April 11, 2014 Category: Business & Corporate Law
The medical industry has always been an important part of society. Medicine has the ability to enhance the quality of life of those suffering from illness. This is why many advocate for the further development of the medical industry in order to better help those in need of medical care. One program created by the Michigan State Medical Society attempts to help develop the medical sector by assisting with business planning for startup medical businesses.
The university-based medical group launched Quantum Medical Concepts in March and is now looking to find small medical business startups to support. The program is the first venture capital fund created specifically for medical startup companies located in Michigan. Companies chosen for assistance will also be able to obtain business coaching and consulting support.
The fund plans to invest as much as $250,000 in two or three startup businesses in the medical sector every year for approximately the next five years. Each startup company chosen will be provided with a plan to bring its products or services to the market. The 24-step plan will be catered to the company’s specific characteristics in order to capitalize on strengths and address weaknesses.
However, just like any other business planning endeavor, the chosen startups in Michigan will have to ensure that their business plans adhere to all relevant laws. This will help avoid future potential lawsuits resulting from non-adherence. Knowing how to apply applicable rules and regulations to a company’s business plan will help to maintain profitability.
Source: Xconomy, “New Michigan State Medical Society-Backed Fund to Help Startups Grow“, Sarah Schmid, April 2, 2014