Date: 22 Nov 2010

Wellspring Worldwide and the Allegheny County Medical Society are partnering to provide needed resources for physicians working to convert their health care technology ideas into profitable businesses. Based in Pittsburgh, Wellspring is a global leader in technology commercialization, transforming research and creative endeavors into successful products.

Wellspring Worldwide will apply its proven business evaluation and development strategies to innovative ideas originating from members of the medical society. “We believe that technological innovations in health care need to be demand driven and should come from people who know the business the best: physicians working on the front lines everyday,” says Dr. Matthew Hamilton, president of Wellspring Worldwide.

Wellspring’s SEED (Services for Entrepreneurship and Economic Development) program helps early-stage companies by giving entrepreneurs and innovators the opportunity to partner with experienced advisors. It brings together experts in entrepreneurship, software development, hardware design and health care to provide no-cost assistance in the formation of new companies in the Pittsburgh region. These rapid prototype and business development projects enable entrepreneurs and inventors to make informed decisions on the feasibility (business and technical) of entering or expanding their business. The SEED program launches entrepreneurs on the best path to create a prototype or develop their final product.
Physicians will work with senior management at a company that excels in introducing new innovations to research institutions and hospitals around the world. Through the SEED program, entrepreneurs gain access to professional expertise that is often difficult to obtain as a start-up.

There is no up-front cost to the program for innovators. Moreover, a portion of the proceeds from successful new companies will be donated to the Allegheny County Medical Society Foundation to support community programs. Created, funded and administered by physicians, the foundation helps fund community organizations in an effort to help people in our community live better, healthier lives through access to health care and health education.

For more information on the Wellspring Worldwide program visit www.wellspringworldwide.com/startups.php. For examples of ACMS Foundation grants in this
community, visit http://www.acms.org/found/grants.html.
Physicians with ideas for health care technology products should contact Brian Bricker, vice president of Wellspring Worldwide, at (412) 481-2511 or brian.bricker@wellspringworldwide.com.