Ortho Accelerator Targets Innovators
WARSAW - The chief executive officer of the state's orthopedics initiative says a new accelerator will support the "lifeblood" of the industry. Sheryl Conley says the AcceLinx Medical Device Business Accelerator from Warsaw-based OrthoWorx will provide entrepreneurs with in-house and industry partner expertise, assist with access to capital and offer working space. Conley says concepts in the orthopedics industry can take more than six years to hit the market.
Nearly 11,000 Hoosiers work in the orthopedics industry.
Conley tells Inside INdiana Business patients have a lot of unmet needs, creating opportunities for innovators.
AcceLinx is a $4.8 million organization that will be based in Warsaw. The Indiana Economic Development Corp. has offered $1.2 million over six years to support the effort. The city of Warsaw will kick in $500,000, as well. OrthoWorx is in discussions with industry and regional economic development stakeholders to cover the rest of the costs.
Conley says "companies in our region account for leading global market shares and approximately $17 billion in annual revenue. One of OrthoWorx's fundamental purposes, in addition to the work we've done in talent development and talent attraction, is to foster innovation in our state to enhance the environment for our industry and support the communities that rely on it." She adds that industry and service providers in the region offer everything an entrepreneur would need to advance a business plan and "the concentration of suppliers and access to human capital for advice and guidance is unmatched."
AcceLinx will be a separate entity from OrthoWorx, but will initially be housed in the OrthoWorx offices in Warsaw. An AcceLinx offices is expected to be set up independently within a year.