Accelerating Small Businesses
AdvaMed Accel is the division within AdvaMed committed to accelerating the growth and success of small medical technology companies. Accel is dedicated to providing advocacy for a policy environment more conducive to capital formation and innovation; insight into ever-changing regulatory, reimbursement, compliance and business environments; and opportunity for member engagement with peers, subject matter experts and policymakers, as well as strategic partners and investors, to help small companies thrive.
In 2017, AdvaMed Accel continued to advocate for legislation to promote investment in small firms, in addition to key regulatory, reimbursement and compliance initiatives. For start-up small businesses vital to the medtech industry, access to venture capital (VC) in the pre-profit stage is crucial, and the industry is currently experiencing low levels not seen since 1995. To address this need, AdvaMed Accel advocacy facilitated the October introduction in the House of angel investor tax credit legislation.
Business Development & Investor Relations
During the year, AdvaMed Accel established a Business Development Working Group to expand engagement with medtech executives and the VC community. The group’s activities included contributing to a September research report by AdvaMed and Deloitte on the factors that limit investment in medtech and potential solutions. AdvaMed Accel also conducted initial research on academic technology transfers that support early-stage medtech company formation and commercialization, to help communicate best practices.
AdvaMed Accel’s broader advocacy efforts included working with investment banks, venture investors, member companies and other stakeholders to facilitate start-up access to capital. For example, building on AdvaMed Accel’s partnership with MedTech Innovator – the industry’s global competition and accelerator program – the Association hosted MedTech Innovator pitch events at the Digital MedTech Conference in San Francisco in February, a dedicated event for pediatric start-ups in Washington, D.C. in March, as well as the MedTech Innovator showcase and finals competition at The MedTech Conference in San Jose in September.
AdvaMed Accel initiated weekly teleconferences in May to expand regular member company access to policy experts across the Association on key regulatory affairs, reimbursement, global, legal and government affairs issues, and to help gather the unique perspectives of small company members. Increased engagement with prospective and current members was also achieved through expansion of the AdvaMed Accel Leadership Seminar – and increased investor and business development programming – at The MedTech Conference in San Jose.