BOCA RATON – Imagine a medical technology company committed to commercializing medical discoveries, but choosing not to own any of them.
Sounds counter-intuitive until you take a closer look atgoing on in the global economy. Consider the following:
· UBER is the world’s largest TAXI company, yet it doesn’t own any vehicles
· FACEBOOK is the world’s most valuable media company, yet it doesn’t create any content
· ALIBABA is the world’s largest retailer, yet it doesn’t own any inventory
“It’s all about leveraging resources, and combining expertise, while providing the public with valuable services and products,” said Michael Miller, founder of Boca Raton, Florida-based SoundHealth, a medical innovation agency. “Basically, we combine: the expertise of inventors, with the funding of charitable organizations, and the facilities and resources of research institutions, to provide commercially ready products and services to industry distribution/marketing companies and bring life-saving innovation to the public in a hyper-efficient way”
“Our program also eliminates the drama most entrepreneurs are forced to endure while growing a company, raising capital, and finally being able to successfully exit from it,” said Miller. “Our goal is to take early stage products through the commercialization process quickly so, all parties can profit. Too many important products end up in the inventor’s garage, gathering dust, rather than saving lives.”
“Inventors are creative… but as a rule, aren’t prepared totheir products to the public. We’ve brought all of these disciplines to the table and have created a team focused on one thing – commercializing a product, without the risk.” Said Miller “that’s the drama we remove.”
“We also approach things differently, by starting with identifying the exit… the potential buyer,” said Miller. “Our singular goal is to build a sellable product with input gained from the potential buyer. Then, we leverage the capacities of our partners (i.e. funding foundations and research institutions) each of which have a stake in the process, of getting it done.
“We make it very clear to all everyone that: we’re not interested in building a company,” stressed Miller. “We’re not a venture capital company. We simply want to develop a product and sell it to Johnson & Johnson, for example, and walk away with the proceeds… and, do it over and over again.”
To be considered for the program, innovations must:
• solve a specific medical problem
• have a working prototype
• have protectable intellectual property
• be able to be completed within 2 years