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Project Selection

Once an idea is presented, The Foundry conducts an Opportunity Assessment, evaluating the technology potential as rapidly as possible. Critical areas of focus that The Foundry reviews 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 Feasibility
Does the technology exist to make the idea a reality quickly? In some cases, The Foundry may do some very rapid prototyping to assess the feasibility of the technology.

Intellectual Property Position
Does the Inventor have patents filed, issued, etc.? Can a dominant position be established in this area?

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

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.

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

Foundry Board Review

Opportunities that show great promise from our initial Opportunity Assessment are reviewed by the Board, which consists of The Foundry management and our venture capital investors. Once the Board votes to pursue an idea, The Foundry’s Team literally becomes the “New Company,” filling the technical and management positions immediately and strategically working with the outside Inventor to guide the New Company to success.
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