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What happens at NIT?
Why is NIT called a “translator?”
NIT is a Translator, focused on the translation of neurotechnology innovations from the lab to patients and the marketplace. We refer to NIT as a Translator, because it is fundamentally different from other types of programs. NIT is not an “incubator”; not an “accelerator;” not a venture capital firm; not a contract manufacturing house; not a clinical trialing organization….per se. Instead, NIT brings the best of what each of these other entities has tried to deliver, comprehensively, under one translational Center, borrowing their best attributes, but transforming them into an entity that provides a cocoon for your company’s success in today’s challenging landscape.
The NIT translational approach--highly unique, not just in neurotechnology, but across the field of medical technology development—systematically facilitates a company’s rapid development throughout the development pathway.
In stark contrast to other models, NIT holds ready investment capital for investment in early and advanced stages of your company’s development. NIT focuses on a select number of high-quality, venture-fundable, commercially-oriented companies. NIT sources projects globally, while also having access to a rich pipeline of innovation. And, NIT leverages a robust infrastructure of on-site and nearby resources from already-committed Partners. The result: a comprehensive solution, providing the expertise, resources, and capital to propel your company from concept-to-clinic, and subsequently to commercial success.
What types of companies is NIT seeking?
NIT will develop a select number of high-quality, venture-fundable, commercially-oriented companies focused on neurotechnology innovation. NIT companies will be carefully chosen, funded, and nurtured within the NIT ecosystem only if they: (1) demonstrate a sufficient level of scientific validation and mitigation (or manageability) of technical risks; (2) target a clear unmet clinical need; and (3) carry the force of a market imperative with a well-focused business plan and model that meet private venture capital funding criteria. The mix of NIT companies chosen will include neurotechnology innovations that are both “Dare-To-Dream” projects, as well as “Better, Faster, Cheaper” solutions to improve patient care.
How can our innovation be considered for NIT investment?
We’d love to hear from you. Contact us.
Does NIT have dedicated funds?
Yes, NIT has capital ready to fund your company--not just to get your company started, but to propel your company forward in each development and investment stage. Whether “seeding” your company, leading, or joining an investment syndicate, NIT offers dedicated strategic investment funds, as well as available capital resources from a variety of Partners including Ohio Third Frontier and The Ohio State University. NIT can invest alone or as part of a syndicate to ensure your company is adequately capitalized.
How much does NIT invest?
NIT has no set expectations for funding levels either in a given round, or over the life of a company. The amount of money a prospective NIT Company may receive from NIT is driven by the business needs and specifics of a company’s operating plans and objectives. We may invest as little as $250k, or as much as $10M, depending upon the project’s specific needs.
We only have an idea for an innovation. Is NIT appropriate for us?
Of course! Whether an idea on a napkin, or a more mature and established neurotechnology company that is further along in the development pathway, NIT is seeking the best innovations in neurotechnology, regardless of stage or origin. NIT could be the perfect ecosystem for taking your idea and translating it from concept-to-clinic. We’d love to hear from you.
We've already been working on our startup for a while. Is NIT appropriate for us?
Yes. Whether NIT is seeding a company, NIT is leading an investment, or NIT is joining an investment syndicate, provided your company can capitalize on the resources and ecosystem that we have to offer, we are interested. NIT has dedicated strategic investment funds, as well as available capital resources from a variety of Partners including Ohio Third Frontier and The Ohio State University for investment in your startup.
We've already taken some funding. Is NIT appropriate for us?
Sure. As mentioned above, whether NIT is seeding a company, NIT is leading an investment, or NIT is joining an investment syndicate, provided your company can capitalize on the resources and ecosystem that we have to offer, we are interested. We can probably help any startup that hasn't already raised an inordinate amount of capital, (e.g. already entering a third investment round from institutional investors). If you are unsure, contact us and we will let you know directly.
Will NIT syndicate alongside other investors and co-invest?
Yes, absolutely. Provided, however, that a company would significantly benefit from NIT’s resources and ecosystem for its development pathway.
We need investment capital, but already have all the resources we need. Is NIT appropriate for us?
NIT is not a venture capital firm. The capital NIT invests is only a small part of what NIT brings from its ecosystem for company development. If all that your company needs is investment capital, it is likely not a fit for NIT.
Will NIT invest in a company that is not in Ohio?
No. Your company might be able to leave a few employees at home, but the company needs to be headquartered in Ohio to attract NIT’s resources and investment capital. NIT and Ohio offer so much to companies, that unless your company is located within this ecosystem, it would likely not benefit from all the resources that NIT might bring.
Do we have to start a company in the US for you to invest in us?
No, not necessarily. NIT seeks projects from around the globe. If you've started your company outside the US (or outside of Ohio for that matter), and are interested in relocating to Ohio to tap into the NIT ecosystem, we would love to hear from you.
Do we have to work with your Partners?
No, not necessarily. NIT’s broad Partner ecosystem is there to help your company. We wouldn’t expect your company to need all of them—nor would we demand that you have to work with any specific Partner. That said, of course we would want to ensure that your company would sufficiently benefit from NIT’s resources and ecosystem for its development pathway to make the investment mutually beneficial.
What if we have a conflict with one of the NIT Partners?
NIT’s Partners are there for your company as needed. As a private entity, NIT is wholly separated. So, NIT can work independently with your company without any exposure to any particular Partner, as necessary.
Does our company need to use NIT’s facility?
Not necessarily. While NIT offers substantial space, facilities, and onsite resources, NIT Companies can locate anywhere within Ohio that is most conducive to their success. Some may reside initially within the NIT Center itself, some may be established elsewhere within Ohio, depending upon their specific needs and capabilities. Eventually your company will leave the facility in any respect, and matriculate outside and beyond NIT, within Ohio, as you reach your milestones and are funded as a fully independent company.
Will NIT sign an NDA?
No, NIT won't typically sign an NDA. Like a venture capital firm, we review far too many projects to sign NDAs, and believe that most of our exploratory conversations can be held without any exchange of sensitive proprietary information. And, as an experienced entrepreneur, you appreciate the relatively limited value of the idea itself, relative to the long path to execution that lies ahead for your company.
Is NIT hiring?
For a list of available opportunities at NIT or one of NIT’s Companies, click here.