LANSING (WWJ) — The Michigan State Medical Society said Monday it has launched a startup investment fund Quantum Medical Concepts.
The group says 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, MSMS COO. “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.