0
0
1
5
35
MedTech Media
1
1
39
14.0
Normal
0
false
false
false
EN-US
JA
X-NONE
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="276">
UnhideWhenUsed="false" QFormat="true" Name="Normal" />
UnhideWhenUsed="false" QFormat="true" Name="heading 1" />
UnhideWhenUsed="false" QFormat="true" Name="Title" />
UnhideWhenUsed="false" QFormat="true" Name="Subtitle" />
UnhideWhenUsed="false" QFormat="true" Name="Strong" />
UnhideWhenUsed="false" QFormat="true" Name="Emphasis" />
UnhideWhenUsed="false" Name="Table Grid" />
UnhideWhenUsed="false" QFormat="true" Name="No Spacing" />
UnhideWhenUsed="false" Name="Light Shading" />
UnhideWhenUsed="false" Name="Light List" />
UnhideWhenUsed="false" Name="Light Grid" />
UnhideWhenUsed="false" Name="Medium Shading 1" />
UnhideWhenUsed="false" Name="Medium Shading 2" />
UnhideWhenUsed="false" Name="Medium List 1" />
UnhideWhenUsed="false" Name="Medium List 2" />
UnhideWhenUsed="false" Name="Medium Grid 1" />
UnhideWhenUsed="false" Name="Medium Grid 2" />
UnhideWhenUsed="false" Name="Medium Grid 3" />
UnhideWhenUsed="false" Name="Dark List" />
UnhideWhenUsed="false" Name="Colorful Shading" />
UnhideWhenUsed="false" Name="Colorful List" />
UnhideWhenUsed="false" Name="Colorful Grid" />
UnhideWhenUsed="false" Name="Light Shading Accent 1" />
UnhideWhenUsed="false" Name="Light List Accent 1" />
UnhideWhenUsed="false" Name="Light Grid Accent 1" />
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1" />
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1" />
UnhideWhenUsed="false" Name="Medium List 1 Accent 1" />
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph" />
UnhideWhenUsed="false" QFormat="true" Name="Quote" />
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote" />
UnhideWhenUsed="false" Name="Medium List 2 Accent 1" />
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1" />
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1" />
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1" />
UnhideWhenUsed="false" Name="Dark List Accent 1" />
UnhideWhenUsed="false" Name="Colorful Shading Accent 1" />
UnhideWhenUsed="false" Name="Colorful List Accent 1" />
UnhideWhenUsed="false" Name="Colorful Grid Accent 1" />
UnhideWhenUsed="false" Name="Light Shading Accent 2" />
UnhideWhenUsed="false" Name="Light List Accent 2" />
UnhideWhenUsed="false" Name="Light Grid Accent 2" />
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2" />
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2" />
UnhideWhenUsed="false" Name="Medium List 1 Accent 2" />
UnhideWhenUsed="false" Name="Medium List 2 Accent 2" />
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2" />
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2" />
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2" />
UnhideWhenUsed="false" Name="Dark List Accent 2" />
UnhideWhenUsed="false" Name="Colorful Shading Accent 2" />
UnhideWhenUsed="false" Name="Colorful List Accent 2" />
UnhideWhenUsed="false" Name="Colorful Grid Accent 2" />
UnhideWhenUsed="false" Name="Light Shading Accent 3" />
UnhideWhenUsed="false" Name="Light List Accent 3" />
UnhideWhenUsed="false" Name="Light Grid Accent 3" />
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3" />
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3" />
UnhideWhenUsed="false" Name="Medium List 1 Accent 3" />
UnhideWhenUsed="false" Name="Medium List 2 Accent 3" />
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3" />
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3" />
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3" />
UnhideWhenUsed="false" Name="Dark List Accent 3" />
UnhideWhenUsed="false" Name="Colorful Shading Accent 3" />
UnhideWhenUsed="false" Name="Colorful List Accent 3" />
UnhideWhenUsed="false" Name="Colorful Grid Accent 3" />
UnhideWhenUsed="false" Name="Light Shading Accent 4" />
UnhideWhenUsed="false" Name="Light List Accent 4" />
UnhideWhenUsed="false" Name="Light Grid Accent 4" />
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4" />
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4" />
UnhideWhenUsed="false" Name="Medium List 1 Accent 4" />
UnhideWhenUsed="false" Name="Medium List 2 Accent 4" />
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4" />
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4" />
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4" />
UnhideWhenUsed="false" Name="Dark List Accent 4" />
UnhideWhenUsed="false" Name="Colorful Shading Accent 4" />
UnhideWhenUsed="false" Name="Colorful List Accent 4" />
UnhideWhenUsed="false" Name="Colorful Grid Accent 4" />
UnhideWhenUsed="false" Name="Light Shading Accent 5" />
UnhideWhenUsed="false" Name="Light List Accent 5" />
UnhideWhenUsed="false" Name="Light Grid Accent 5" />
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5" />
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5" />
