How It Works

Idea Submission
Current Penn faculty, staff, and students can apply online by describing their medical device or diagnostic idea, the problem it solves, how it is better than the competition, how it will be used, who will pay for it, and a team overview. DevelUPmed is open to technologies that are based on Penn intellectual property.

Company Formation
•Our venture partners will assess ideas based on their commercial potential, and select finalists for further development
Startup companies will be created for the finalists through the UPstart (faculty, staff, and students) or UPadvisors (students) programs managed by PCI Ventures, and will be paired with experienced entrepreneurs or business mentors

Business Development Activities
Management Team Recruitment: UPstart will assist in finding experienced entrepreneurs to manage your company; UPadvisors will assist in finding business mentors for your established team.
Penn I-Corps Accelerator: Startups will participate in the Penn I-Corps accelerator, which will enable them to identify the commercial opportunity and generate business and product development strategies
Investor Meetings: Companies will meet with investors and receive valuable feedback on the strategic vision and direction of the company.
•Companies will also receive strategy support in the areas of FDA regulation, pricing and reimbursement, and intellectual property.

Prototype Development
Startups will pitch for an opportunity to win up to a $50,000 offer of investment!
•Startups will be connected with professional
development partners to support further prototyping as needed.

Demo Day
•With a plan for the business and technology development progressing, startups will pitch their venture to potential investors and others in the venture community at the DevelUPmed Demo Day!

Prizes
• Up to $200,000 in total investments from Ben Franklin Technology Partners
• Prototype development
• Plexus Innovation Grants (rent-free space at the medical device incubator)
• I-Corps business accelerator participation
• IP, reimbursement, and regulatory guidance