The Midwest might not have as much funding activity as some parts of the West Coast or other established hotbeds for innovation, but potential med-tech entrepreneurs and would be investors would be foolish to overlook this region, according to a report from BioEnterprise.
The med-tech companies are consistently finding funding in the Midwest, and were even able to raise dollars during the tumultuous years following the economic meltdown. Since I began my tenure at Medical Device Daily in 2007, the region has produced strong numbers consistently.
The study points out that Midwest healthcare companies attracted $1.8 billion in new investments across 243 companies in 2014. The totals are the highest recorded in both dollars and number of companies funded since BioEnterprise began compiling the report in 2005, surpassing the banner 2007 by 46% and 2013 by 135%.
The Report was funded, in part, by philanthropic support from the Fund For Our Economic Future, the Cleveland Foundation and the Burton D. Morgan Foundation.
My conversation with BioEnterprise's president/CEO Aram Nerpouni, revealed that the area is growing and that it offers a diversified range of funding opportunities. While there is still some room to grow, it seems highly likely that the funding rounds will continue to grow.