NEMIC Launches Grant Funded Activate Program supported by CommerceRI

PROVIDENCE, RI, October 22, 2019 – The New England Medical Innovation Center (NEMIC) is excited to announce they have been awarded an Innovation Network Matching Grant from Commerce Rhode Island to grow Rhode Island’s Med Tech ecosystem and support local Med Tech entrepreneurs. The award of $195,000 will support:

• Activate Program

• Expansion into the CIC Providence

• RI Business Competition Collaboration

Activate Program

NEMIC’s Activate Program will support 5-7 technically viable, but currently un-investable local startups become investable companies. With the support of CommerceRI, NEMIC can now award Rhode Island Med Tech startups who have fundable business models up to $20,000 to hire third party consultants and assist them in areas including: regulatory strategy, product development, IP positioning, go-to-market strategy, organizational management, funding strategy, preparation of investor pitching documentation, facilitation of connections to investors, and beyond. Interested in the program? Contact us here.

CIC Providence Expansion

NEMIC Staff Members, Maey Petrie and Danielle Sturm outside of the CIC Providence at 225 Dyer St.

With the support of CommerceRI and the CIC Providence, NEMIC is excited to announce their expansion into an 8-person office at the CIC Providence. The new NEMIC-CIC office will have available desk space for entrepreneurs accepted into the Activation Program. NEMIC will also be utilizing the space as a program and classroom location for their global startup bootcamp. On November 3rd-9th, NEMIC is hosting their next cohort of 13 Korean startups for a 1-week Global Med Tech Bootcamp. The bootcamp’s programming will primarily be held at the CIC Providence, as well as NEMIC’s headquarter’s at 150 Chestnut St., Providence.

Business Plan Competition

The Rhode Island Business Competition recently announced that with support from Commerce RI, NEMIC will be offering special awards to Med Tech companies at the awards ceremony in May 2020. This will include $15,000 in cash prizes and in-kind services of up to $20,000. The focus is to entice the next generation of medical designers and inventors to choose Rhode Island as the best location to establish and grow their companies. More information about applying for the Rhode Island Business Competition Med Tech Track will be available in the coming months.

The Business Competition encourages plans for new businesses, as well as early stage companies. An early stage, or seed stage, company typically is at the invention phase where there is an idea, a concept, or even a product, but little or no income has been generated yet. See complete rules or apply online by March 30th, 2020.