MEMPHIS, Tennessee, July 18, 2017 – Memphis Bioworks Foundation and its award-winning ZeroTo510 Medical Device Accelerator have partnered with Smith & Nephew, the global medical technology business, to create a new Executive in Residence program for the accelerator.
This Executive in Residence program allows the ZeroTo510 cohorts to receive ongoing expertise and guidance in the medical device market for sales, product development and other critical elements of a successful business from Smith & Nephew executives.
ZeroTo510, a first-of-its-kind accelerator program now in its firth year, is operated by Memphis Bioworks Foundation. This program guides medical device entrepreneurs through the start-up process and helps refine their business models and go to market strategies with the goal of clearance for commercial deployment through the FDA’s 510(k) process, and a path to product sales. More than just a focus on medical device specific acceleration activities, ZeroTo510’s capabilities in legal, clinical, regulatory and other critical success areas sets it apart from other accelerators.
For the first time, a global medical company will provide an Executive in Residence program on site to mentor current ZeroTo510 teams, as well as teams who have gone through the ZeroTo510 program in the past. The new program adds to the medical device-specific expertise that ZeroTo510 offers its participating entrepreneurs and will increase their chance for success.
“One of the things that makes ZeroTo510 so successful is that it has access to expertise from some of the leading medical device companies in the world located in Memphis,” said Dr. Steve Bares, Executive Director of Memphis Bioworks Foundation. “The Executives in Residence program takes mentorship at ZeroTo510 the next step further and increases education.”
Based on the Memphis site since 1986, Smith & Nephew has been manufacturing pioneering orthopaedic reconstruction products from the site for over 30 years. Smith & Nephew engineers will extend their specialist knowledge of medical devices to students providing guidance on product development and today’s market as well as mentoring support to help deliver a unique learning program.
“Entrepreneurship is an important part of advancing the medical device industry,” said Kelley Grusin, Senior Director of Product Development, Smith & Nephew. “This program is a contribution to our Memphis community and will provide valuable education and expertise for the teams involved with ZeroTo510. To be immersed in the ZeroTo510 entrepreneurial and acceleration environment will in turn benefit our team and expand their knowledge from a unique business development perspective.”
The Smith & Nephew executives began their Executives in Residence Program in June.
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The majority of medical devices get cleared for commercial deployment through the FDA’s 510(k) clearance process, which is the fastest and most economical route to market for a new medical device. A program of Memphis Bioworks, ZeroTo510 has developed a unique program that enables entrepreneurs with ideas for innovative medical devices to take advantage of the fast path to market. ZeroTo510 is a first-of-its-kind cohort-based medical device accelerator. Hosted in Memphis, Tennessee, the program leverages key regional strengths in biomedical research and medical device manufacturing to create a unique program. ZeroTo510 has, for the third consecutive year, has been given a Silver ranking by the Seed Accelerator Rankings Project, ranking it as one of the Top 25 Accelerators in the country. For more info: www.zeroto510.com
About Smith & Nephew
Smith & Nephew is a global medical technology business dedicated to helping healthcare professionals improve people’s lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma & Extremities, Smith & Nephew has around 15,000 employees world-wide and a presence in more than 100 countries. For more than 80 years, Smith & Nephew has been a part of the Memphis community and employs more than 2,000 employees in a variety of fields including, design and manufacturing, marketing, Research & Development, and more.
Annual sales in 2016 were almost $4.7 billion. Smith & Nephew is a member of the FTSE100 (LSE:SN, NYSE:SNN).
For more information about Smith & Nephew, please visit our website www.smith-nephew.com, follow @SmithNephewplc on Twitter or visit SmithNephewplc on Facebook.com.