Acceleration of MedTech startups
Centech continues rapid growthFriday, November 23, 2018
ÉTS technology accelerator Centech has achieved growth of over 50% in its MedTech segment since its launch earlier this year, and continues to gain momentum as it prepares to create additional cohorts in 2019.
The tech entrepreneur hub has evolved considerably from its origins over 20 years ago at ÉTS, which continues to provide valuable research and resources.
Centech offers two types of programs to develop ideas into viable commercial ventures. The Acceleration program serves as an assessment tool for aspiring creators, with a portion of those completing the program moving on to the Propulsion phase, where the ultimate goal is to successfully commercialize the creators' new product or solution.
Centech currently has 18 MedTech participants in its Fall 2018 Acceleration program, with several serious prospects expected to progress to the next phase of development in early 2019.
The MedTech cohort within Acceleration consists of a 12-week program comprised of lab time, access to sophisticated equipment and external experts, patent assistance, and weekly workshops led by the entrepreneur-in-residence, Steven Arless - an established serial entrepreneur in the field of medical device technology. Other cohorts exist for technology, aerospace, AgTech and Manufacturing 4.0.
The MedTech program is growing especially quickly. Arless' business-first mindset helps the engineering, medical, and science students focus their efforts beyond the technical and theoretical. "To see the high-caliber talents behind these start-up initiatives is very impressive," he said. "And it helps immensely to have the support from the leadership at ETS, McGill and other local institutions."
Richard Chénier, Centech Director, also expressed his enthusiasm as the second MedTech cohort grew by more than 50% in just nine months: "I'm excited at just how quickly things have progressed," he said. "From 11 start-ups in January's cohort to 18 in the Fall program alone is a great development and it bodes well for the future. People are recognizing Montreal – and by extension Centech - as being ideally situated at the convergence of artificial intelligence, robotics, and medical research. These are all essential elements of the future of medical technology."
This future, for Centech in particular, includes the potential development of an investment fund devoted solely to startups in the medical technology field, with several investors already expressing interest.
Centech has also recently begun collaborating with CTS Santé, a partner of choice for start-up companies in the field of medical technologies that support entrepreneurs by promoting exchanges between international startups and their counterparts here in Quebec - making Centech the center of MedTech expertise in the country.
Establishing Centech even more firmly as both a thought leader and a business development powerhouse for aspiring and currently active MedTech companies means expanding the profile and reach of the organization beyond Quebec. Two of the current Acceleration program participants hail from Alberta, and there are other international teams vying for space in upcoming cohorts.
Interested prospects have two weeks left to apply for the winter session of the next MedTech Acceleration cohort, with a deadline of December 7, 2018 for submissions.