Last tuesday, a Warsaw-based company unveiled an initiative designed to accelerate the medical device industry.Dubbed the ‘orthopedic capital of the world,’ the city of Warsaw has committed to support OrthoWorx over the next six years to help fund its new entity.
The root of this effort, called AcceLinx, will serve as a platform for entrepreneurs and companies looking to advance medical device technology.
“Without something like AcceLinx, some of these startups never get off the ground,” said Sheryl Conley, President and CEO, OrthoWorx.
Conley says she wants to help accelerate the time it takes to get those businesses up and running, and headed toward success.
“One of the things we wanted to do is have an opportunity to work with companies that could be at the early stage, they have a new idea, a new concept, ” said Conley…and are ready for input from people with strong industry connections and experience.
“It really then boils down to people, one of the big challenges we see is great ideas but they don’t have access to the kind of talent and resources to really commercialize a concept,” said Conley.
AcceLinx will serve as a pillar of support for medical device companies both large and small, and to help Warsaw remain the center of orthopedic technology.
“We don’t stand still, the innovators are constantly trying to keep ahead and to do that you have to be ahead; there has to be new products in the pipeline,” said Mayor Joseph Thallemer, City of Warsaw.
“This is just the next step in that legacy, of saying how can we drive and support innovation,” said Conley.
Depending on the number of companies brought into AcceLinx, Conley estimates north of 600 jobs will be created from this initiative.
“As mayor I feel pretty good about having another resource for employment and opportunity, hopefully from education all the way up to the graduates, the kids will want to stay in the our community, in the region or in Indiana and make great things happen right here at home,” said Thallemer.
Over the next six years, the Indiana Economic Development Corporation has committed to support AcceLinx with $1.2 million.
The city of Warsaw, also partaking in the initiative will provide $500,000 in funding.
AcceLinx needs close to $5 million to operate, but Conley says they are working with potential supporters, and hope to make another announcement very soon.
Currently a team is being put together, and AcceLinx will then be ready to work with startups in late summer or early fall.
AcceLinx will be housed within OrthoWorx offices for the time being; however, depending on what type of physical space is needed, the new group should be in its own offices within the next year.
SOURCE:http://www.wndu.com