The Pulse
 

Kinetic, Healthcare Innovation in Motion

Kinetic, Healthcare Innovation in Motion is a partnership between Northeast Ohio Medical University and Bounce Innovation Hub formed to develop, support and accelerate innovations in health care and life sciences across Ohio and throughout the Midwest.

Kinetic’s unique approach to supporting health care innovations lies in its comprehensive offerings. It ensures that the product, commercialization plan and industry perspective are aligned from the start, which is critical to the success and sustainability of the new venture.

Comprehensive approach

Kinetic leverages NEOMED’s state-of-the-art facilities and equipment, Bounce Innovation Hub’s commercialization expertise, and the combined clinical and industry networks of both partners.

Kinetic service areas

Product Development
Access to state-of-the-art facilities and equipment and invention-to-commercialization product development expertise at NEOMED and Bounce through a fee-for-service or lease model.
Commercialization
Access to commercialization expertise provided by Bounce Innovation Hub and its experts through a fee-for-service model, which includes support with ideation, concept generation, market analysis, prototyping and testing, business plan development, fundraising, regulatory and go-to-market strategy.
Connections to Clinicians & Industry
Access to diverse clinical, institutional and industry partners for licensing, advice and new product adoption.
Educational Services
Services include mentoring, tutoring, classes, seminars and workshops in medical innovation, entrepreneurship and healthcare.

Services for Product Development

Kinetic proudly offers a robust set of solutions to support product and technology development for startups at all stages of commercialization.

At NEOMED

  • MEDIC Innovation Lab: This is a space for students and entrepreneurs to develop prototypes of medical devices for testing and refinement.
  • REDIzone: RediZone, the business incubator at NEOMED, advances the commercial prospects of biotechnology innovations. It provides comprehensive support for regional life science entrepreneurs and early-stage biomedical companies, offering state-of-the-art lab and administrative spaces, access to regional funding resources, opportunities to develop public and private sector relationships and collaboration with world-class scientists.

Bounce Innovation Hub incubator facility

Located in downtown Akron, the facility comprises more than 300,000 square feet and nine stories. The incubator offers a variety of office and wet laboratory spaces that can be configured to meet the requirements of the startup. Additionally, the building houses a large, state-of-the-art coworking space, event areas and conference rooms that foster collaboration and networking.

Engagement

The offerings listed above can be accessed at startup-friendly fees, some of which are scoped on an individualized basis. To access these resources, follow the linked sites for each resource.

A maker space with long workbenches and a variety of tools by which students and entrepreneurs work together to develop new medical devices.

The Medic space at NEOMED, where students and entrepreneurs work to develop novel medical devices.

Commercialization Services

Launching a MedTech or life sciences startup comes with a complex set of requirements that can be challenging to navigate. Bringing medical innovation to the market requires extensive expertise that contributes to a successful launch and sustainable business model. It also requires finding the right partners, experts and resources that will guide your go-to-market strategy.

Kinetic engages proven and experienced MedTech Entrepreneurs-in-Residence and advisors to deliver a wide variety of support services. These services may include but are not limited to the following:

Pre-venture/Imagining:

  • Technology and opportunity assessment
  • Strategic vision development
  • Market assessment plan

Incubating

  • Pro-forma generation: Development of an enterprise model with 3-5 year profit and loss, balance sheet, and cash flow projections
  • Milestone mapping: Develop a milestone mapping plan with tasks and activities from conception to commercialization that directly correlate to the financial proforma and investment strategy.
  • Market analysis: A detailed report of market research including procedures by condition, Average Sales Price details by procedure, competitive analysis
  • Economic Value Analysis: Comprehensive overview of key metrics to build a viable economic justification for the product in the healthcare space.
  • Investment Strategy: Gain investor interest and feedback from the Kinetic Network, warm introductions from interested parties, as well as input from the Kinetic team.
  • Regulatory Assessment: Pathway assessment.
  • Reimbursement Assessment: Pathway assessment – existing codes, new codes
  • Pitch deck creation
  • Executive Summary generation
  • Data Room setup and management
  • Gust Portal set-up, if necessary
  • Team building support and development of hiring roadmap

Demonstrating/Market Entry

  • Serve the company more on a fractional basis (COO, CFO, CCO, Regulatory/Quality, Fractional HR, etc.).
  • A sales and marketing strategy organized, for instance, by sales representative call pattern and recommendations on initial target, growth, and long term pilot markets.
  • Milestone Mapping Update: Develop a milestone mapping plan with tasks and activities from commercialization and following product or feature releases that directly correlate to the financial proforma and investment strategy.
  • Bookkeeping support
  • Preparation for Series A

Engagement

Kinetic uses a sliding fee scale to determine the monthly cost of accessing commercialization support services.  Fees range from $250-$1,000+/month, and the following factors are considered collectively when determining a monthly fee:

  • The commercialization stage of the company (Imagining, Incubating, Demonstrating, Market Entry, etc.)
  • Funding stage of the company (non-dilutive, pre-seed, seed, series A, etc.)
  • Stage in Customer Discovery/Customer Validation Process (Problem-Solution fit, Product-Market fit, Business Model-fit)

Kinetic may also provide a portion or all of additional professional services, such as legal, accounting, human resources, regulatory, marketing and more.

To apply for commercialization support, complete this form.

Educational Services

Kinetic provides:

  • mentoring, tutoring, classes, seminars and workshops in the fields of medical innovation, entrepreneurship and healthcare; and
  • facilities for conferences, educational classes, seminars and workshops to students, freelancers, start-ups, existing businesses and nonprofits.

Connections to Clinicians & Industry

Clients engaged with either Product Development or Commercialization services have access to a broad range of clinical and industry experience. These may include Northeast Ohio Medical University’s affiliate partner hospitals, other regional or nationwide hospital systems, corporate and industry partners, and other entrepreneurial support and venture capital providers.