Five Questions With: Maey Petrie

Maey Petrie, director of program management at the New England Medical Innovation Center, discusses the center’s upcoming business accelerator, an intensive three-month course aimed at mental health, equity and telehealth startups. Applications for the accelerator are being accepted until Dec. 31. 

NEMIC says it hopes to nurture medtech entrepreneurship in Rhode Island through the accelerator program, which launched in 2020 as a partnership with Real Jobs Rhode Island. 

PBN: Who are you hoping to attract to this business accelerator and what types of ideas are you looking for?

PETRIE: Last year, the New England Medical Innovation Center team kicked off our first ever accelerator program, with a primary focus on digital health startups who could make an impact on COVID-19-related issues such as social isolation, mental health and telehealth.

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This year we are also focusing on ideas that address mental health, telehealth, as well as equity. All of these areas have been hugely impacted by the pandemic and remain a priority in order to better the health care system as a whole. COVID-19 highlighted the need for services for underrepresented communities and entrepreneurs. These communities consist of minority ethnic groups, underprivileged neighborhoods, remotely located areas where health care service organizations are not readily available, and more.

On the entrepreneurial side of things, it is widely known that there is a gap in access to capital for minority-owned startups, and we aim to tackle this issue through the program as well.

We are identifying startups that satisfy these requirements through a two-pronged approach. First, we are seeking technologies that address current challenges in health equity, and second, we are prioritizing underrepresented community members or minority-owned company applicants. This program will accelerate and incubate startups who have innovative solutions in this new age of health care.

PBN: How much interest are you seeing so far from startups?

PETRIE: NEMIC is always searching for startups with a promising market and clinical merit. Two exciting companies have been accepted into the program thus far, and we are currently evaluating all applications for the best compliments to the cohort. The remaining three spots in the accelerator are becoming competitive! The companies we have accepted already are Aurie and Hot Bandz.

Aurie was founded by Souvik Paul, an award-winning industrial designer and design strategist. Paul started Aurie after his sister-in-law sustained a spinal cord injury in a car accident – he wanted to use his training in human-centered design to help make a difference in her life. The mission of this startup is to support the independence of those living with disabilities through the development of elevated medical supplies so that patients can live life more fully on their own terms.

Aurie is a human-centered medical device company that partners with its community of users living with disabilities to co-design products that deliver on the promise of increased freedom and independence. This process has begun with a safely reusable intermittent urinary catheter system. NEMIC’s focus when working with Aurie will be fundraising and go-to-market strategy while also advising Paul on building out a generational plan for the future.

Hot Bandz was created by 15-year-old Anthony Wilds. Wilds was searching for a solution for the poor hand circulation he had experienced throughout his life due to Raynaud’s syndrome. Seventeen million individuals currently live with this painful disease, which causes extremities to turn white, black and blue, and Wilds knew something needed to be done. Recent studies have shown that warmth is the main combatant to fight Raynaud’s syndrome, but hand warmers can increase pain levels when used for over 20 minutes and require the user to hold them, thus taking their hands away from other day-to-day activities.

Hot Bandz will supply the only temperature-controlled band that allows for better circulation for those with Raynaud’s syndrome, which will also be flexible and comfortable for everyday use. NEMIC plans to advise Wilds in product prototyping and pitch deck development.

PBN: What can participants expect once the program is underway?

PETRIE: Participants of the program will expect to go through a rigorous evaluation process to understand the gaps in their current business model and strategy. Once evaluated, NEMIC will curate an individualized program to hone in on those problem areas.

Startups will work with various experts in the field to build out their business plan and position themselves for a path towards fundraising and, eventually, commercialization. Participants should expect to meet with the NEMIC team and our advisory team members weekly to complete the program. Post program, we hope to continue to work with companies and see them through to achieve their next milestones.

PBN: How does NEMIC’s partnership with Real Jobs Rhode Island work?

PETRIE: Real Jobs RI is a state and federally funded, competitive workforce and economic development grant program launched by Gov. Gina [M.] Raimondo in 2015. To date, Real Jobs RI partnerships have developed workforce solutions for nearly 800 local employers, connected 3,132 Rhode Islanders to employment and upskilled more than 3,119 incumbent workers and entrepreneurs.

The NEMIC accelerator is built under the partnership with Real Jobs Rhode Island. The goal is to build a Med Tech Entrepreneurship portfolio in Rhode Island. Through our comprehensive Med Tech Leadership Program, NEMIC’s overarching strategies facilitate medtech innovation, transform innovation to entrepreneurship, and provide guidance and mentoring to medtech leaders throughout their enterprise buildup process.

Our integrated and interdisciplinary training programs are designed to inspire and to motivate leaders to acquire professional and leadership skills to be fundable and/or employable in the medtech space with the intent to grow small businesses here in Rhode Island. These services would not be possible without funding from Real Jobs Rhode Island through the DLT [R.I. Department of Labor and Training].

PBN: How often do accelerator graduates go on to see success with their ventures?

PETRIE: Through our accelerator program, we have seen companies raise funding in the millions of dollars, including both dilutive and nondilutive funding sources. Of the dozen or so companies that have gone through our accelerators, many are either actively fundraising, developing their products, and some are on the market. Past program graduates include Lenoss Medical, Lura Health, Sean Monaghan, IntusCare, ResusciTech and more.

IntusCare is a health care analytics platform that synthesizes health care data to identify risks, visualize trends and optimize care. The startup was recently written about in Forbes for their efforts to make the health care system in the United States more effective, and for their fundraising efforts. Since coming through NEMIC’s doors, IntusCare has raised over $1.65 million during their seed round of fundraising.

Another graduate, ResusiTech, was recently recognized by Tim Cook, CEO of Apple at the 2021 Silicon Slopes Summit. ResusciTech, led by co-founders Abigail Kohler and Greg Fine, is a mobile app that provides first aid and CPR training and certification, with no extra equipment needed.

“A fabulous application that focuses on making sure that the depth and frequency [of compressions] is correct … so they’re really trying to do something that really changes things and helps people,” Cook said of ResusciTech.

Elizabeth Graham is a PBN contributing writer.