Securing funding in MedTech

As a Medical Technology star-up, securing funding for a clinical investigation involves several steps and requires a well-structured approach, so don't rush and think on these tips:

1. Develop a Comprehensive Proposal: (i) clearly define the objectives, scope, and significance of the clinical investigation to the intended use of the device; (ii) detail the study design, including participant selection, methodologies, and statistical analysis; (iii) prepare a detailed budget covering all aspects of the investigation, including personnel, equipment, patient care, and administrative expenses; (iv) ensure the study complies with all ethical, local and international regulations and guidelines.

2. Identify Potential Funding Sources: EU frameworks, USA NIH, non-profit organisations focused on healthcare innovation, industry-academic partnerships ➡️ Resources are there to help innovation succeed!

3. Tailor Your Proposal: customise the proposal based on the funding source’s interests, priorities, and guidelines ➡️ Highlight how the investigation aligns with the goals!

4. Prepare for Submission ➡️ Carefully review submission guidelines for each funding source; and prepare all required documents, including the proposal, budget, regulatory approvals, and any other supporting materials.

5. Consider Multiple Rounds of Funding: clinical investigations can be lengthy and expensive; so, it may be necessary to secure funding in stages, focusing initially on early-phase studies before seeking more substantial funding for later-phase research ➡️ Small steps go a long way!

6. Leverage Success: use any successful outcomes or preliminary data to strengthen the case for further funding ➡️ Remember, persistence is key!

Securing funding is a competitive and time-consuming process, so it's important to seek external help to improve proposals, comply with regulations, and explore all potential sources.

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