Project Selection

Once an idea is presented, The Foundry^® reviews the opportunity as quickly as possible. Areas that The Foundry evaluate include:

• State of Development - Does the inventor have any prototypes or proof that the concept works, or is the concept in the "paper" stage? In many cases, prototypes do not yet exist.

• Technical & Clinical Feasibility - Does the technology exist to make the idea a reality? In some cases, The Foundry may do some very quick prototyping & testing to assess the feasibility of the technology.

• Intellectual Property Position - Does the inventor have patents filed, issued, etc.? Can a dominant position be established?

• Regulatory Strategy - An initial analysis of the likely regulatory path required by the technology will be done to gauge the likely clinical costs to bring the technology to market.

• Market Assessment - All factors involved in determining the market dynamics will be evaluated: incidence and prevalence of the clinical need, competitive/predicate device cost, procedural cost, reimbursement issues, target physician, competitive clinical solutions, etc.

Once the Opportunity Assessment is complete, The Foundry team determines whether there is a good match between the demands of the project and the skills and capabilities of The Foundry, and decides whether to take the idea to the level of Board Review.

Foundry Board Review
The Foundry Board consists of representatives of The Foundry Management and the financial backers of The Foundry. Foundry management reviews all promising company ideas with the Board. If the Board votes to pursue an idea, The Foundry Team literally becomes the new startup company, filling the technical and management positions and working with the outside inventor to speed the new company to success.