Rise of the Startup Studio
When innovators have access to a fast , streamlined , integrated and aggressive tech transfer solution , they will be more willing to undergo the risk to transform ideas into companies . Build this strategy under one roof , and ideas will come .
This vertically integrated innovation ecosystem is precisely what is being created at Intermed Labs . Bringing a medical device to market is riddled with challenges that require a distinct set of skills , expertise and the network to get them off the ground . Intermed Labs ’ unique approach empowers health care providers to unleash innovation within its organization by providing the necessary infrastructure to commercialize an idea at various stages , from ideation and prototype / proof of concept to incubation and fundraising .
In 2020 , a public-private partnership was formed between Mon Health and established local medical technology entrepreneurs in Morgantown . This new venture , Intermed Labs at Mon Health , is West Virginia ’ s first startup studio , and it is attempting to change the landscape and possibilities of innovation within the state .
According to Sparkling Partners , a startup studio is a company that creates startups repeatedly by providing human and financial capital . A startup studio impacts an innovation much further upstream in its life cycle than accelerators and incubators . This corresponds with the need to validate the economic model and the qualities of a startup as soon as possible , to maximize the chances of success and avoid wasting time and resources . Leveraging an experienced team with diverse capabilities , in-house seed capital and valuable partnerships , a studio can reproduce the environment to start a new company from an idea much more efficiently .
Studios are a growing trend across
Studio Incubator Accelerator Stage Early ( Idea Phase ) New Company Existing Company Function Builders Nesters Scalers $ / Equity $ + Work For Equity No $, No Equity $ For Equity (> 100k )
Team Existing / Experienced Building Team Team Built Time Spent < 6 mo . ( Sink or Swim ) 1-2 Years < 1 Year ( Scale or Fail ) Backers Assorted ( Private ) University / Non Prof . / Community VC
Goal Build Companies Local Job Creation Scale / Exit Companies
Source : Intermed Labs . multiple industries due to their successes , according to the recent report “ Disrupting the Venture Landscape .” The studio approach is achieving better results as studios provide resources , build repeatable processes , focus on their specific expertise and have skin in the game from day one as an institutional co-founder . They can deliver immense value at an incredibly fast rate because of their ability to attract investors and talent around a solution . Nearly 60 % of all companies that spin out of studios complete a Series A funding round and reach that funding event significantly faster than a traditional startup .
Intermed Labs Strategic Partnerships Incubators and Accelerators Venture Capitalists ( VCs ) Strategic Acquirers
COMMERCIAL EVENTS
VC funding , licensing , profitability , and / or acquisition to generate monetary return for inventors and investors .
BUSINESS INCUBATION
Vertical integration with startup accelerators , grant funding , like-minded founders , and general networking .
Expertise in real estate , networking , and funding
Intermed Labs Core Services Create a culture of idea invention Idea Proof-of-Concept ( POC ) De-risk and set stage for business
PROTOTYPE , PROTECT , AND PROVE CONCEPT
Medical , Engineering , Design , Technical , and Business expertise to de-risk ideas for all parties and set the stage for the future .
MINE , EVALUATE , AND SELECT IDEAS
From physicians , researchers , and other community inventors . Showing a possible path people didn ' t know existed .
Expertise in venturebuilding ( coaching , technology , medicine , engineering )
Source : Intermed Labs . You are here .
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WEST VIRGINIA EXECUTIVE