LOS ANGELES--(BUSINESS WIRE)--MedTech Color, a 501(c)3, invites Black and Brown led companies to compete and be eligible to receive a projected $100K - $250K in funding and services.
The MedTech Color Pitch Competition grooms and mentors seed-stage Black and Brown medical technology startups. Up to ten companies will be selected to compete in a rigorous, virtual, multi-week experience with industry mentors and sponsors from ResMed, NIH SEED, and other industry-leading sponsors. One of the perks of the pitch competition is that the winners receive access to resources such as one-on-one meetings with venture capitalists, masterclasses, and workshops led by industry leaders, often with an invitation to enter corporate accelerators.
ELIGIBILITY:
The MedTech Color Pitch Competition invites companies founded by a Black or Brown individual seeking to raise equity rounds in 2022 of $250k to $3M to apply. The startup must also have a diverse founding team, management team, or board of directors.
AVAILABLE FUNDING AND SERVICES:
- MedTech Color will invest $100K - $250K to the top three companies with cash and in-kind services. The first-place winner will receive $50,000 - $25,000; second place will receive $20,000 - 15,000, and third place will receive $10,000.
- ResMed will select one (1) of the Top 10 businesses to join their Founder-In-Residence program. This special prize includes a dedicated executive sponsor, six months of mentorship from various experts throughout the company and a $25,000 grant.
- Harvard Catalyst Post Education will select three (3) of the Top 10 businesses to participate in TRANSforming Care with Emerging, Novel Devices (TRANSCEND) - a 5-week hybrid course that explores the current climate for the development of Class II and Class III medical devices.
- California Life Sciences will select one (1) California-based company from all MTC Pitch Competition applicants to be fast-tracked into the 2022 FAST Program, an intensive 12-week team review, and coaching program.
- MedTech Innovator will offer a fast pass to the Top 10 applicants to pitch during the MedTech Innovator 2022 Road Tour, where they will be in consideration for a slot in the 2022 Accelerator Cohort and a chance to win up to $500k in prizes.
In 2021, Black entrepreneurs received just 1.2% of the record $137B invested in US startups. Since 2017, in addition to supporting these underestimated founders, MedTech Color has been determined to increase the number of underrepresented executives who enter and stay in the medical technology industry.
“Our partners supercharge the impact for these early-stage companies, and we are looking forward to our upcoming event,” says Kwame Ulmer, Founder of MedTech Color, Venture Partner at Wavemaker Three-Sixty Health, and Principal of Ulmer Ventures. “We are anticipating our largest turnout to date and are excited to have more capital to invest for promising early-stage companies that will eventually become the leaders in our ecosystem.”
The 2022 winners will follow in the footsteps of notable achievers such as Sandra Saldana, Ph.D., CEO of Alva Health Inc., one of the 2021 MedTech Color Pitch Competition winners – and also the first Latin American founder to have won the $350,000 Grand Prize at the global MedTech Innovator Accelerator Competition in September 2021.
Go to http://medtechcolor.org to apply. The deadline is this Friday, January 21st, 2022.
MedTech Color is a 501(c)3 organization that builds a cohesive community of leaders of color in MedTech, increases the number of underrepresented executives who enter and stay in the industry, and drives thought leadership.
