Medtronic launched a medtech innovation accelerator in Shanghai to provide services to medtech start ups.
"China represents a tremendous opportunity, given its significant market size, abundance of unmet clinical needs, and active entrepreneurship landscape," said Medtronic Chairman and CEO Omar Ishrak. "Establishment of the Medtronic MedTech Innovation Accelerator forms another bold step to continue to advance innovation through collaboration."
Five things to know:
1. The Medtronic MedTech Innovation Accelerator, located in Shanghai's Pujiang International Science and Technology City, aims to fill the gap in clinical needs in China. The accelerator includes initial portfolio companies that Medtronic aims to assist through early-stage development.
2. The accelerator will support start-ups worldwide, supporting Shanghai's mission to become a global science and technology innovation hub. The accelerator plans to prioritize companies focused on the medical application of artificial intelligence, surgical robots and neuromodulation in addition to other innovations.
3. The Lingang Group, one of Shanghai's primary state-owned investment groups, will provide subsidies and policy incentives for the accelerator's portfolio companies as well as research and development resources and commercialization capabilities.
4. Portfolio companies will have access to the Medtronic Technology Center's advanced lab equipment and advice from Medtronic China's R&X staff. Medtronic China Ventures may also provide equity investments in portfolio companies.
5. Medtronic already has a presence in China that includes sales, marketing, clinical training, research and development and manufacturing.
"The Medtronic MedTech Innovation Accelerator will promote closer partnerships between the company and a new generation of medtech innovators and entrepreneurs to better advance our enduring mission to alleviate pain, restore health and extend life in China," said Senior Vice President and President of Medtronic Greater China Alex Gu.