A start for med tech startups: Pathfinder by GCMI and T3 Labs
Atlanta is quickly becoming a national epicenter for medical device and other med tech innovation. The region is rife with resources including infrastructure, engineering expertise, healthcare professionals and care systems about. Yet, we have discovered many highly talented physician innovators, engineers and medtech startups lack the innovation ‘baseline’ education needed to give them the very best chance of successfully navigating the process from concept to commercialization, including the acquisition and efficient use of capital throughout the process.
The med tech innovation process is an arduous, highly regulated, ever-shifting landscape rife with opportunities and catastrophic pitfalls. How do you know you’re ready for prototyping? How big is the clinical need and market for your technology? Is your IP available and protected? What does your FDA pathway really look like? What are your testing needs?
GCMI and T3 Labs believe the right support system not only exists here, but is capable of identifying the innovators, ideas and startups with the greatest potential for successfully completing the journey from concept to commercialization to the benefits of U.S. healthcare and the patient population it serves. What we discovered is missing is an early educational component inclusive of the different considerations – regulatory, market analysis, manufacturing and testing requirements and more – innovators and startups should be addressing from the outset of their med tech endeavors.
As such, Pathfinder, a start for med tech startups, was born in late 2016.
What is Pathfinder?
Pathfinder is a start for start-ups. It is a program aimed at educating and preparing those interested in medical device development on the requirements for effective execution of their plans.
Successful applicants to Pathfinder will be given an opportunity to pitch in front of a panel of experts with specific backgrounds related to different considerations med tech startups must address. For example: an attorney who is evaluating a pitch specifically from an intellectual property (IP) point of view, or an engineering expert considering the prototyping and manufacturing potential will be part of the panel.
Following the pitch, each panelist will have time to ask questions and provide advice related specifically to their area of expertise. Each panelist will then rank the innovator on their specific category of expertise. This report card will provide the participant with areas that require their attention immediately and recommend an actionable path forward on their unique innovation pathway.