biowork’s director of innovation and sustainability initiatives. “Typically, it can take years for ideas to pass through regulatory hurdles. An accelerator program that focuses on the 510(k) filing is the right approach to achieving an expedited path to market, but achieving success in that path requires unique skills and knowledge.” See Memphis Bioworks Foundation News Release, February 14, 2012.