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LOS ANGELES, CA. — August 31, 2023. MedTech Color (MTC), the nonprofit organization diversifying Medtech, launched its 4th Annual Pitch365 Program. African-American and Hispanic founders can now apply to participate in the program's Pitch Competition, which will take place next March in Southern California.
The MedTech Color Pitch365 Program is a foundational start for medical technology early-stage companies. African-American and Hispanic entrepreneurs are met with the greatest barriers to accessing capital and receive less than 4% of venture capital funding.
MTC is looking for cutting-edge startups led by African-American and Hispanic founders to take the stage, tell their story, and showcase products or services that will directly benefit patients. The program continues to seek innovations in medical and/or wearable devices, diagnostics, digital health, health security, and more.
Eligibility Criteria
To be eligible, the business must have a founder, co-founder, and/or CEO who identifies as African-American or Hispanic. An African-American or Hispanic person(s) must have at least 50% of the company’s founder’s equity; OR 50% of the company's senior management team (c-suite executives) must be African-American or Hispanic. Preferably, applicants will have prototypes and/or, at minimum, some proof of concept evidence and development. To qualify, the business must not have raised more than $3M in grants, VC, angel investments, or outside funding with no more than $1M in dilutive capital.
African-American and Hispanic founders are the fastest-growing demographics of entrepreneurs throughout history. These founders are best equipped to solve some of the world’s largest unmet needs. However, African-American and Hispanic entrepreneurs are met with the greatest barriers to accessing capital.
Since the program's inception, MedTech Color has received over 200 applications, invested in 30 companies, and awarded over $865,000 in cash and in-kind services to diverse founders. The top prize winners for 2021-2023 are African-American women-led startups targeting mental health. We are proud that our high-caliber finalist portfolio includes multiple clinical areas. Our winners have been featured in Forbes, BBC, and other media outlets, and won entry into major accelerators including YC Combinator and MedTech Innovator.
Medtech founders can submit applications until November 10, 2023. The 2024 Top 10 finalists will be notified on December 1, 2023, with a public announcement to follow.
Industry market leaders, investors, and professionals can get involved by sponsoring the Pitch365 program, the 2024 Pitch Competition (the Pitch Day event), or both. Also, by donating funds, or in-kind services to support MedTech Color's core mission.
About MedTech Color:
MedTech Color is a 501(c)(3) nonprofit organization aiming to advance the representation of persons of color in the medical device industry; a destination and resource for professional development, thought leadership, and strategies to increase the number of underrepresented executives who enter, stay, and contribute to the industry. For more information, please visit: https://medtechcolor.org