$200K Challenge 2019
Submission Deadline02/22/2019
Description

ENTRY DEADLINE EXTENDED TO FRIDAY 2/22 AT 11:59 PM

The $200K Challenge is an international competition for early-stage medical device and biotech startups. University spin-outs are welcomed to apply. The $200K Challenge is being sponsored by Johnson & Johnson Innovation, the Massachusetts Life Sciences CenterAmgenBoston Scientific, HologicMintz LevinMPRR&Q, and The Deshpande Foundation.

Any questions may be directed to maryann_picard@uml.edu.

For more information and updates on the challenge, visit https://www.m2d2challenge.com/

 
Medical device innovators and life sciences startups: Enter the M2D2 $200K Challenge and you could win a share of $200K in in-kind support. Our signature annual pitch competition is your chance to propel your idea to the next level—or to market!

FAQs

Is there an application fee?

  • As of 2/14/19 applications are now completely free to submit. Applications submitted during the extended deadline period from 2/19 to 2/22 will require an entrance fee of $70. 

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 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

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.
Rules

M2D2, the Massachusetts Medical Device Development Center, is a joint initiative of the Lowell and Worcester campuses of the UMass system. Its aim is to help new biotech and medical device entrepreneurs develop products every step of the way, from proof-of-concept to commercialization. Its affiliated faculty and staff have assisted more than 100 start-up companies and entrepreneurs since the program kicked off in the spring of 2007.

I. The M2D2 $200K Challenge is interested in receiving a broad range of applications and is seeking biotech, diagnostic and medical device technologies. (Scroll down for list of sponsors and areas of interest)

II. Eligibility:

1. An Applicant must be a duly-organized and existing legal business entity (hereafter referred to as “Company”), including a partnership, corporation, limited liability company, or joint venture, or similar business organization or association under the law of the jurisdiction in which the Company is organized.   

2. The Company must be organized as a for-profit entity.

3. The Company must be in good standing in the Commonwealth of Massachusetts, and if legally organized in another state or jurisdiction, must be existing and in good standing in that state or jurisdiction.

4. All technology involved in the venture must be advanced enough that it is capable of demonstration.

5. Company will be encouraged but not required to locate at M2D2 for at least 6 months following the conclusion of the competition (May to November 2019). 

III. Application Process:

A. Phase I Judging

Company submits basic non-confidential information regarding Company and business concept.  Documents may include business plans, financial statements, and projections published patent applications and any applicable documents as requested. M2D2 will review initial applications and select up to fifteen companies proceeding to the Phase II Reception and Presentations.

B. Phase II Reception & Presentations

Company attends reception and presentation event on March 27, 2019, on the campus of UMass Lowell, Lowell MA 01854, providing a four-minute presentation to a Panel of Reviewers followed by one minute Q & A.  This event will be open to the public.  Reviewers for this round will be arranged by M2D2 and will include the event sponsors, Johnson & Johnson Innovation, Amgen, Boston Scientific, Mintz Levin, R&Q, and MPR.  A panel of reviewers scores Company. $200K Challenge finalists will be invited to the Phase III Final Awards Announcement and Presentation.

Selected UMass teams attend reception and presentation event March 21st, 2019 on the campus of UMMS, Worcester MA 01655, providing a four-minute presentation to a panel of reviewers followed by one minute of Q&A.  This event will be open to the public.  Reviewers for this round will be affiliated with UMass.  UMass teams will be invited to present a poster and attend the company pitch event on March 28th, and finalists will be invited to the Phase III Final Awards Announcement and Presentation.

C. Phase III Final Awards Announcement and Presentation

$200K Challenge finalists will be invited to the Awards Announcement and Reception at the Boston office of Mintz Levin, to be held on April 10, 2019. Following the presentation of awards, winners will be invited to deliver a 5-minute presentation.  

D. Incubation of Award Winners at M2D2

Upon selection of the Companies receiving awards, each Company will negotiate with M2D2 and the appropriate Program Sponsors to define the term and terms of incubation including the specific in-kind services to be provided and the requirements for such.

IV. Selection and Judging Criteria:

Company will be evaluated based on its chance for market success. The following categories will be used in evaluating the Company:

-Value Proposition
-Scientific, Operational and Technological Viability
-Market Opportunity
-Competitive Advantage
-Management Team
-Funding Requirements and Financial Forecast
-Business Plan

V. Legal Documentation Required:

The below documents must be made available upon request:

-Articles or Certificate of Incorporation (corporation) or Articles of Organization (limited liability company) or Articles of Limited Partnership, or similar publicly filed organic documents.

