Two new programs aimed at bringing critical innovations to market more quickly have recently launched and Minnesota’s health technology companies are in perfect position to take advantage of them!
The first, open to medical device, diagnostic, and digital health companies, is an FDA Innovation Challenge aimed at preventing and treating opioid use disorder. Companies can submit novel designs or can show that their existing device “has an improved benefit-risk profile as compared to opioids in the management of pain.” Companies selected for the program will get to work directly with FDA to speed up both the development and review of their potential solution.
The challenge runs until September 30 and there will be an informational webinar on July 25 for companies interested in addressing one of the most pressing public health challenges in recent history. For more information, including submission guidelines and post-submission timetable, take a look at the challenge announcement on the FDA Website.
The second program comes out of the Minnesota Department of Employment and Economic Development and is a competitive loan program for early-stage companies. The Minnesota Innovation Loans for Entrepreneurs program, launched earlier this week, provides interest-free loans from $20,000 to $50,000 with no payment required in the first year to startups developing high tech solutions here in Minnesota (or with plans to relocate to the state.)
Companies in search of capital for “intellectual property development, proof of concept activities, commercialization planning, prototype design, market feasibility studies and other startup activities as approved by DEED” should check out the program criteria and apply through DEED.