Who does the Commercialization stream support?
The Commercialization stream supports early-stage health-tech companies that have developed a working prototype or minimal viable product and are now looking to refine and validate this product within a pediatric and/or aging population, rehabilitation, complex continuing care or long-term care clinical setting.
Companies that could be a strong fit for the Commercialization stream need some combination of:
- Access to clinicians, patients and families to establish product market fit and business model validation.
- Alignment of business model assumptions with the realities of Canadian healthcare institutions.
- Assistance in addressing a particular roadblock in the commercialization of your product in Canada.
- Support with developing a scaling strategy that addresses the challenges of successfully navigating innovative products through the Canadian health system procurement process.
How is the commercialization stream structured?
The Commercialization stream is focused on supporting the product development and commercialization goals of the companies we support. We tailor the services we provide to each company’s specific needs and critical path, with our support typically centering on a project with CHEO and/or Bruyère that is delivering some combination of product development, customization, validation, and procurement.
We structure our engagement with the companies we support in two phases:
Phase 1 – Scoping and Project Definition
Upon acceptance into the Commercialization stream we work with you to map out your goals and develop a general outline of a proposed engagement, while consulting key stakeholders to confirm that there is both a strong fit between your product and the needs of CHEO and/or Bruyère, and that there are one or more internal champions interested in participating. With these fundamentals confirmed, we work closely with you to develop a project plan with a clearly defined workplan, timeline, budget, and set of objectives and deliverables.
Services delivered in Phase 1:
- Preliminary assessment of product market fit (does your product provide sufficient unique value and is it feasible to incorporate within the relevant workflow at either CHEO or Bruyère?)
- Preliminary assessment of business model feasibility (is there a feasible pathway to this product being bought/procured by its target market or institutions?)
- Structured feedback from relevant internal stakeholders as to the potential value of the product to their work lives and their interest in engaging further
- Development of a detailed proposal consisting of one or more discreet projects
- Identification of other areas of support that would deliver significant value in realizing your product development and commercialization goals (see list of services available in Phase 2 below).
Cost for Phase 1: There is no cost to pre-revenue companies for Phase 1 of the 8-80 Collaborative Commercialization stream.
Typical Phase 1 timeline: 1 – 3 months
Phase 2 – Project Execution and Commercialization Support
Phase 2 of the Commercialization stream is focused on executing the detailed project plan defined in Phase 1, with a focus on realizing the objectives being pursued. Beyond a central project, the Commercialization stream can further support your product development and commercialization goals through additional services tailored to your specific needs.
Services available in Phase 2:
Examples of support that can be provided to participating companies include:
- Expert institutional navigation services
- Research support including design and execution of clinical and usability validation studies – see [link to Research Chapter Services page]
- Support in securing required project funding
- Identifying and securing non-dilutive funding sources
- Assistance in optimizing equity fundraising efforts
- Connection with expert mentorship in business-critical areas
- Analysis of product market fit
- Business model validation and strategy development
- Guidance with the process of translating your prototype into a design for manufacture, vendor selection and design transfer
- Assistance with value differentiation and sales strategy development tailored specifically to the challenges of the procurement processes within Canadian healthcare institutions
- Support in achieving necessary regulatory milestones
- Support in refining IP strategy and strengthening IP protections
- Support with implementing a strong governance structure and team build-out in mission critical areas
- Potential sales lead generation and introductions
Cost for Phase 2:
Hard costs (external project expenses) are highly variable from project to project. These costs are funded through a combination of company funds and externally secured project-specific funding (not guaranteed). The project budget and funding strategy will be mutually agreed upon in the Phase 1 scoping process.
The 8-80 Commercialization stream will be delivering value to your company in the form of time, expertise, and access to the specific pediatric and/or geriatric aging clinicians and complex care clinicians and clinical settings needed for your commercialization pathway. As part of the Phase 1 scoping process a mutually agreeable non-monetary form of compensation will be negotiated for this value.
Typical Phase 2 timeline: 6 months to 1 year
Following completion of Phase 2
We are committed to the success of the companies in our Commercialization stream, supporting you through to your first commercial sales. Before the conclusion of a project, we will discuss the next objectives in your product commercialization pathway and explore how we can further support you in achieving them locally, nationally and beyond.