LOS ANGELES–(BUSINESS WIRE)–MedTech Innovator, the premier nonprofit accelerator in the medical technology industry, today announced the 50 companies selected to participate in the organization’s flagship four-month Showcase and Accelerator program, featuring the industry’s most transformative device, diagnostic, and digital health technologies from around the globe. These up and coming startups will receive unparalleled visibility and access to leading manufacturers, providers, investors, and other industry stakeholders. As part of its Accelerator program, MedTech Innovator will award up to $500,000 in cash and in-kind prizes during its final competition at The MedTech Conference, powered by AdvaMed.
“During these uncertain and challenging times, the need for health innovations — specifically those that promise to deliver long-term value to the health care system and patients — is more critical than ever,” said Paul Grand, CEO of MedTech Innovator. “MedTech Innovator is deeply committed to finding the best and brightest medical technology startups around the world and providing them with the right resources to help them succeed. We are excited to welcome this year’s cohort of entrepreneurs who are undoubtedly poised to improve the lives of patients through innovation.”
The program will virtually commence on June 25th, where the leadership of the 50 chosen startups will participate in the annual MedTech Innovator Summit. During this online event, the selected companies will collaborate with MedTech Innovator’s partners, participating in exclusive virtual networking events, interactive workshops, and opportunities to meet with investors, manufacturers, providers, and potential customers.
A subset of 30 early-stage companies will participate in MedTech Innovator’s award-winning Accelerator program, in which medtech startups are matched with senior industry leaders to receive continual in-depth, customized mentorship and support. The selection process for this year’s Accelerator program was extremely competitive, with only a 3% acceptance rate. Together with the senior leadership teams of its corporate partners and nearly 200 industry judges, MedTech Innovator evaluated the pitches of 190 candidates out of more than 1,000 applications from 45 countries and 48 U.S. states.
The program culminates at The MedTech Conference, powered by AdvaMed, on October 5-7, where all 50 companies will present in Showcase panels and gain access to exclusive partnering and roundtables. During the conference, four startups from the Accelerator cohort will compete for the Execution Award, and another four companies will advance to compete in the Grand Final competition. An audience vote will determine the winner of the $350,000 grand prize and the title of 2020 MedTech Innovator. Additional awards will be presented, including incubator space at JLABS.
Since 2013, MedTech Innovator has reviewed more than 3,000 startups and graduated 238 companies that have gone on to raise more than $1.7 billion in follow-on funding and bring 52 products to the market. MedTech Innovator works closely with stakeholders across the industry to promote the growth of early to mid-stage startups. In collaboration with 20 corporate partners, as well as a broader network of more than 100 investors, business development representatives, and industry experts, MedTech Innovator provides startups with individualized mentorship and feedback, funding opportunities, and continual engagement with peers and advisors.
MedTech Innovator’s founding sponsors are Johnson & Johnson and RCT Ventures. Annual program sponsors include Baxter, NIPRO Medical Corp., Olympus Medical Systems Group, W. L. Gore & Associates, Inc., Asahi Intecc, Edwards Lifesciences LLC, Fujikura Ltd., Jabil Healthcare, Maxim Integrated Ventures, EdgeOne Medical, Experien Group, Greenlight Guru, Proxima Clinical Research, Westwood & Wilshire, and Ximedica. The organization’s industry partners include AdvaMed, Health+Commerce, MedTech Strategist, and Wilson Sonsini Goodrich & Rosati.