M2D2 Frequently Asked Questions

1.  What can M2D2 offer me?

M2D2 offers consultations for any entrepreneur or medical device start up company.  For anyone who submits an application to M2D2, a business analysis (and if necessary, a medical assessment) is provided.  The following benefits are offered by M2D2:

• Assistance with SBIR/STTR applications.
  
  
• Connections to Massachusetts Venture Capitalist and Angel Network.
  
  
• Medical expertise.
  
  
• Regulatory support for FDA submissions.
  
  
• Access to patient population for clinical trials.
  
  
• Interface with MassMEDIC IGNITE program.
  
  
• Network of private sector design, fabrication and testing firms.
  
  
• Help with prototypes considering costs, schedule and quality.
  
  
• Design feedback.
  
  
• Facilities partnership with clinical investigators.
  
  

M2D2 also offers a number of fee based service:

• Incubator space with wet labs.
  
  
• Prototyping including plastic molding.
  
  
• Computer and software design.
  
  
• Engineering.
  
  
• Clinical trials.
  
  

2.  What entrepreneurs should contact M2D2?

M2D2 has something to offer every medical device entrepreneur.  The group has diverse knowledge and extensive networks.  Experienced professionals who have gone through the commercialization process many times will assist the entrepreneur at any step along the way.  Not many places offer individualized mentoring for medical device technologies.

3.  Why should I fill out an M2D2 participation application?

The application is the most concise way that M2D2 can review the entrepreneur's information. When evaluating the application, M2D2 considers what would be the most logical next step in the he commercialization process, as well as what options are available. There is no commitment on the part of the entrepreneur to hire M2D2 for any services. Because a confidentiality agreement is in place, there is no downside to receiving the free consultation.

4.  What happens after I submit an M2D2 participation application?

Once an application is received, a member from M2D2 will contact the entrepreneur within 5 days of receipt and schedule a presentation time. The presentation should be 10 minutes and will be followed by 20-30 minutes of questions. A laptop and projector will be available for use. The M2D2 team which consists of between 8-10 people will be attending the presentation. M2D2 will then formulate a free business analysis (which takes a couple of weeks) based on information collected from the entrepreneur and consulting industry websites. If needed, a medical assessment will also be performed. As all of this information is being collected, the next logical steps for commercialization are discussed with the entrepreneur.

5. Will my information remain confidential?

All information presented to M2D2 either by phone, email, electronic files, hard copies, or presentation, will be kept confidential.  An M2D2 Confidential Disclosure Agreement form will be signed prior to any transferring of information.  Click here for a copy of the M2D2 Confidential Disclosure Agreement.

6.  How is M2D2 funded?

M2D2 began as a grass roots collaboration between the University of Massachusetts Lowell and the University of Massachusetts Medical School (Worcester) to assist medical device entrepreneurs. The M2D2 is currently funded by the John Adams Innovation Institute.  Both campuses attract interest once the entrepreneur learns of their capabilities; thus, in turn, UMass benefits when fee-based service are requested.

7.  How does M2D2 help with SBIR/STTR grant writing?

Of the SBIR/STTR's that M2D2 has assisted in writing, 60% have been funded.  This success rate is much higher than what most entrepreneurs experience.  Besides assisting with the actual wording of grants, M2D2 has an extensive list of resources.  Using M2D2's connections, you will be able to submit a grant with input from engineers, nurses, doctors, and professionals with business and industry experience.

8.  Does M2D2 offer funding?

Yes, M2D2 offers "A Fastlane Loan Funding Program".  The M2D2 Advisory Board selects awardees for this funding four times a year.  Candidates selected are those with promising technology who would benefit by utilizing some of UMass' service: clinical trials, prototypes, etc.  Up to $75,000 is offered provided that the entrepreneur has matching funds.  This means if you have $75,000 of funding from another source, M2D2 will match the $75,000 for a total of $150,000 to be spent on service provided by UMass Lowell or UMass Worcester.