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6 Reasons for a Healthcare Startup to Join a Medical Device Incubator
Medical device startups in and around the USA face many challenges and hurdles to carve a niche in the healthcare and medical industry. The startups struggle not only to collect necessary funds but also to acquire essential product validation required to expand the startup into a full-fledged business.
This is where medical device incubators come in to offer necessary assistance to healthcare and medical device startups. These business incubators are an indispensable part of any startup economy including medical device startups. Medical device incubators assist the startups by providing advice, resources, direction, and financial funding to transform their innovative ideas into reality and give life to their product designs.
This article offers reasonable arguments as to why a healthcare or medical device startup should join a medical device incubator to take their business to the next level.
Reasons for a Medical Device Startup to Join a Medical Device Incubator
Handles Day-to-Day Functioning of Business:
One of the many job roles of medical device incubators is to offer sound guidance and dependable resources to the startups. In other words, incubators either offer financial help themselves or bring in quality venture capitalists and angel investors to fund the startups. Apart from bringing in financial funding, these incubators can also help in sorting out ancillary resources such as legal support, office space, and cost accounting. Thus, with the funding and administrative responsibilities out of the way, the core startup team can solely focus on developing the product or the technology for which it was selected in the first place.
Provides Equipment to Create Prototypes:
Many medical device incubators provide startups with facilities where they can develop prototypes of the proposed medical devices. These prototype development facilities often come equipped with advanced machinery focusing on assembly, fabrication, as well as manufacturing machinery capable of producing a small volume of the intended prototypes.
Provides Financial Funding:
Capital is essential for the setting up of any business, especially startups. However, securing funding and roping in quality investors is a difficult and time-consuming process. Medical device incubators already come with established connections to capitalists and investors who are interested in funding medical device startups and are looking for quality business opportunities to put their money in. A medical device incubator connects the right investor with the right startup. Furthermore, it also prepares the startup with answers to possible questions that the investor might ask before promising to fund.
Provides Opportunity to Work with Business Partners:
Working with a medical device incubator allows the startup to connect with established business partners who can help the business grow. While companies require huge monetary commitments to work with a startup, others believe it is the risk to get associated with it. However, collaborating with a medical device incubator enables the startup to easily overcome those hurdles.
Provides Unlimited PR and Advertising Opportunities:
Public Relation is essential for a growing business. Medical device incubators come with its own network of business partners, which in turn can help a startup get necessary media coverage. A startup on its own comes with a limited marketing budget which is inadequate for proper public relation and marketing. However, association with a medical device incubator and its partners enables the startups to get a spot in the limelight quite easily.
Connects with Mentors:
A startup can only become successful if the entrepreneurs are given correct advise and guidance. As stated earlier, medical device incubators come with a vast network of business connections enabling the startups to seek out a mentor, who will coach them in the initial stages. These mentors, who are also entrepreneurs, will offer the startups practical and realistic advise out of personal experiences to assist them to define their future business strategies and vision.
Joining a medical device incubator is highly beneficial for a healthcare or medical device startup. From connecting to mentors, venture capitalists, and investors, to assisting the startup to build the prototype of the device, an incubator will provide necessary assistance whenever required. A medical device incubator supports the startup’s long and short-term goals and helps them to go solo in the competitive market space.