Medtech Start Ups
The term ‘startup’ refers to a company in the first stages of operations. If you have a creative product idea and the will power to succeed, you are halfway there, but is it enough? According to a survey conducted by CB Insights, 38% of startups fail due to insufficient cash or they fail to raise new capital.
External funding is a great way to create enough working capital to fulfil growth ambitions, but as a start-up business with no track record of commercial success, it’s difficult to pitch that the project is good enough to receive public funds, especially when competition is fierce.
Test Labs feature as a partnering business on funding proposals to significantly enhance the chance of success. More and more funders are looking to invest in collaborative efforts, in fact, ‘Program Partners’ came in at number 3 of the top 10 things assessors look for when evaluating a grant proposal.
Finding the right partnering organisation can come with a host of challenges in itself, but you can trust us to work with you to maximise your projects potential. We take the time to listed to you and share your project vision – understanding your needs is our number one priority.
New innovation is complex and as a consultant, securing grant funding for Med Tech R&D proposals can be a challenging prospect. With a shared desire for success, Test Labs works in partnership with consultants to be recognised as the ‘go to’ business to collaborative with on funding proposals.
Featuring a project partner who will play an integral role in the proposed research and openly champions the project innovation significantly strengthens funding proposals. However, shortage of industry connections, lack of trust, and different project expectations and visions, are all reasons why involving project partners is not always an easy thing to do.
At Test Labs, we build trust with proven results. Having won grant funding ourselves for R&D, we understand the technicalities of a collaborative innovation project- and we know what it takes to be successful.
Funding consultants
Academia and Universities
For researchers based at academic institutions, winning funding to develop cutting-edge research is essential to continue to innovate and inspire. By striking up partnerships , universities have more resources to undertake research and they are able to diversity their research areas. According to Nature Index, university and industry collaborations doubled between 2012 – 2016, and they continue to rise.
‘Funding’ came in at number 3 of the top 5 reasons for academia and industry partnerships. As Test Labs, we collaborate with academia on funding proposals to research, access and validate world leading innovations for the med tech and healthcare industries. We also welcome ‘outside of the box’ requests, such as training students or assistants in a specific area of research, or host students for placements.
At Test Labs, we will work with you to be at the forefront of ground breaking research to support innovations of the future.
The number of SMEs in the UK in 2021 was 5.6 million, making up 99.9% of companies. In March 2022, the UK’s tech scene was valued at US$1 trillion. Furthermore, a British Business Bank Survey published in 2019 found that 44% of SME businesses sought some form of external funding in the previous three years, so it is widely acknowledged as being an excellent form of financial support to enable SME’s to fulfil growth ambitions.
Large scale government funding competitions from Innovate UK and UKRI are typical sources for SME’s seeking grants. Both advisory bodies champion innovation and commercial growth in the UK economy, funding terms often reflect this by encouraging businesses to work with other commercial and research organisations on joint collaboration proposals.
Test Labs is a fully accredited laboratory, offering validation and objective data services for medical devices. We are responsive, offer immediate data results, provide rock solid reliability, and share a joint desire for success – all key to finding the perfect project partner and strengthening your funding proposal.
SME’s
You will be supported by a Medical Device CRO with a testing laboratory accredited to ISO 17025
We keep microbiology, material Science, and chemistry expertise all under the same roof – it enables us to provide you with the speed of service that will keep your project momentum. Using dedicated facilities and specialist teams, including microbiologists, chemists, analysts and engineers, we have supported the design and development of healthcare technologies which are now used in hospitals world wide.
