MedStartr (www.medstartr.com), “the first crowdfunding platform designed for biotech and all healthcare companies,” announced the Company’s launch today.
Well, kinda… http://www.crowdbioventures.com/ “launched” in late May, but they do not seem to have any projects underway yet. http://www.petridish.org/ has been around since February, but they have yet to attract a “biotech” project, yet we “have already featured several healthcare related projects” says the company.
According to MedStartr, the site enables doctors, patients and healthcare stakeholders to contribute directly to the success of healthcare startups. MedStartr provides a vehicle for startups to market products, generate awareness and raise capital through the increasingly popular method of direct, online funding first made popular by sites including Kickstarter. On the site, companies set a funding goal, and tell their stories in video and text. Companies post at no cost with MedStartr taking a small percentage of funds only when fundraising efforts succeed.
“We created MedStartr as the answer for every healthcare company that needs to get to that next important stage. This will be a game changer for biotech startups taking their first steps and those looking to mobilize empowered patient advocates,” said Mr. Fair. Fair’s Co-Founder Mike Pence was Project Manager for the development of Kickstarter.com.
Contributors on MedStartr receive gifts, incentive deals, rewards and early access to products in return for their contributions, all in lieu of equity. A new federal bill, the JOBs bill will allow companies to offer equity to those who invest online. But this new equity model won’t come into effect until news SEC rules are clarified. With the launch of its new site, MedStartr leads the way in healthcare crowdfunding today.
Said Fair, “For medical startups, MedStartr offers undiluted funding without turning to investors. Companies that reach their funding goals achieve the market validation they need.” According to Fair, companies are also able to more precisely target customers with new products at a fraction of the cost of typical marketing efforts.
Among companies with a presence on the website at launch are EndoGoddess, an Ohio-based company raising money in a partnership with Duet Health for a clinical trial of a diabetes management app. Partner Dr. Jen Dyer said “MedStartr gives patients the opportunity to participate in the vital research that ultimately affects their healthcare and lives.”