What kind of member companies are you looking for?
Our ideal member is a medical device startup who requires a physical technology or component for the delivery or implementation of their solution. We also favor those companies who have
- Patents pending or granted for their core IP
- A detailed understanding of the chosen market opportunity and sizing
- Some level of prior funding success
Where do you find member companies?
After a local university focused pilot period to work out details, IAL is now opening its medical device accelerator program to a broader geographic area. We are now launching a national search for the best fit among medical “startups”.
If you are ready to drive toward the next level of tangible progress for your technology apply now by filling out our online application form.
What benefits does the program provide to member companies?
In exchange for a small percentage of equity, member companies are located on-site in our Chicago office. This facilitates seamless collaboration with Insight’s development teams, helping startups move technology from idea to execution and concept to reality more efficiently.
More specifically, we provide
- Product development services at a significantly discounted rate
- Expert mentoring the appropriate product development to commercialization processes
- Office, lab and meeting spaces and extensive infrastructure support such as IT and admin services at no cost
- Additional support services, including legal assistance, on a deferred-fee basis
- Assistance and support in grant and award applications as needed
How long does the program last?
Our programs start at 6 months and can be renewed up to 18 months.
While many incubators and accelerators limit the program duration to a few months, Insight recognizes that the time necessary to fully develop a physical technology is much greater than the shorter-term models appropriate for IT based startups. Our extended engagement of up to 18 months reflects a desire to significantly impact the long-term success of the Insight Accelerator Labs member companies.
How is progress measured?
Each startup company works with IAL to design and form a mutual agreement for accomplishing goals throughout each 6 month engagement period, renewable for up to 18 months. Progress is then measured periodically against these criteria.
Is there a limit to the number of companies allowed into the Insight Accelerator Labs program?
We are currently targeting a maximum number of 5 member companies at any time. Our goal is to focus on the groups with the very best technology and opportunity while maximizing the time and support we can provide to each company.
Do the member companies have to work on-site with Insight Accelerator Labs?
Yes. We feel that this close proximity is essential to encouraging collaborative synergies and learnings with our member companies.
Are member companies expected to stay in Chicago after leaving the program?
Our main goal is to help Insight Accelerator Labs member companies succeed – no matter where their ultimate location. But at the same time, we do hope to encourage the success of new companies in Chicago and help increase the city’s profile as a leading center for innovation and technology development.