UnhideWhenUsed="false" Name="Medium List 1 Accent 5" />
UnhideWhenUsed="false" Name="Medium List 2 Accent 5" />
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5" />
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5" />
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5" />
UnhideWhenUsed="false" Name="Dark List Accent 5" />
UnhideWhenUsed="false" Name="Colorful Shading Accent 5" />
UnhideWhenUsed="false" Name="Colorful List Accent 5" />
UnhideWhenUsed="false" Name="Colorful Grid Accent 5" />
UnhideWhenUsed="false" Name="Light Shading Accent 6" />
UnhideWhenUsed="false" Name="Light List Accent 6" />
UnhideWhenUsed="false" Name="Light Grid Accent 6" />
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6" />
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6" />
UnhideWhenUsed="false" Name="Medium List 1 Accent 6" />
UnhideWhenUsed="false" Name="Medium List 2 Accent 6" />
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6" />
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6" />
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6" />
UnhideWhenUsed="false" Name="Dark List Accent 6" />
UnhideWhenUsed="false" Name="Colorful Shading Accent 6" />
UnhideWhenUsed="false" Name="Colorful List Accent 6" />
UnhideWhenUsed="false" Name="Colorful Grid Accent 6" />
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis" />
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis" />
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference" />
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference" />
UnhideWhenUsed="false" QFormat="true" Name="Book Title" />
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin:0in;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:14.0pt;
font-family:"Times New Roman";
mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;}
Individual backers look for strong ROI
When Kris Appel, founder and president of Encore Path, a Baltimore-based medical device company, looked for investors to help her get the company’s debut product, a stroke rehabilitation device called Tailwind, on the market, she turned to angel investors, individuals who invest their own money in entrepreneurial endeavors.
“There’s a lot of angel investors out there and they’re easier to find and easier to reach and easier to meet,” she said. “It was really the only way for me to get my product on the market because it was not big enough to attract venture capital. So I was able to get a medical device on the market only because there were willing angel investors.”
The healthcare sector is nearly always number one or two in the top investment categories for angel investors said Jeffrey Sohl, director of the Center for Venture Research (CVR) at the University of New Hampshire. Even in a down economy such as the one we’ve been experiencing, angels are willing to invest in healthcare. “I think healthcare really held up during (the down economy) because (it’s) always basic. I won’t say recession proof, but recession resistant,” he said.
According to CVR’s research, during the down economy, the number of deals made by angels remained constant but the amount of money invested went down. That started to turn around in 2011, with both the number of deals and the amount of investment going up.
“Software/healthcare (angel investors) are the ones that they feel pretty bullish even during down times. They want to keep playing,” said Sohl. “They want to keep their foot in the door. They think that there’s some good exit possibilities, there’s some good deals.”
And angels are always on the prowl for a good deal said Allan May, chair of angel investment group Life Science Angels. “Returns in early stage investing generally, and in medtech and biotech specifically, are consistently at the top of the 10- and 20-year asset class averages that are published. So it’s high risk, high returns,” he said.
“You look out at the … healthcare system and it’s obvious to an idiot that the system desperately needs innovation,” added May. “So there’s tremendous need and opportunity.”
Those seeking angel investment need to be savvy, say Appel and Sohl. “If you’re a CFO and your company is looking to position itself in a particular sector, you want to be connected and understand this angel market,” said Sohl.
Appel recommends getting to know angel investors in your geographic region so that a relationship prior to investment can be formed. She also recommends looking for angels who have knowledge of your market.
But one of the most important things those seeking angel investment need to understand, said Sohl, is that it’s not the product that will get angel investors’ attention. “… it’s not about the device that’s going to cure the world of everything, it’s about the company,” he said. “The investors bet on the jockey not the horse.”