26 Jul 09 August 21, 2009 – INpact Meeting

What: INpact Monthly Meeting
When: August 21, 2009 from 11:00 – 1:00
Where: Bingham-McHale (2700 Market Tower, 10 W. Market Street, Indy)
RSVP by August 19, 2009: email events@binghammchale.com or call 317 968 5333

During August’s meeting, we will focus on networking and continue to learn how our businesses can help one another and medical device companies. As we get closer, an agenda will be finalized. We will cover the following:

• Advisory Board updates
• Status of open house event

Begin sharing INpact with others in the medical device community. Let’s try to get a few of our “customers” in attendance.

If you are not a member but are interested, please submit an inquiry for the advisory board to review.

Not interested in being a member? You can still attend for the cost of $20.

Make checks out to INpact, Inc.

Tags: INpact, medical device, product development

26 Jul 09 What If The Start-Up Has Little to No $?

Notes from the July 17, 2009 INpact discussion:

What is the 1st step?

• Tap friends, family, and fools?
• Build a prototype?
• Secure intellectual property?

It was agreed that each of these items carries significant weight and should all be pursued in parallel.

Market research is important–before funding. Does a market exist for this technology / product? What about an unmet need? Determine feasibility of product, technology, market, manufacturability, costs, timeline, regulatory, etc.

Overcoming fear. Inventors need to overcome fear that people will try to steal their idea. Investors need compelling evidence to reduce their fears.

• Legal direction
• Non-disclosure agreements
• Scientific / medical / technical “risk” versus market risk. Determine the risks and establish an action plan to address and mitigate.
• Regulatory strategy – critical
• Overall business strategy – absolutely necessary!

Don’t fall into the trap of telling the entrepreneur / inventor what they want to hear but tell him / her what they need to hear. Leverage with external, objective resources (e.g. FDA regulations).

How can INpact help?

• Provide entrepreneur education
• Provide a venue for entrepreneurs to pitch their ideas (Michigan Economic Development does this)
• Provide mentoring programs. Work wih IU and Purdue.
• Establish a web-portal where entrepreneurs can submit their ideas
• Establish a round-table / forum

Investors generally invest in people. Cheaper isn’t always better. INpact members are focusing on their “sweet spot”. While the services may come at a premium, it’s worth working with experts in the long run (and usually less expensive).

Tags: entrepreneur, Indiana, INpact, medical device, product development, start-up

26 Jul 09 Recap from 7/17 INpact Discussion

The July 17, 2009 INpact meeting had over 40 people in attendance. As always, we opened the event by networking and lunch:

July 17, 2009 INpact Meeting – networking

We are preparing for the upcoming August 25, 2009 INpact Open House. Start spreading the word to:

• Entrepreneurs with medical device ideas
• Medical device companies
• Investors focusing on life science and medical device technologies
• Resources involved with university technology transfer
• Economic development officials
• Service providers supporting medical device product development

The highlight of the July meeting was the discussion on “What If The Start-Up Has Little or No $?”. INpact has focused a great deal of effort in mapping out the ideal product development process and activities. But often times, it might be difficult to follow all the steps in order due to funding circumstances. To review the notes from this discussion, click here.

Tags: Indiana, INpact, medical device, product development

08 Jul 09 Short Videos From June 19 INpact Meeting

Here are a couple of short videos from the June 19 INpact meeting:

http://www.youtube.com/watch?v=4XbSa9dYzag

http://www.youtube.com/watch?v=5BO_N3gqbZ4

I’ll try to catch more footage during the July meeting.

Tags: INpact, medical device, product development, start-up

03 Jul 09 21Fund Dollars Cut

The new Indiana state budget cuts funding for the 21st Century Research & Technology Fund from a proposed $70M to $35M for the next biennium. A couple weeks ago, the proposal was to eliminate funding altogether.

How will this affect life science innovation in Indiana?

Tags: 21Fund, Indiana, life science