The New England Medical Innovation Center recently announced it was hosting its first ever public graduation and spring pitch event, Startups and Scaleups: NEMIC’s 2024 Spring Showcase. The event will take place at Venture Café Providence on April 25 from 4:30 to 8 p.m. and is free to attend.
The event marks participants’ completion in NEMIC’s Med Tech Leadership Program, NEMIC Accelerator Program and the inaugural EMPOWER Accelerator Program.
This year’s cohort is historic with 14 companies scheduled to pitch their innovations and attendees will be able to engage with more than 15 companies tabling their products and services.
NEMIC executive director Maey Petrie answered PBN’s five questions about the event and the state’s medical and health technology industry.
PBN: What does this event mean for the future of Rhode Island’s medical and health technology industry?
PETRIE: This event offers a snapshot into the vibrant MedTech and HealthTech sectors in Rhode Island, showcasing eleven local innovative companies. MedTech startups are dynamic, drawing on diverse expertise to push boundaries. They collaborate with a multitude of partners across legal, sales, engineering, and more. At the upcoming April 25th presentation, we'll spotlight not just the startups but also the networks and ecosystems that are blossoming in this community.
This event features credible investment-worthy companies, already active or on the brink of operation, bolstering our local economy. Their presence underscores the impact of our work, offering a compelling narrative for stakeholders keen on driving economic growth and innovation in Rhode Island's healthcare technology landscape.
PBN: How was this event founded?
PETRIE: Originally, the event was founded as a private, invite-only graduation ceremony in our Providence offices, but as we expand our footprint and as the caliber of startups increases each year, we felt it necessary to showcase the incredible companies in the ecosystem. We believe that by opening up this event to a wider audience, we can foster greater awareness and collaboration within the MedTech, HealthTech, and healthcare sectors. We encourage anyone interested in these fields or those seeking to positively impact the lives of Rhode Islanders to join us for this exciting showcase. It's an opportunity to witness firsthand the innovative solutions and transformative ideas that are shaping the future of healthcare in our community.
PBN: What makes this year’s cohort historic?
PETRIE: This year's cohort is making history for a couple of reasons. We've brought together awardees from different programs: Activate, EMPOWER, which has a minority and women entrepreneur focus, the Med Tech Leadership Program, and MedTech Accelerator Programs, all funded by Rhode Island Commerce and The Rhode Island Department of Labor and Training. It's the first time we've combined these programs and the first public graduation ceremony, adding even more significance to the occasion. It's a big deal, and it highlights the impact of our collaborative efforts in pushing healthcare innovation forward. So, all in all, this year's cohort is breaking new ground and setting the stage for even more exciting developments in the future.
PBN: How have you noticed medical and health technology innovation evolve in recent years as executive director of NEMIC?
PETRIE: When I first began in 2019, our primary hurdle was identifying and attracting high-quality companies to our program. Fast-forward to today, the landscape has shifted significantly. Rather than struggling to find viable startups, our challenge lies in selecting the best among all of the promising ventures that approach us. While it's undoubtedly a positive dilemma, our ultimate goal remains to support all commercially viable businesses that seek our assistance. It's a testament to the growing momentum and innovation within the sector, and we're committed to fostering and nurturing these advancements as best we can with the resources we have.
PBN: What are the key characteristics of a successful health or medical technology startup?
PETRIE: A successful health or medical tech startup needs a few key things. First, they have to have a solid technology that works and solves a real problem in healthcare. They also need to target a big enough market where there's a genuine demand for what they're offering. A piece that is oftentimes missing is making sure someone's willing to pay for it, whether it's the patient, a hospital, or an insurance company. But beyond the basics, having the right leaders at the helm is crucial. The CEOs' vision and know-how can make or break the venture. So, while having a great product and market is key, the leadership and savvy business strategy seal the deal for success in the world of health and medical tech startups.
Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.