Tips for SBIR & MedTech Success @MIT

Last Wednesday it was a pleasure to host Henry Ahn , the National Science Foundation's SBIR/STTR Program Manager responsible for biomedical technologies, and Aidan Petrie , founder of the nonprofit New England Medical Innovation Center. Together, they shared their tips for success and anecdotes of their personal journeys, with students and MedTech founders from MIT and the local community.

How do you cross the chasm between research in a lab and a fully working technology that is investor-ready? The NSF SBIR program puts your tax dollars to work placing bets on teams and technologies that, though often risky, have the potential for significant impact. Henry explained how, in the case of MedTech, even if a target patient group is small, if a technology would serve them, the NSF is willing to support it. Unlike some funding mechanisms, the SBIR program "funds almost all areas of technology" and the reviewers work hard to provide meaningful feedback, even to the ~85% of teams that are not selected, who are then welcome to reapply. The process starts with a straightforward pitch, which is immediately reviewed by a Program Manager, such as Henry, for suitability and invitation to submit an application. The program managers all have deep professional experience and work for the startups in their portfolios.

We're always here to help and answer questions, please reach out! - Henry Ahn

Aidan emphasized the need to start crafting a solid value proposition, in parallel with exploring the clinical need and building the technical solution. The insights from doing your customer discovery, following models, such as the NSF I-Corps, and exploring exactly who will pay, why and how much, can influence how your product is designed. Crafting this, with real numbers, laying out a clear FDA regulatory and IP pathway, and identifying what you don't (yet) know makes for a complete story. You can't artificially accelerate the process and NEMIC's new Virtual Classroom is a good place to start learning.

The goal of a MedTech startup is to arrive on time. - Aidan

Founding a MedTech startup is especially hard, given the complex web of patients, providers and payers and extensive regulations. It takes a community to support eachother, and we hope that this will be the first of regular events that gather the community. Thank you to the MIT Sandbox Innovation Fund Program and team, Jinane Abounadi , Vyda Bielkus and James Doran , for partnering to make this evening happen! Further appreciation to MIT's iHQ for the space, Steven Burcat and Leroy Sibanda , MIT's Medical Device Design Course TAs and course alum Kate Tyshchenko ???? for the extra hands.