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The Kosciusko Economic Development Corporation (KEDCO) announced the launch of a Medical Technology Accelerator Studio, which will develop a robust pipeline of medtech startup companies to complement and advance the existing product development and manufacturing capabilities in Warsaw, Indiana.
The accelerator studio seeks to identify gaps in the orthopedic sector that need more exploration and determine what medtech applications might be available to solve or meet those needs. The new solutions will likely be software-based, said KEDCO CEO Alan Tio. The accelerator plans to support the start up of five new ventures per year for three years.
“We want our community to be known for how it supports entrepreneurs,” he said. “We already have a strong foundation, with thriving businesses both large and small, and by establishing this pathway for innovation in our own backyard to support Kosciusko County and area businesses, we’re planting seeds to benefit our area for decades to come.”
The community is capitalizing on its resources to facilitate future innovation through a partnership between KEDCO and NEXT Studios, a group of experienced startup founders who’ve developed successful accelerator studio-model programs in markets and industries throughout the state. Meeting space for the program will be available to companies in downtown Warsaw, with support from MED Institute for equipment and technology needs. The program launch is supported by funding from the Don Wood Foundation and Kosciusko County.
KEDCO will kick off the program with several events over the next three to four months, including:
- Barriers to Innovation – A workshop for those who desire to unleash the innovators in their midst.
- Design Thinking – An event to generate new ideas to solve problems for future customers.
- Discovery Week – An accelerator for founders to help pressure-test ideas and build confidence.
Warsaw, Indiana is referred to as the Orthopedic Capital of the World. The county and region are home to Zimmer Biomet, DePuy Synthes and orthopedic device companies and contract manufacturers of all sizes. Numerous efforts have been put forth over the decades to spur and support entrepreneurialism in the area.
“More than 80% of all new jobs originate from companies under five years old,” said John McDonald, Managing Entrepreneur, NEXT Studios. “Building a supportive ecosystem to facilitate entrepreneurship is key to long-term sustainability. And KEDCO is leveraging its resources to engage its community and its workforce to build amazing things to come.”
Warsaw has a great base of manufacturing to build off of, Tio said. KEDCO’s goal is to help connect people in the industry and ensure that the future of the orthopedic industry runs through Warsaw.
“This is really helping us connect people elsewhere, connect opportunities maybe developing elsewhere, to what’s happening here in this cluster,” he continued. “We would welcome anybody interested in medtech opportunities that support orthopedics to reach out to us and find out how we can get them plugged in and part of the program or at least part of working through these kind of medtech applications.”
