- Is there an application fee?
The first 10 applications are free.
Until January 18, 2019, the “early bird” application fee of $25 applies.
Until February 19, 2019, the regular application fee of $50 applies.
- How do you select finalists for the M2D2 $200K Challenge?
M2D2, along with its Challenge sponsors, evaluates all applications based on value, strength, and execution plan. The company strength for each category is evaluated using multiple metrics.
Value – product, customer validation, business model & healthcare economics, competition, IP, market opportunity, and patient benefit
Strength – team strength, development plan, responsiveness/coachable, freedom to operate, regulatory & clinical burden, funding to date, resources needed
Execution plan – stage of development, evidence, time to market, traction, partnerships & relationships, time to key milestones, upcoming funding
Interaction with M2D2 and program sponsors is also used as an evaluation metric.
- We just raised a Series E, can we still apply?
Yes! M2D2 encourages applications from companies at all stages of fundraising, from friends and family to seed and beyond to apply to the $200K Challenge. Preference is given to companies with transformative potential and those who will benefit the most from working with M2D2 and the Challenge sponsors.
- We are developing a transformative healthcare technology at a university research lab. Can we apply?
Yes! Ventures involving technologies licensed from universities or research labs are encouraged to apply.
- I noticed there is coaching available for finalists. What is this like?
All finalists are offered coaching appointments to meet with subject matter and pitch experts to refine their presentations and be ready for the pitch-off showcase event on March 27th. Coaching is organized by Mintz and is held at their offices in Boston.
- If I am selected as a finalist do I have to attend the pitch event on March 27th in person?
Yes! You will gain the most value and exposure from pitching in person and interacting with the Challenge sponsors and investors.
- Do I need to relocate to participate in the $200K Challenge?
No, but we hope one reason you’re applying is to gain access to the Boston ecosystem. This is a great way to do it!
- We are based outside the U.S. Can we apply to the $200K Challenge?
Yes, international applicants are welcomed and are encouraged to apply.
- I applied previously but didn’t receive an award. Should I reapply?
Yes, you should apply again as long as the proposal isn’t identical. The needs of the industry and sponsor interests are constantly evolving and can change from year to year. Any updates that took place over the past year should be highlighted in your application.
- Is there an in-person informational session I can attend to learn more about the $200K Challenge?
Yes! On January 30th M2D2 is hosting a networking event that will cover information on the $200K Challenge as well as everything you need to know to plan for venture capital financing. Use free code “M2D2VIP” and get your tickets here.
- What are the key dates I should be aware of?
Application deadline: February 18, 2019
Finalists announced: March 6, 2019
Finalist materials due: final application, poster, and slide deck due March 13, 2019
Finalist showcase pitch-off: March 27, 2019, at UMass Lowell, Lowell MA
Awards announcement event: April 10, 2019, at Mintz, One Financial Center, Boston MA
- How do I apply?
You need to register on our online platform here, complete an online questionnaire, and upload the required documentation. The link to this application will become available on 1/8/19.
- Will finalists be notified ahead of time if they should attend the awards event on April 10th?
No! All finalists are expected to attend the awards event and be prepared to present their slide deck to the audience. It is a great opportunity for networking with Challenge sponsors, investors, fellow entrepreneurs, and others. Poster sessions are provided to all finalists at this event.
- If I’m not selected as a finalist, will I receive a written explanation?
Unfortunately, due to the high number of applications, we cannot provide a written explanation to every applicant who isn’t selected as a finalist. Most times, it is due to not being properly aligned with the call for applications.
- Who can enter?
Inventors, entrepreneurs, start-ups, and university researchers are all welcome to enter the challenge!
- Do I need to have a registered company to apply?
No, university researchers and research teams are encouraged to apply. In the field where it asks for company name, type "none."
- Can I enter as part of a team?
Yes! You can enter as an individual or team working in academic, research, or commercial start-up setting and have an innovative product or solution.
- Does an applicant have to give up any equity?
No, no equity is taken.
- When do I need to submit my application?
You or your team leader needs to complete and submit all the application materials before the midnight deadline on February 18, 2019 EST.
- Are travel expenses paid?
No, applicant start-up companies are responsible for their travel costs related to attending pitch events and mandatory in-person events, where applicable.
- What are the eligibility criteria for the M2D2 $200K Challenge program?
M2D2 seeks early to mid-stage start-ups in the medical device and biotech spaces. Specific areas of focus can be found here. We encourage those who are developing a product and/or service in the healthcare areas outlined to apply.
- How can I find more information regarding M2D2?
You can find more information on M2D2 by downloading the M2D2 brochure (pdf) as well as request information through our Request information page or you can contact M2D2 by phone at 978-934-3465.
- How does M2D2 help with SBIR/STTR grant writing?
Of the SBIR/STTRs 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.
- 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. M2D2 is currently funded by UMass Lowell and UMass Worcester, Corporate Sponsors and client company fees. Both campuses attract interest once the entrepreneur learns of their capabilities; thus, in turn, UMass benefits when fee-based service are requested.
- What can M2D2 offer me?
M2D2 offers consultations for any entrepreneur or medical device start-up company. To learn more about these service provided by M2D2 please see our M2D2 Services page.
- 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
- Prototyping including plastic molding
- Computer and software design
- Clinical trials
- 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.
- What happens after I submit an M2D2 participation application?
Once an application is received, a member from the M2D2 team will confirm receipt of your application and conduct a review within 30 days of its receipt; if appropriate, you and your team will be invited to discuss your application further with the M2D2 executive board by scheduling 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 and 10 people, will be attending the presentation.
- Why should I fill out an M2D2 participation application?
The M2D2 M2D2 participation application (doc) 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 a consultation.
- Will my information remain confidential?
All information presented to M2D2 either by phone, e-mail, 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.