"We found out there was a big opportunity to partner with pharmaceutical companies to go beyond research and do interventional clinical trials," she said. Participants in these trials are randomly assigned to groups that receive one or more interventions/treatments so that researchers can evaluate the safety and efficacy of the interventions on biomedical or health-related outcomes.
The company received Small Business Innovation Research grants from the National Institutes of Health and the National Cancer Institute. These grants are crucial infor startups. Without non-dilutive funding, founders would rely entirely on equity financing, if they could raise it. Because of the lengthy product development cycle, healthcare startups might have to give most of their company away before bringing the innovation to market.
“I joined Springboard Enterprises," said Longmire. There, she developed a framework of core metrics to provide VCs when pitching. She practiced her pitch, received feedback, and connected to investors by participating in Springboard's Dolphin Tank.support of women-led healthcare companiesOnce Longmire had empirical evidence of the strength of Medable's business model, fundraising became more manageable than it was early on.
The company continues to evolve. It is expanding into trials for medical devices. But the goal is to make an even bigger impact.
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