Maryland is home to a number of STEM entrepreneurs with quality projects and the skills to succeed. What entrepreneurs often lack are the right connections and access to funding, which is especially true for women-led life sciences start-ups.
“In 2021, women founders raised just 2% of venture capital money and only 23% of biotech CEOs are women said Margia Argüello, formerly with the Maryland Department of Commerce’s Office of Life Sciences.
TEDCO’s Social Impact Funds are a key component to creating a more inclusive entrepreneurial innovation ecosystem in Maryland. The three busy female founders of innovative life science startups CarrTech, NasaClip and PerSoN Clinic took time to share what TEDCO’s Builder Fund and other TEDCO resources have meant to their companies.
Sue Carr, CarrTech
A clinical pharmacist by trade, Sue Carr founded CarrTech to provide health care professionals and patients with a safer, more cost-effective way to administer medication. Her new single-step filter needle system addresses a common problem that arises when giving injections to patients: Opening the sealed glass ampoule that holds liquid medications can result in glass shards mixing with the medication, jeopardizing patient safety. A multi-step, complicated process is currently required to remove the shards and safely offer the injection. CarrTech’s patented FROG solution, which stands for Filter Removal of Glass, combines the two steps into one, potentially saving time, money and lives with its safe, streamlined process.
Carr understood the potential of FROG and quickly acquired multiple patents. Her challenge came with identifying funding and honing her product pitch.
“I was so excited to access TEDCO’s Builder Fund, and that was just the start; I also received funding from TEDCO’s RUBRIC program and seed funding,” Carr said. “But it wasn’t just the money. Experienced advisers gave me excellent advice on how to negotiate strategic contracts. TEDCO showed me how to apply for Small Business Innovation Research (SBIR) grants and helped me build my leadership skills. They lifted me up. I wouldn’t be here today without the help of TEDCO.”
Dr. Elizabeth P. Clayborne, NasaClip
The need for her NasaClip product came directly from Clayborne’s day job as an emergency room physician, where she was struck by the large number of people who came to the ER with nosebleeds. The NasaClip device provides simple and effective nosebleed rescue at home, using hands-free, external nasal compression with intranasal sponges that go inside the nose. The product aims to stop nosebleeds within 10 to 20 minutes, eliminating hours-long waits in crowded ERs.
While many of Clayborne’s skills as a physician helped her develop her business, she knew her expertise rested with her product, not the business world. That’s where TEDCO and its Builder Fund proved essential.
“I knew what I wanted to do with my company, but I didn’t have the mentorship, the advisers and the capital to execute those goals. I was thrilled to join the TEDCO community, which not only provides capital through the pre-seed Builder Fund as well as executive management support, but also a community of other founders to encourage and support me on my journey as a Black, female founder,” said Clayborne.
Sarah Iranpour, PerSoN Clinic
Sarah Iranpour was concerned about a mental health crisis long before COVID-19, noting that millions of people live with mental health challenges. Care providers don’t always have time to look at the patient as a whole, and they often have no outcome measures in place. Her response was an innovative digital solution: PerSoN Clinic. The clinic began as a comprehensive virtual care space, one that empowered the patient with a set of health modules to manage their condition, communicate effectively with care providers and measure the outcomes.
While the Maryland company started strong, winning a gold medal at a Denmark startup competition and a startup package from the Austrian government, Iranpour’s plans were slowed by COVID-19. TEDCO proved to be a crucial resource for PerSoN Clinic, with the Builder Fund offering needed support at the right time.
“It was because of TEDCO that I could make that pivot and launch comprehensive online counseling PerSoN Care, using our proprietary technology through PerSoN Clinic in the market directly. TEDCO trusted us and recognized our work. Without their funding and support at the right time, I wouldn’t be where I am today. I encourage other Maryland tech companies who need support to approach TEDCO,” said Iranpour.
To learn more about growing your early-stage technology or life science-based business with TEDCO, visit TEDCOmd.com.
Tammi Thomas is TEDCO's chief marketing and communications officer
Source: Washington Business Journal