-By-laws (corporation), Partnership Agreement, or Operating Agreement (limited liability company).

-Certificate(s) of good standing from the Commonwealth of Massachusetts and, if applicable, from state or country of organization.

-Redacted License Agreements, where applicable, noting Company’s IP rights.

VI. Prizes:

The $200K Challenge will award up to $200,000 of in-kind medical device, diagnostic and biotech development services from the Program Sponsors. This may include and be in the form of general services from Johnson & Johnson Innovation, Amgen, Boston Scientific, legal services from Mintz Levin, design services from MPR, medical device/biotech development services from M2D2.  All services offered will be mutually agreed upon between the winning company or companies and the Program Sponsors providing those services.

Final Scoring, selections, and award(s) are made at the sole discretion of the Panel of Reviewers.

VII. Disclosure of Information:

No promise of confidentiality, non-competition or non-disclosure is made by the University of Massachusetts, Reviewers, and Sponsors. Any company submitting information for consideration in this competition acknowledges that its information may be made public and that any presentations may be open to any interested parties, including the general public.

VIII. Limitation of Liability:

Company releases the Commonwealth of Massachusetts, the University of Massachusetts, Johnson & Johnson Innovation, Amgen, Boston Scientific, Mintz Levin, MPR, and R&Q, and their respective directors, officers, employees, agents, reviewers, sponsors, and all award suppliers from any and all liability for any injuries, losses, or damages of any kind resulting from acceptance, possession, or use of any award or participation in this competition, to the fullest extent permitted by applicable law.

Company agrees to indemnify the Commonwealth of Massachusetts, the University of Massachusetts, Johnson & Johnson Innovation, Amgen, Boston Scientific, Mintz Levin, MPR,  and R&Q, and their respective sponsors, reviewers, agents or employees against any claim that Company’s involvement violated any rules or regulations of the U.S. or any other country as a result of Company's participation.

Company or individual is solely responsible for compliance with any laws, rules and regulations that may be applicable to participation in the competition or to any awards received.

Company or individual is solely responsible for all (both U.S. and non-U.S.) taxes, withholdings or other governmental assessments that might be applicable as a result of participating in this competition.

IX. Governing Law:

The parties agree that this Competition shall be governed, construed, interpreted, and enforced according to the laws of the Commonwealth of Massachusetts.

SponsorAreas of Interest

Amgen



  • Large molecule drug delivery technologies that simplify and optimize the patient experience as well as minimize the impact of therapy delivery on patients’ daily lives. Example areas of interest include technologies for targeted delivery (e.g., cell, tissue, organ, system, tumor), long-acting doses, and self-administration outside of a health-care setting

  • Digital and/or biomarker-based diagnostics that support the identification and medication adherence of patients with serious diseases

  • Digital and/or device-based technologies that support the proper use of drug delivery devices

  • Technologies that dramatically lower the cost and complexity of incorporating electronic functionality in disposable drug delivery devices. Example areas of interest include technologies for energy harvesting and battery-less pump systems



Asahi Intecc



  • Novel vascular treatments

  • Diagnostic devices:

    • Cardiovascular

    • Neurovascular

    • Peripheral vascular

    • Interventional oncology

  • Minimally invasive treatment devices for:

    • ENT

    • Orthopedic



BARDA DRIVe



  • Sepsis solutions and technologies

  • Health security transformative technologies



Boston Scientific



  • Minimally invasive treatment or diagnostic device for solid tumors
  • Minimally invasive circulatory assist devices

  • Minimally invasive devices for diagnosis and treatment in the areas of:

    • Gastrointestinal disease

    • Urology

    • Pelvic health

    • Interventional cardiac and peripheral artery disease

    • Electrophysiology



CAPCat



  • Point of care technologies for:
    • Heart
    • Blood
    • Lung
    • Sleep Disorders


Hologic



  • Devices intended to simplify and improve diagnosis and therapeutic procedures in the female pelvic health space, filling treatment gaps and improving patient care.

Conditions of interest include:

  • Stress urinary incontinence

  • Overactive bladder

  • Pelvic organ prolapse

  • Fecal incontinence

  • Abnormal uterine bleeding

  • Uterine cancer

  • Fertility



Johnson & Johnson



  • 3D Printing

  • Cardiovascular

  • Digital Surgery

  • Neurovascular

  • Oncology

  • Obesity

  • Osteoarthritis

  • Osteoporosis

  • Surgery

  • Vision Care


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