Medtech Innovator

What it reported doing in 2024

Medtech innovator ("mti") is the largest and most impactful healthcare accelerator in the world. Its mission is to improve the lives of patients by accelerating the growth of companies that are transforming the health care system. Mti is purpose-built to identify the most viable startups and immerse them in the best medtech ecosystem in the world, no matter where they are based. Mti provides a resource-rich environment to assist startups in honing their business models, developing their value propositions, and securing their next round of funding, among other challenges faced by companies attempting to commercialize innovative health technology for the benefit of patients around the world. Mti's flagship program supports medical device, digital health, and diagnostic startups and scale-ups. In 2021, mti launched biotools innovator to support innovators in the life science tools and diagnostics spaces. 1. Mti undertakes two primary activities: sector/regional-based competitions for innovative startups and a four-month mentorship-driven accelerator for the leading applicants. Each year, mti gives out a combination of cash prizes and in-kind awards through its various competitions, which include several rounds during which thousands apply and hundreds of companies gain increasing amounts of exposure to industry leaders through online application reviews, in-person and virtual pitch events, and audience-driven, public competitions in partnership with leading industry conferences. As the competition progresses, companies are accepted into the annual cohort. These startups gain critical industry-wide visibility and access to leading investors, manufacturers, providers, and customers. Among many benefits, they receive exclusive networking opportunities, interactive workshops, and coaching. The companies also have multiple occasions to showcase their products and gain experience pitching to audiences of industry stakeholders and decision-makers. A subset of earlier-stage companies take part in a customized mentorship program where they are paired with senior leaders in the medical technology (medtech) or life sciences industries. All cohort companies have the opportunity to compete for awards.2. Mti has attracted top talent to oversee the competition and accelerator programs, including staff members with advanced degrees and doctorates in fields of study relevant to the startup companies they assist. Mti staffers have a broad knowledge and understanding of the medical technology and life sciences industries, including the regulatory and reimbursement requirements, the investment environment, and the clinical and scientific needs for research and development. Mti also develops relationships with hundreds of industry executives, health care providers, investors and key opinion leaders, for the benefit of companies participating in its competition and accelerator. Mti brings these experts together to serve as application reviewers and judges at regional pitch events and competitions, and they offer feedback, guidance and mentorship to companies that progress through the program. These experts volunteer their time to support mti in its mission to improve the lives of patients.3. The events of the competition are conducted throughout the year, with applications opening in the fall season of the preceding year. The accelerator programs typically run from june through october.4. The events of the competition and accelerator take place virtually and in cities around the united states, such as san francisco, los angeles, san diego, boston, Washington, d.c., and in international locations such as ireland and singapore. The accelerator is a virtual program, largely conducted via webinar and teleconference, in addition to multi-day, in-person events held at its beginning and conclusion. All the companies selected for medtech innovator's annual cohort participate in the innovator summit and finals, which bring together senior leadership from each

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 87%; rating input score 87
• Fundraising efficiency: $15.41 raised per $1 spent on fundraising; rating input score 52; 52nd percentile among comparable filings

Transparency & Controls

• Consistency checks: 84.6%; rating input score 85; 1st percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: 0 of 8 controls in place; rating input score 0
  • Claims monitoring procedures: Fail
  • Requires narrative reports: Fail
  • Conducts field audits: Fail
  • May suspend future funding: Fail
  • Requires financial reports: Fail
  • Conducts site visits: Fail
  • Requires grant agreements: Fail
  • May require repayment: Fail
• Grant itemization coverage: 82.1%; rating input score 82; 22nd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 75%; rating input score 75; 13th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -60.2%; rating input score 2; 2nd percentile among comparable filings
• Total-asset coverage ratio: 1.24; rating input score 45; 45th percentile among comparable filings
• Liabilities to assets ratio: 0.08; rating input score 63; 63rd percentile among comparable filings
• Officer compensation ratio: 29.7%; rating input score 5; 5th percentile among comparable filings

Growth

• Program expense growth: 19.3% per year; rating input score 100; 84th percentile among comparable filings
• Revenue growth: 13.4% per year; rating input score 100; 78th percentile among comparable filings
• Asset growth: 23.7% per year; rating input score 100; 88th percentile among comparable filings