Innovation Interview: EIC Winner Novelrad’s minimanlly invasive micro-suturing technology.

1. How did you first arrive at the conclusion to offer a micro-suturing device?

As a co-founding team with extensive experience in medical device development we wanted to bring an established gold-standard approach to the growing field of minimally invasive procedures. Over the course of more than a year, we bootstrapped our efforts and engaged with key opinion leaders and attended many procedures in catheterization laboratories alongside these experts to gain firsthand insights into the challenges they face.

During these discussions it was clear that there is a gap between open surgical techniques, which primarily involve suturing, and the devices used for the same indications in minimally-invasive procedures and that there is an opportunity to bridge this gap by introducing a micro-suturing device. By doing so, we could combine the advantages of minimally invasive approaches while preserving the benefits of tissue repair by suturing.

2. Novelrad´s EIC win is a story of persistence. We thought you had a winning project from the beginning but it took a few attempts! Why do you think you were able to succeed?

We believed in our project’s potential from the beginning, but we also understood the importance of refining our approach based on feedback from evaluators. In the re-submission we focused on improving our storytelling and providing additional details to make the evaluators and jury as enthusiastic about our project as we are.

In the end, our project won the grant because our minimally invasive suturing technology effectively addressed a challenging clinical need and has the potential to significantly impact healthcare, caregivers, and patients and because it was presented alongside a holistic vision and a robust execution plan.

3. What was the most helpful aspect of working with Evolution to secure the EIC Accelerator funding?

The most helpful aspect of working with Evolution was the continuous support and expert advice we received. Their team has extensive experience with the EIC Accelerator program and a deep understanding of its challenges. This guidance allowed us to better direct our efforts and optimize our application, significantly increasing our chances of success.

4. What is the first thing you´ll do now that you have the GO for the project?

Our immediate focus is completing clinical trials and obtaining regulatory clearance in the EU. These are critical milestones and are essential steps for expanding our business globally. However our journey extends beyond vascular closure. We’re already looking ahead to intracardiac applications, where our micro suturing technology can be a breakthrough in treating cardiac defects.

5. Do you have any words of wisdom for other companies pursuing EIC Accelerator funding?

The EIC Accelerator is very competitive, so it’s imperative to ensure your project is a good fit. Be persistent and optimistic. The process can be lengthy and requires effort and revisions, but if you believe in your innovation and its potential impact, you can succeed. Understand the evaluation criteria and present a solid plan for both technology and business development. Show strong engagement with key partners.