As with most new ventures, there are hiccups along the way, and we recently encountered a big one. Our host space sponsor, SDN EDC, decided pull out of their lease with the City of Escondido. Consequently, we are on the hunt for a new location and still focusing on locating it in North County San Diego. We’ve looked at a couple of alternative spaces last week and now need to see if we can strike a deal with the building owner.
With this change in location will come about a few other changes. For example, we will probably change the same since we have been asked a number of times why we chose Gateway and with the location move, our answer no longer makes sense. So we are looking at some alternate names. Recommendations are appreciated. Just mention via a comment.
We plan on fixing this problem quickly and get back on track.
Stay tuned.
It has been some time since my last post. Lots of things were underdevelopment and there were a couple of them that affected the overall schedule. The first was the space. The space that SDNEDC has needs some work before it is usable. I recently visited with Gary Knight, CEO, and he showed me the area he thought would be best for the program. It is a great space and will be part of the first rehab being done. So, given the construction schedule, the space is scheduled to be ready for our scheduled first class in 1Q2012.
Next, I needed to develop an application to TechStars Network. I am happy to say that I have a draft application out for review with some folks who are familiar with the process and am planning on submitting it in the next few weeks.
Although more and more seed accelerators are coming online, it seems that few are focused on medical products. Furthermore, most of those are not willing to look at products that require FDA approval.
It seems the basic reason is that FDA approval takes too long and effects exits and capital return to investors. Although true, it limits their investors participation in potential high flyer products that will inevitably come to market as this industry grows. We’re betting that the inclusion of mentors, subject matter experts and investors working with companies to exit, will create a higher number of successful companies and associated exits. When markets like wireless medical are on course to explode, it’s not the time to sit on the sidelines and see what happens.
I continue to find people to participate as Mentors and SME’s for the program. I am looking forward to getting the space and applications further along so that I can start advertising the class to prospective companies and get moving.
