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Opportunities for Attraction

Thu, 08/28/2014 - 8:30am
Alex Fair, Chief Crowdologist, MedStartr.com

Q: Is crowdsourcing for funding medical device development a viable alternative to the traditional venture capital model?

I run the leading crowdfunding site for medical innovations and about a third of our clients have some sort of medical device. So far, we have helped about a dozen medical device companies get found and funded just with rewards and donations crowdfunding. While they have not generally raised large sums of money through the site, they have crowdsourced what they needed to go to market, namely manufacturing and distribution partners, investors, and press. We find that when you get 70,000 people to watch your two-minute-long video, great stuff happens. While not a replacement for traditional VC, it certainly can make a company far more attractive to investors and acquirers, and get the word out.

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