Engagement Process: Overview

The Search for New Ideas

Biovantage is constantly on the lookout for new medical devices, biomedical product and treatment ideas. Projects must be targeted at meeting a broad-based market need and beyond the stage of basic science and the discovery of new knowledge. Biovantage supports technologies that conform to the US Food and Drug Administration’s definition for medical devices.

Because our mission is to create clinical solutions that are effective, practical and commercially viable, we address more than the science behind a new innovation. On every potential project we assess and strengthen:

  • The Technology - the technical approach to do something and protection for the Intellectual Property
  • The Product Offering - the product's efficacy, capabilities, features, ease of use and value proposition
  • The Business Model - the wide range of factors that impact the project's economic likelihood of success including the size of the market, competitive factors, regulatory and reimbursement risks, users' motivations to buy and funding organizations' ability and willingness to pay

Idea Sources

Biovantage welcomes new technology concepts from both inside and outside of our Innovation Network. New product ideas usually come from three sources:

  • Academic researchers
  • Medical solution companies and entrepreneurs
  • Physicians and healthcare professionals

As raw ideas are developed into formal project applications we connect research and commercialization resources. There are no restrictions on who may serve as the lead applicant on a project.

Project Categories

Biovantage funds Technology Development Projects and Proof of Concept Projects. Our funding is intended to fill gaps between post-research and pre-commercialization.

Technology Development Projects

Technology Development Projects address initial concept and technology development up to the point of Intellectual Property disclosure.

  • Project duration - up to two years
  • Eligible Costs - salaries, fabrication costs, and anything else required to build the technology. Biovantage does not fund capital procurement.

Proof of Concept Projects

Proof of Concept Projects focus on making a technology ready and attractive for external, private investment.

  • Project duration - up to two years
  • Eligible Costs
    -IP protection and management plan
    -Prototype development and/or studies using a prototype for the purpose of demonstrating efficacy in the primary applications of interest.

Evaluation Criteria

Biovantage evaluates potential projects for their Innovativeness and Feasibility.

Our Innovativeness review examines all characteristics of the product offering, the value proposition, the access to and size of the market. Feasibility assesses a project's likelihood to achieve a viable product offering within a five year time span.

Share Your Product Ideas

Contact Biovantage if you have an idea for a new medical product or treatment solution. If your idea meets our criteria, we look forward to partnering with you in its development.