New Fund to Invest $250k in Med Tech Startups
Lansing, Mich. – The Michigan State Medical Society (MSMS) announced today the launch of its new startup investment fund Quantum Medical Concepts. The fund will provide capital for Michigan-based early stage medical companies.
“MSMS has several members who are already innovators in the medical field and some even hold patents for devices they have designed for their patients,” said Ben Louagie, chief operating officer for the Michigan State Medical Society. “Through Quantum Medical Concepts, we can help grow businesses that are on the forefront of health care innovation in the state while providing them access to more than 15,000 medical professionals in our network.”
Quantum Medical Concepts will seek to invest up to $250,000 across two to three medical startup companies per year. In addition to providing startup capital, Quantum will also offer management support for company founders through its partnership with Lansing-based startup management firm Common Wealth Enterprises.
“Company founders are often very knowledgeable in their field of expertise, but don’t have the time to focus on other important functions that are required to grow their businesses,” said Common Wealth Enterprises CEO Tom Stewart, whose company also runs the NEO Center business incubator in Lansing. “By offering support for those management functions that the founders lack, Quantum can increase the likelihood of success and minimize the investment risk.”
Medical businesses funded by Quantum will undergo a needs assessment that analyzes their proficiency in core functions such as accounting and finance, human resources, operations and product development. Based on the needs identified by this assessment, Quantum will work with each company to design a program that guides its growth.
ABOUT QUANTUM MEDICAL CONCEPTS:
Quantum Medical Concepts provides early-stage investment funding to Michigan companies who have solid ideas for innovation in the medical sector. Our business model is unique—in addition to start-up funding, we provide active management support for our portfolio companies. This allows us to quickly identify and support products which have a high likelihood of success. We seek to invest in companies who are forward- thinking, energetic, and dedicated. And in doing so, we will realize solid returns for our investors.
Through a partnership of the Michigan State Medical Society and Common Wealth Enterprises, Quantum provides a unique business model. Our combination of capital, access to more than 15,000 medical professionals, and a proven startup management process grants us—and our portfolio of companies—a clear advantage.
Josh Hovey, Vice President