Is the financing through the research technology and innovation RTI initiative less daunting for an entrepreneurial company than going to private investors? Is the technology and innovation RTI initiative less time-consuming than signing a term sheet with a venture capitalist? What products will emerge out of incubation?
It is not an overstatement to say that seven-year-old Bray-based Advanced Surgical Concepts (ASC) is one of the most promising companies in Ireland. With a team of 12 employees, considerable know-how, and a commitment to develop new products which solve real-world surgical challenges, the company is attracting the attention of investors, competitors and surgeons the world over. However, the firm’s past successes and its rising status would not have been possible without the careful leadership of CEO Frank Bonadio as well as financial backingfrom both venture capitalists and the Research Technology and Innovation (RTI) Initiative. Advanced Surgical Concepts is in the business of making it easier for surgeons to do their jobs.
Its focus is on reengineering the way abdominal keyhole surgery – or internal surgery thatinvolves only small incisions – is carried out. Traditional techniques focus heavily on the use of narrow tubes, which restrict surgeons to a limited repertoire of instruments, reducing the percentage of keyhole procedures that can be undertaken…
Research and Development is at the heart of what ASC does, a fact which is evidenced by the 70 patents the fi rm has fi led to date. And although ASC has already brought two products to market, it continues to put heavy emphasis on R&D as it seeks to solve real-world problems that surgeons encounter while in theatre…
RTI INITIATIVE: SUPPORTING ADDITIONAL INVESTMENT
Backing up ASC are several key investors — including Johnson & Johnson, Delta Partners, WFD Ventures – who have tasted the potential that ASC offers following a licensing deal with Bard, described as one of the biggest of its type ever done in Ireland. But before ASC began delivering on its promises to shareholders, it has to go in search of funding…
In terms of the application process, Frank said that ASC found the RTI Initiative to be no more daunting than going to private investors, and less time-consuming…
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