Economic Development
Will 2024 be the year of MedTech?
In a year of stories that point to a bright economic future for Wisconsin’s startup ecosystem, one of the biggest stories was Wisconsin’s selection as one of 31 regions in the country to receive the Economic Development Administration (EDA) Regional Technology and Innovations Hub (Tech Hub) Phase 1 designation.
According to BioForward Wisconsin, “Wisconsin’s biohealth sector, encompassing biotech, biopharma, medical devices, diagnostics, digital health and advanced manufacturing contributed significantly to the state’s economic fabric. The sector’s impact exceeded $32 billion, provided employment for over 129,000 individuals and contributed to products and services valued at $6 billion.”
Wendy Harris is leading a 15-member consortium of public and private partners in an effort to secure Phase 2 funding. Participants include Accuray, Employ Milwaukee, Exact Sciences, GE HealthCare, Madison Area Technical College, MadREP, Milwaukee Area Technical College, Milwaukee7, Plexus, Rockwell Automation, University of Wisconsin-Madison, University of Wisconsin System, Wisconsin Economic Development Corporation, and WRTP | Big Step.
If the committee is successful, the region could receive between $50-75 million to support the efforts of a Regional Tech Hub for biohealth.
As Wisconsin strengthens its position as a national leader in biohealth we take a look at some of the Milwaukee Region’s most promising Med Tech startups.
Med Tech startups to watch in 2024
Diverge Translational Science Laboratory: The Medical College of Wisconsin spinout contributes to the development of genetic disease treatment through tissue-based testing, focusing on histopathology and protein expression.
Founders Dr. Mike Lawlor and Dr. Julie Tetzlaff have expanded both the company’s staff and its lab space inside of the Global Water Center in 2023. The company’s rapidly growing international client list is the result of Lawlor’s groundbreaking innovations in this pioneering industry.
Learn more about this company here.
FAST Medical: The Beloit-based Software-as-a-Service company was founded by registered nurse and Davis Clinical Consulting owner Lauren Davis. Its unique software standardizes the assessment model used to calculate reimbursement in assisted living facilities. The emerging company was a finalist in the Wisconsin Technology Council’s Governor’s Business Plan Contest.
Learn more about this company here.
Nexion Solutions: While this wearable device might not be typically categorized as a Med Tech product, it has a large impact on the health and safety of its users. NightWatch is a wearable, GPS-enabled device that allows the user to immediately alert authorities when the wearer is in danger.
Liz Kohler, a wearable technologies industry veteran with extensive experience in healthcare and emergency response technologies, launched the company in 2022. The Shorewood-based startup has some of the industry’s biggest names supporting its efforts. The NightWatch device is being produced by Samsung and AT&T and FirstNet are supporting the company’s connectivity efforts.
Learn more about this company here.
RoddyMedical: Co-founders Lindsey Roddy and Kyle Jansson created a therapeutic device designed to ensure patient medical lines remain secure. Launched in 2018, the company has been involved in the University of Wisconsin-Milwaukee entrepreneurial pipeline since its inception.
The Wauwatosa-based company’s flagship product, SecureMove-TLC, hit the market last year. The wearable, single-use, class I medical device can withstand 80+ pounds of pull force and was registered with the FDA in October 2021. With multiple patents issued and several pending approvals, the company is focused on future growth.
Learn more about this company here.
