What type of medtech are you seeking?
We are seeking engineering and science innovations that create a positive impact on patient outcomes and lower the cost of healthcare through the innovation’s application or design. The program is designed for devices and diagnostics; no software-only products.
If I’m still working to bring on a co-founder, am I eligible?
We look for startups that have formally started to build the team; this typically means that a person operating completely alone is not a good fit for the program. Even when someone is a solo founder, we usually find that there are strategic consultants involved in furthering the technology and/or business development. Most investors prefer to invest in a founding team as opposed to a solo individual, so this criterion is also in place to set the startup up for success in the program working with investors. Many skill sets are needed to execute in a startup (more than can be found in any one person), and it shows that the original founder(s) have been able to sell the vision to bring other founders/early employees on board and successfully manage and retain them.
How many hours of participation in the program are required?
About 6-7 hours per week. This includes 4 hours of cohort-based programming, 1 hour of office hours, and 1-2 hours of independent work. We believe that the more you put into the program, the more you’ll get out of it!
Who are the mentors-in-residence?
The investor-mentors have backgrounds and experience as founders of medtech startups, and are active investors and mentors. The Aspire Medtech 2024 investor-mentors are:
- Elaine Bolle, Angel Investor, RTP Angel Fund and Portfolia Active Aging and Longevity Fund
- Charlotte Epée-WillSuN, Angel Investor, Angel Capital Association and Faith Driven Investors
- Tania Fernandez, Founder and Managing Partner, DreamCatcher Ventures
- Kim Frazier, Executive Director, EC Angels
- LeKeisha Grant, Innovation Manager, Entrepreneurs’ Center
- Marianne Hudson, Founder and Executive Director Emeritus, Angel Capital Association
- Dave Morin, Founder and Managing Mentor, Care Technology Advisors
- Sheila Narayan, Managing Director, Golden Seeds
- Marquicia Pierce, Founder and Principal Consultant, Ruby Leaf Media
- Jamie Ryan, Managing Member and Principal, JL Ryan Consulting LLC
- Jonathan Seltzer, Angel Investor, NuFund Venture Group
- Jen Soltis, Impact Investing Professional and Advisor
Who are the entrepreneurs-in-residence?
Past entrepreneurs-in-residence have included:
- Katie Solley, Co-Founder and CEO, Eyedea Medical
Do I have access to work materials?
Yes, all participants will have access to work materials.
Could you give me an overview of the topics we’ll cover?
Here’s a look at the topics we’ll cover during the program, which will help you prepare for investment:
- Due diligence
- Investor discovery
- Good corporate housekeeping
- Deep dive into the due diligence process
- Milestone planning
- Corporate partnerships & strategic selling
- IP strategy
- Venture math
- Venture math & term sheet breakdown
- Financial projections
- Reimbursements
- Exits and valuations
- Boards and next steps
- Company deep dives
- Building and managing a board
- Mock board meetings
We’ve raised a SAFE before. Are we still eligible?
YES!
Are there other program-related costs for the startups, in addition to the $350 registration fee?
YES, you are responsible for your own travel to Detroit, Michigan, as well as accommodation costs while attending the in-person portion of the workshop.
What sort of preparation should I do if accepted?
We strongly recommend that you invest in your deal room—organizing your materials, corporate housekeeping, deck, and financials; and thinking through your fundraising ask and milestones.
What’s the profile of a startup that has been accepted?
Strong candidates will have successfully validated product-market fit, tested initial business model hypotheses, and have made a full-time commitment to their startup.
I haven’t participated in past VentureWell E-Team programs / I am new to VentureWell. Can I still participate?
Yes! While many VentureWell E-Teams do advance through our suite of programs to take part in Aspire, the program is open to startups that haven’t yet taken part in VentureWell programming.
What are the outcomes of the program for the startups?
Since 2015, we’ve supported 193 startups that have participated in Aspire. Those teams have raised a total of $476M+ in follow-on funding, with a 82% venture persistence rate—and you could be eligible to join their ranks!
I have questions about the program and our eligibility. Who should I contact?
Please reach out to Patrick Beattie, Senior Program Officer.