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Programs. Commercialization Funding Program

GCIC’s Commercialization Funding Program supports Ohio-based companies that are developing cardiovascular products or services. The program now operates on a rolling application basis, and funding is directed towards specific, measurable project development activities that are key to establishing commercial opportunity.

Diverse Project Funding

To-date, GCIC has funded projects throughout the wide spectrum of cardiovascular medicine, including:

  • Arrhythmia Detection and Management
  • Blood Pressure / Cardiac Performance
  • Cardiac Assist Devices
  • Cardiography / Stress Testing
  • Diagnostic Markers and Assays
  • Drug Development
  • Heart Failure
  • Imaging
  • Patient Information Management
  • Patient Monitoring
  • Regenerative Medicine
  • Surgical Products and Procedures
  • Valvular Heart Disease
  • Vascular Devices

Funding Decisions

Funding decisions are assessed on the following criteria:

Potential for commercial success

Including clinical significance, market opportunity, commercial value, innovativeness, competitive advantage, intellectual property position, clinical and regulatory strategy, third party reimbursement feasibility.

Project plan

Including research and development status, development timeline, specific project goals, cost and budget, cost share, follow-on funding strategy, and management team. Project scope of work should lead to achieving critical project milestones that can be accomplished within a period of one year, and which serve to enable follow-on funding from the venture capital or industry community.

Ohio economic impact

Including job creation within the State of Ohio, total payroll potential, leverage of Ohio resources, and commitment to maintaining or establishing presence in Ohio.

Proposal Submission and Review

Proposals under the Commercialization Funding Program are currently being accepted by invitation only after consultation with GCIC. To request a pre-qualifying project discussion or meeting, please fill out the Online Inquiry.

After pre-qualification, invited proposals will follow a form and content prescribed in a GCIC Request for Proposals (RFP). Following submission, all proposals are first reviewed by GCIC staff, comprised of industry-experienced marketing, engineering, and business development personnel.

Proposals selected to advance will then be reviewed by members of an independent Commercialization Advisory Board. This board is comprised of leading venture capitalists, prominent clinicians and scientists in cardiovascular medicine, industry leaders and new business development experts.

The Commercialization Advisory Board makes recommendations for awards to the GCIC Board of Directors, which makes final award determinations.

Awards

GCIC makes awards to selected companies in the form of grants, loans or convertible debt. Awards are made for a one-year period, and terms of funding are agreed upon at the time of award notification.

Awards have averaged $450,000 per project.

For more information on the program or to subscribe to email notifications regarding the program, contact us.

Global Cardiovascular Innovation Center