13 startups have just embarked on their development journey in DTU Science Park’s new accelerator, MedTech Growth. The participants will go through a one-year program of 3 sprints, where they will receive advice on business development, funding, and how to get their medical devices approved by European and American authorities. Throughout the year, the participants will receive a 360-degree analysis of their company, along with an action plan focusing on their specific startup challenges. In addition to the program’s content, participants can network with other like-minded medtech startups. To join the program, the startup must have a physical product.
A good idea is not enough
As with all types of startups, simply having a good idea and the ability to execute it is rarely enough. One of the particularly challenging aspects for medtech startups is that they need to secure special approval before their product can enter the market. This approval process is typically a long and costly journey that can be difficult to navigate. Therefore, expert advice can be crucial in helping startups navigate the process smoothly.
In MedTech Growth, startups receive expert advice from consultants at Medodan, who specialize in the approval process for medical devices. As Christian Christiansen, CEO of Medodan, says:
“The journey becomes much more expensive if you don’t simultaneously focus on documentation while developing your product and business.”
Throughout the program, participants benefit from Medodan’s advice through seminars, workshops, and 1:1 sessions with the companies. According to Christian, this allows them to become very specific about the individual startup and what they need to pay special attention to regarding medical regulations.
Christian sometimes encounters medtech startups that don’t believe their product requires approval. Other times, he encounters a great fear of the process. But as he says: “It’s not difficult, but it takes time – and you need to think about the approval process right from the start.” The risk of simply sitting down and starting without the right advice is that the process may seem too complicated, leading to delays. However, beginning early is crucial because you can’t go back and document something at a stage that you’ve already passed.
As a startup, you should think of it like an iceberg. A lot of the iceberg is hidden below the surface. It’s not visible from the start. It takes time, and you need to work on it from beginning to end.
Christian Christiansen
CEO, Medodan
Depending on the product’s risk class, it can take anywhere from 1 to 3 years to achieve approval according to European standards. The process is conducted through independent accredited organizations called notified bodies, of which there are approximately 50 in Europe.
Throughout MedTech Growth, Christian has one main message for the participants – and that is to start early with documentation. “We’re excited to help these medtech startups bring their passion to market – it’s fantastic to feel the energy and drive they have,” Christian shares.
Medodan’s advice is crucial to offering a tailored program to participants: “In MedTech Growth, we focus on ensuring that participants receive help for their specific challenges. That’s why we’re very happy to have such a strong partner as Medodan in the regulatory field,” says Program Manager Alexander Frederiksen.
In September, 13 out of the 20 startups that attended the boot camp began the first sprint of the program. The second and third sprints will be held in January and April 2025.
Participants in MedTech Growth
- ABH Optics
- ATECH
- danBots
- EchoVice
- InCap Innovation
- Insai
- Mood HeadBand
- MultiBiopsy
- NeoCare Nordic
- Nervapax
- Rheia Medical
- Spiromagic
- Sylvia Health
Could MedTech Growth be something for you and your startup? Read more here.
