Northwestern University and Insight Product Development are inviting medical device and digital health start-ups to apply for the Chicago HealthTECH Summit Competition, featuring the first medical technology crowd funding opportunity in the Midwest. The competition was created to help start-ups bring their innovations to market, by allowing prospective users and stakeholders to vet their ideas and contribute funds.
Wearable device companies have raised at least $38.5 million on crowdfunding sites Kickstarter and Indiegogo, and 3D printing companies at least $25.6 million, according to calculations by Matt Witheiler, general partner at Flybridge Capital Partners. The statistic includes more than 80 companies that have raised more than $100,000.
The American Heart Association announced the launch of its first Chicago Open Innovation Challenge, a crowdsourced, crowdfunded and judged competition to uncover new innovative tools to prevent or manage heart disease and stroke. The top three finalists will receive grants from the American Heart Association totaling $25,000 and a chance to present at the Heart Innovation Forum in Chicago on November 14, 2014. Each award winner will be featured on healthcare crowdfunding platform MedStartr.
Movie stars and musicians have used crowd funding to finance projects. So have any number of start-up businesses and non-profit organizations. But can crowd funding become a successful tool for underwriting very early-stage research for new drugs or diagnostic tests?
Private heart failure treatment company BioVentrix has closed a $12.4 million equity financing. The deal was managed by microcap specialist brokerage Taglich Brothers and involved 195 undisclosed, accredited investors, according to an SEC filing.
Starry eyed startups seeing the success of funding campaigns like the Pebble smart watch, raised more than $10 million via Kickstarter will still have to wait patiently to gain access to the largest online crowd funding site.
Kickstarter announced yesterday that it was loosening its admissions requirements, but some products — like digital health products — still aren’t welcome.