|For Immediate Release |
|Jessica Taveau||Ralph Berry|
|Memphis Bioworks Foundation||Sullivan Branding|
Memphis Bioworks Foundation and INNOVA Launch ZeroTo510 Medical Device Accelerator
This first-ever program of its kind provides accelerated speed-to-market for medical device entrepreneurs
Feb 14, 2012
MEMPHIS, Tennessee – The Memphis Bioworks Foundation and Innova today announced the launch and details on ZeroTo510, a program of the Greater Memphis Accelerator Consortium designed to help entrepreneurs bring medical device products and companies to market. Applications to participate in the innovative program are being accepted now through April 5.
ZeroTo510 is a unique, entrepreneurial accelerator program that focuses on leveraging the regional strength of the Memphis area in medical device research and manufacturing. The goal of ZeroTo510 is to help 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. Through a competitive application process, six companies will be selected to matriculate through an intensive, mentor-driven, 12-week program of instruction and hands-on activities designed to guide the entrepreneur through the process. In addition, each company chosen for the program will receive $50,000 in seed capital from co-investors Innova and MB Venture Partners to help jump-start their finances.
“ZeroTo510 is the first-ever program of its kind in the United States focused on medical devices,” said Allan Daisley, director of innovation and sustainability initiatives for Memphis Bioworks. “An entrepreneurship program for medical devices is an ideal match for the resources and talents of the Memphis area. 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. ZeroTo510 will provide that.”
Competition for participation in the program is open internationally. However, companies selected must be Memphis-based or willing to relocate to Memphis for participation.
“Those who are already Memphis-based know the resources and talent available to them here,” said Ken Woody, Innova partner and ZeroTo510 board member. “Those who relocate here will soon learn that Memphis is the right environment to launch and grow a medical device company, and we expect them to quickly develop connections here.”
At the end of the 12-week program, the participants will pitch to a group of investors. The investors will select up to three finalists, who will receive as much as $100,000 in additional capital infusion and the opportunity to further develop their business and then present at the 10th Musculoskeletal New Ventures Conference in Memphis this October.
“From beginning to end, the applicants and participants are being exposed to some of the preeminent experts in medical device development, venture capital and business development,” said Dr. Steve Charles, vitreoretinal surgeon, mechanical and electrical engineer, and Zeroto510 board member. “There is nothing else like it in the country.”
The board of directors for ZeroTo510 was selected to give each participant immediate high-level expert exposure. They are: Ken Woody; Dr. Steve Charles; Gary Stevenson, co-founder of MB Venture Partners; Brian Austin, founder and chief executive officer of ExtraOrtho; Dr. Kevin Foley, neurosurgeon and inventor; and Jack Blair, former president of Smith&Nephew.
The 12-week program will be facilitated by thought leaders and industry experts. Topics will include company formation, market sizing, product definition, business models, competitive analysis, manufacturing operations, pricing strategies, sales strategies, people management, raising capital, intellectual property, FDA approvals, international markets and reimbursement. Beyond these topics, extensive mentoring and one-to-one education and coaching will help take participants to the level necessary to succeed in the medical device industry.
“ZeroTo510 is exactly the type of program we had in mind with the creation of StartupTN,” said Ted Townsend, regional director at State of Tennessee Department of Economic & Community Development. “Memphis continues to demonstrate best practices in entrepreneurism.”
Applications to participate in ZeroTo510 are due by April 5. Companies for participation will be notified by April 12. The program will begin on May 12. Information on applying and the ZeroTo510 program is available at http://www.zeroto510.com.
This project is funded under an agreement with the State of Tennessee.
About the Memphis Bioworks Foundation
The Memphis Bioworks Foundation, a not-for-profit organization, was formed to lead the collaboration among public, private, academic, and government entities to accelerate the growth of the bioscience industry in the region. Memphis Bioworks strives to leverage and expand the regional strengths in the biosciences through education, research, job training, and commercialization. Memphis Bioworks is leading the development of the UT-Baptist Research Park, which serves as the focal point of the city's biomedical economic development. For more information, visit www.memphisbioworks.org.
Innova is a pre-seed, seed and early-stage investor focused on starting and funding high-growth companies in the Biosciences, Technology and AgBio fields across the state of Tennessee. Innova was created by the Memphis Bioworks Foundation to help establish Memphis as a national center of excellence in entrepreneurship. Innova provides entrepreneurs with access to incubator facilities, training and mentoring, industry networks and seasoned executives. Innova’s goal is to nurture the growth of high technology and entrepreneurial efforts in the Mid-South that will result in significant job creation, economic growth and competitiveness. To learn more about Innova, visit www.innovamemphis.com.
About MB Venture Partners
MB Venture Partners is a Memphis-based venture capital firm that provides equity capital and strategic direction to life sciences start-ups. The Firm invests in medical device and biotechnology companies at various stages of development and has now funded 24 start-ups. The Firm is especially focused on product solutions for musculoskeletal conditions, where we have specific domain expertise and relationships to assist portfolio companies. For more information, visit www.mbventures.com.
About the Greater Memphis Accelerator Consortium
The Greater Memphis Accelerator Consortium (GMAC) is a StartupTN affiliate program funded by the State of Tennessee Economic and Community Development Commission. One of the nine projects established across the Tennessee Economic Development Districts, its mission is to accelerate the growth of entrepreneurial businesses in the Greater Memphis area. It is a unique collaborative project supported by twenty-five individual organizations, including entrepreneurial service providers, economic development entities, higher education institutions, and government entities serving Fayette, Lauderdale, Shelby and Tipton counties in southwest Tennessee. GMAC will assist entrepreneurs across the region through intensive mentorship-driven programs which target new business development in locally strong business sectors, including technology-based businesses, medical device and biotechnology businesses, and the emerging field of bio-based products. For general information on the Greater Memphis Accelerator Consortium, visit their website: http://www.memphisaccelerators.com/
# # #