Memphis gains national reputation for nurturing med-tech startups

Original Post By Aisling Mäki, Daily Memphian Posted September 29, 2024

The founders of five startups are embarking on a journey to bring their products and services to market with the help of a Memphis-based accelerator program. 

The ZeroTo510 Accelerator will help the early-stage med tech founders move toward commercialization.

The comprehensive 90-day program is managed by Epicenter Memphis, a nonprofit that helps entrepreneurs develop, launch and grow their ventures in the Memphis area. 

ZeroTo510 taps into Memphis’ existing med-tech landscape to support up-and-coming entrepreneurs, like those in the latest cohort. They are: 

• Esra Roan of CorAmi, a local startup transforming the treatment of heart diseases by delivering therapeutics directly to the outer layers of the heart. 

• Anthony Swoboda of MedTech Solutions, a Germantown spinal medical device company dedicated to helping sacroiliac joint pain patients. 

• Ferhan Jemal of Motus, a Nashville startup that converts existing manual wheelchairs into electric ones, eliminating the need to buy expensive new equipment. 

• Erika Dillard of Popcheck Technologies, a Memphis business whose remote monitoring platform for post-operative patients uses artificial intelligence from integrated wearables to analyze patient health data. 

• Trey Finch of Qubee Medical, a Denver startup that has engineered a dialysis access port system designed to improve patient outcomes and reduce treatment costs. 

The members were selected from a diverse pool of applicants spanning 15 states and representing universities like Cornell, Brown, Emory, University of Chicago, Vanderbilt, Stanford and Harvard. 

“This is a truly exciting group of diverse and innovative leaders working on some really promising projects,” said Olaf Schulz, director of Zeroto510 and venture development at Epicenter. “We’re thrilled to be able to support their current work and future successes.”

Memphis is home to a dynamic medical industry with global giants like St. Jude Children’s Hospital, Medtronic, Stryker and Smith & Nephew, plus a wealth of university medical research institutions. 

According to a 2022 report by the Greater Memphis Medical Device Council, the medical device industry has a $4.1 billion impact on the Memphis region, or about 5.5% of the Memphis GDP, with the Memphis medical device cluster directly or indirectly supporting more than 18,000 jobs in the area.

Epicenter’s med tech program will provide founders with intensive training to help them to navigate the complexities of bringing medical technologies to market. 

They will learn about business planning; product development; navigating the FDA regulatory landscape; reimbursement and payment strategies; manufacturing; supply chain management; pitching; and fundraising.

In addition, each startup receives $25,000 in seed capital. 

ZeroTo510 has was founded in 2012 by Memphis Bioworks Foundation along with Innova, a venture capital company that funds high-growth companies involved in biosciences, technology and agtech. After Memphis Bioworks dissolved, Epicenter took over management of the accelerator program. 

ZeroTo510 has attracted founders from all over the U.S. and several foreign countries, has operated every year with the exception of 2020, when COVID-19 hit. 

“Since our first cohort in 2012, ZeroTo510 has built a national reputation as a premier destination for early-stage med-tech companies to establish, develop and commercialize their products,” Schulz said. 

To date, the accelerator program has welcomed 44 med tech startups. Of that portfolio, nearly 60% are still active and 13% have been acquired, and ZeroTo510 alumni companies have raised more than $65M.

Alumni include companies like Sweet Bio, focused on advanced wound care; Lineus Medical, focused on reducing IV complications; and Augment Health, focused on neurogenic bladder management. 

Last year, Hera Health Solutions, a 2018 cohort member, received federal funding to accelerate the development of its flagship product, a non-invasive, discreet contraceptive implant called Eucontra.

And the company’s founder, Idicula Mathew, was named to Forbes’ 30 Under 30 list for his leadership in pharmaceutical and drug-delivery innovation. 

“I think the incubator, as well as access to the advisers in the mentor network, is what’s really helped us be able to scale our technology, commercialize the technology and understand the regulatory environment,” Mathew said.