NEMIC as a Venture Studio. Blog post by Managing Partner, Aidan Petrie
NEMIC as a Venture Studio
by Aidan Petrie, Co-Founder + Managing Partner, NEMIC
We have never been comfortable with the concept of "accelerator" in the Med Tech space. The notion may be appropriate in other arenas, but Med Tech commercialization is a marathon, not a sprint. It requires significant planning, multiple inputs, and highly varied skillsets working toward a common goal.
A studio setting calls for a longer relationship, with nurturing, feedback, advice, and open communication that allows the entrepreneur, in this somewhat convoluted niche, to form their business, develop their knowledge base and develop their investor relations. The timeline runs in years before launch, and different critical inputs are needed over that time.
The players must understand the clinical, regulatory, and investment umbrellas they live under and so the advisors need to make up that full perspective. NEMIC has the network, space, advisors, and experience to provide that perspective.
The New England Medical Innovation Center (NEMIC) is a not-for-profit Med Tech Venture Studio located in downtown Providence, Rhode Island. We support local, regional, and global Med Tech entrepreneurs and startups on their path to commercialization through education, advisory services, events, network, and a collaborative innovation center. Founded by Managing Partners, Aidan Petrie and Lydia Shin Schroter in late 2017, NEMIC has decades of combined medical device development and entrepreneurial experience. But what makes our work so impactful is our extensive network of local expert advisors and subject matter experts who simplify clinical access, regulatory (FDA) strategy/pathways, and ultimately facilitate connections between early stage startups and funding sources.
Navigating a regulated industry is hard. NEMIC can help.