Zeroto510 seeking applicants
New biomedical device companies are aim of program
Promising hundreds of thousands of dollars in investment capital, a new program targeting medical device startups aims to boost entrepreneurship in Memphis.
The new Zeroto510 entrepreneurial accelerator program is now accepting applications for its first cohort, organizers announced Tuesday.
Coordinated by the Memphis Bioworks Foundation and Innova, Zeroto510 is affiliated with the Greater Memphis Accelerator Consortium and focuses on biomedical device research and manufacturing.
The 12-week program, which is sim- ilar to the Seed Hatchery model located at Emergememphis, will feature an entrepreneurial accelerator that is housed at Bioworks. Six startups will be selected, each receiving $50,000 in seed capital from co -investors Innova and MB Venture Partners.
“Zeroto510 is the first- ever program of its kind in the United States focused on medical devices,” said Allan Daisley, director of innovation and sustainability initiatives for Memphis Bioworks. “An entrepreneurship program for medical devices is an ideal match for the resources and talents of the Memphis area.”
The program includes intensive training and mentor- driven forums to help the entrepreneurs prepare their companies for market. Although admission to the program is open to entrepreneurs from around the world, those selected must be willing to relocate to Memphis to participate in Zeroto510 or already be based in the city.
“We’re looking for people with great ideas who need help getting those concepts to market,” said Ken Woody, partner at Innova and a Zeroto510 board member. “It’s very hands- on and intensive, and we expect success.”
The plan calls for at least five mentors to be assigned to each startup, with daily activities, forums and training workshops being held at Bioworks. The Zeroto510 name refers to the process that entrepreneurs will encounter, from entering the program at an incomplete phase and progressing toward 510(k) filing with the U.S. Food and Drug Administration and entering the market.
“From nothing to and through 510(k), that’s the minimum goal we’ve set,” Woody said. “We’d love to find several companies that we’ll be able to invest in and that will produce significant revenues.”
Upon completion of the course, the entrepreneurs will have the chance to pitch their startups to a coalition of investors. Up to three finalists will be selected with the chance of receiving an additional $100,000 in capital and an opportunity to present their companies at the 10th annual Musculoskeletal New Ventures Conference that will be held in Memphis later this year.
“From beginning to end, the applicants and participants are being exposed to some of the pre - eminent experts in medical device development, venture capital and business development,” said Dr. Steve Charles, a vitreoretinal surgeon and Zeroto510 board member. “There is nothing else like it in the country.”
Applications are due by April 5, and the program kicks off May 12.
For more information, go to zeroto510.com.
Learn more about entrepreneurship in Memphis at The CA’S startupmemphis.com
— James Dowd: (901) 529-2737