Let’s say you have an idea for a medical device invention, and you’re interested in partnering with Vita Group for the development of your project. Well, when starting any project, there is a lot to learn and digest from both the inventor and the research and development company. To get a better understanding from both sides, Vita Group starts each project with 3 calls to prepare us on the journey of bringing your project to commercialization.
The first step to beginning a partnership is to figure out if Vita Group is a good fit for you and your project. This is why we start our potential partnerships with a discovery call. The call provides an opportunity for both sides to learn more about each other. Jason Scherer, COO of Vita Group, leads these calls by first briefing you on our history and services. The main point here is to show our goal to bring projects to the market as fast as possible and how we get it done.
Jason will then give a tour of the office so you can see what Vita Group is all about. This call is also a chance to show off our special services, such as our new 3D printer and in-house laboratory, which are both vital components to keeping our fast timelines of development. Our 3D printer works quickly, allowing us to produce multiple prints a day with a variety of realistic textures and colors. This feature enables us to reach the end-goal design at a quicker pace, leading to quicker commercialization. He will also introduce you to the members of our team, including our electrical engineers, mechanical engineers, and industrial designers.
You’ll then have a chance to describe your background and future goals for your project, which is important information to determine whether we’re a good fit for each other. Understanding what your project will accomplish and what needs to be worked on will help us guide you through the next steps for your project’s success.
The second call we will schedule with you is a technical call. This call follows up with what was discussed in the discovery call and moves along our partnership. Our VP, Richard Thompson, will guide the call by reviewing all the technical aspects of your device invention. Richard Thompson has 23 years of experience in user-centered product development and has developed over 20 products in the Electrosurgical, Electrophysiology, structured heart, and capital equipment categories, so when it comes to working out the technical logistics of your project, Richard is your guy. During this call, Richard will present the costs needed to complete your project with the goal of providing a reasonable and affordable option. Once the remaining logistics are discussed and both parties agree to move forward, a mutual NDA is provided and signed.
During the proposal call, Richard will provide a development proposal that lays out an overview of your project’s goals and an outline of our development roadmap from Phase 0-Phase 5, which describes the services offered in each phase. However, this proposal document is only intended for signing on to Phase 0-Phase 1. We start our partnerships with a 5 month contract that includes research and producing up to 10 versions of prototypes. The end of Phase 1 brings us to what we call our “Go or No-Go Phase.” During this phase, we review the partnership to decide if we want to move forward together with development through Phase 5.
Next, the proposal lays out the expectations for Phase 0, such as the goals, deliverables, budget, and timeline. The goals for this phase includes researching the current market competitors, identifying essential requirements for the project, developing an IP strategy, and building a foundation of knowledge around the device. We will then come up with a range of concepts for creating low-fidelity prototypes. We will also provide an estimated budget, depending on the complexity of the project. Typically, Phase 0 takes 2 months to complete.
The next section of the document outlines Phase 1 goals, deliverables, budget, and timeline. In this phase, our engineers will focus on refining concepts for design, and then create and test prototypes. We will also develop a pitch deck outlining the product's commercialization roadmap, regulatory pathway, IP patentability, business opportunity, and value for eventual fundraising efforts. The estimated time for this phase is 3 months, and again the budget depends on the complexity of the project.
The final section of the document describes payment and terms. Terms include an agreement to weekly meetings for updates, an effort to keep costs at the estimated budget, a confidentiality statement, and an agreement to allow us to pitch the project to select investors under an NDA agreement. You may also decide whether you allow us to utilize your name in marketing material to promote the development partnership. You’ll also find payment options here, either a wire transfer or credit card, and the cost of payment is specific to each project.
Lastly, there is a section for signing the agreement. Upon signing the document, you will enter into the 5 month contract, where we will move forward with planning on how to make your project a success in the market.
We understand there are many uncertainties when beginning the development of your project. It may seem overwhelming, but that’s why we have a plan for each project. Rest assured your project is in good hands.
Are you ready to learn more about developing your innovative medical device ideas?