Smith & Nephew Co-Sponsors Competition for Entrepreneurial Medical Device Companies
Smith & Nephew, the global medical technology business, is proud to announce it will co-sponsor the 2014 Massachusetts Medical Device Development (M2D2) Center's New Venture Competition. Designed to showcase innovative ideas coming out of early-stage medical device companies, the nationwide competition will focus on Joint Reconstruction, Sports Medicine, and Trauma.
The prizes will total $50,000 of in-kind services including facilities, engineering, legal, business and medical device assistance from Smith & Nephew and the competition co-sponsors, Nutter McClennen & Fish LLP and M2D2, a joint initiative of the University of Massachusetts' Lowell and Worcester campuses.
"We're excited about this collaboration," explains Dr. Ruth Cheng, Director of Innovation for Smith & Nephew. "Not only does it build on our reputation as innovation leaders; it helps us foster relationships with those entrepreneurs who are on the cutting edge of the growth areas we target."
"M2D2 is grateful for Smith & Nephew's support of the New Venture Competition and of entrepreneurs and startups in the medical-device sector," said Steven Tello, UMass Lowell's associate vice chancellor for entrepreneurship and economic development. "We are honored to work with a company that exemplifies success in the industry both in Massachusetts and around the globe."
For the competition, Smith & Nephew has identified five areas where innovation will help address current and future needs in orthopaedic reconstruction, sports medicine, and trauma:
- Tools which enable procedure simplification: Solutions would reduce procedural steps, shorten overall procedure time, provide surgeons with greater confidence, and/or ensure consistency from procedure to procedure.
- Tissue sparing procedures: Solutions would shorten recovery time, decrease the incision/number of portals, and/or reduce bone removal/soft tissue damage, and/or minimize potential for human error.
- Stabilization of and integration/fixation to bone: Solutions would provide high fixation strength both immediately and long-term, and work regardless of bone density.
- Novel soft tissue repair: Solutions would provide or restore the alignment and functionality of the target tissue immediately and long term, and be minimally invasive.
- Joint preservation solutions: Solutions would provide effective protection of joints, and be minimally invasive. Solution can be either short-term or long-term/permanent. Early intervention solutions preferred.
All applicants must submit an initial application which will be reviewed by M2D2. Fifteen finalists will then be invited to present their concepts in-person at a public event at M2D2's offices on March 26, 2014.
For more information on the competition and how to apply, companies should visit www.uml.edu/M2D2.