When visiting Minneapolis for the Design of Medical Devices conference, I saw how much the innovation cycle is at work in the medical device / medtech industry. I interviewed the lab supervisor from the Medical Devices Center along with several students as part of the student design showcase that took place there. I’ve got several events coming up soon and for the details, visit our home base here.
This conference was an overview of what’s happening in the world of medical devices in the Mid West. University of Minnesota is a key player in feeding the innovation cycle. If you go back and listen to my podcast with Dr. Art Erdman, you’ll find that University of Minnesota has quite the impressive Medical Devices Center in which the university hosts a unique fellowship program comprising of Ph.D’s, M.Ds, engineers, and MBA’s to move medical innovation forward. The center takes on 9-12 teams each year to work on projects and push them towards commercialization.
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Sprout found himself in a bad situation when his momma pig fell on him. This is a huge problem in the farming industry. According to Matthew Rooda, CEO of startup SwineTech says that 116 million piglets died last year because of this and his company is on a mission to make sure that number drastically decreases. Their product Swineguard detects piglet squealing then delivers a small shock (similar to a dog collar) to the momma pig so she moves out of the way and doesn’t crush the piglets.
As for Sprout, he’s in good hands with his community of humans taking care of him at Crossfit North Reston, where his owner Melissa works out. The crossfit community has really stepped up to rally around saving little Sprout who was almost put down from his injury. Now, his road to recovery includes specific exercises to strengthen his muscles but could use your help. Since you all come from a background in medical technology, what other ideas do you have that can help little Sprout?
It’s been about 3 1/2 years since Aaron started his company, Hardin Scientific and he’s now taking orders for pre sales on his lab incubator. Aaron has bootstrapped his way forward while working a full time job along with raising his son Lincoln and keeping his marriage strong. I got to help Aaron along about a year ago when I was building my Invention Idea to Profitable Product program and his feedback helped shape what it is today. Listen to how he’s made huge momentum in the past year.
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Medical Device Tax Repeal
This past week, Washington was abuzz with what will happen if the ACA is repealed. For medical device manufacturers, the question about the medical device tax repeal is top of mind. This tax, a 2.3% for innovation on new products, was enacted to raise funds for the ACA. It was so unpopular and stifled innovation so it was suspended for 2016 and 2017. The battle has begun to see what will happen in 2018.
The tough thing for the industry to swallow was that medical device manufacturers were taxed pre-revenue, making it difficult for the entrepreneur or startup to get their business off the ground. That lead to the suspension.
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Want to hear from real startups about their journey in medical device development? You got it right here…
When I was at the OCTANe Medical Device Investor Forum recently, I had the chance to interview several startups about their journey, what their technology is, and what advice they would give to someone just starting out. They’re battling the rough waves of development but they get right back on their board when they fall off. I hope this inspires you to do the same and IMUA with your idea!
- The best part of a startup journey according to Rich Hanson of PhageTech and Byron Shen of Velox Biosystems [5:18]
- A brief history of Milk Tracker by Avento Technologies [6:52]
- The hardest part of being a startup according to Mandy Gagedeen of SugarCube [10:22]
- Why it’s important to know how fit and adjust personality and leadership style in startups from Neto Sosa of Velox Biosystems [12:05]
- Why startup is more than just building a business or being cool [14:41]
Jiji the Penguin from the Mind Research Institute:
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