Space Florida Awards $100K to Medical Device Manufacturer

SPACE FLORIDA PR — CAPE CANAVERAL, FL (September 9, 2011) – On Wednesday, 10 high-tech start-ups had the opportunity to present their business models to national financers at the Igniting Innovation Showcase, hosted by Space Florida and the Technological Research and Development Authority (TRDA) in Cape Canaveral. At the conclusion of the networking event, Space Florida awarded a $100,000 check to the company judges felt had the most potential for near-term growth and commercial success, while contributing to Florida’s economy. C2C Development – a neurological medical device manufacturer – was selected for the award.

The company has developed the proprietary NAViTECH Platform for performing intracranial procedures. C2C CEO Matt Solar says the streamlined device greatly reduces procedure time and is minimally invasive when compared to current technologies like stereotactic frames. According to Solar, Therapy Specific Catheters – like that reflected in the NAViTECH Platform – reflect a $1 Billion market potential. The company anticipates FDA clearance for its product by the end of 2012.

“I am grateful to the EDA for enabling Space Florida and TRDA to make the Igniting Innovation Showcase possible,” said Space Florida President Frank DiBello. “I’d like to see this event viewed as the gold standard for future networking opportunities between the investor community and Florida-based advanced stage entrepreneurs. I am thrilled to say that I truly believe the companies that presented at this event will create wealth and jobs that will expand Florida’s economic potential.”

Criteria used to select the $100,000 award winner included:

  1. Whether the product or service serves a relatively large, growing market
  2. Whether the product or service has a unique commercial application
  3. If the company had a proven management team backing their business model
  4. If the company has their key intellectual property protected

Award judges were:

  • Bernie McShea, Space Florida VP, Business Development
  • Keevin Williams, Space Florida Sr. Director, Business Development
  • Charles Resnick, managing partner of Inflexion Fund, a Florida-based, early-stage VC firm

In addition to C2C Development, other participating presenters at the Showcase included:

  • Mustang Vacuum
  • JDC Phosphate
  • LinguaSys
  • Mainstream Bioenergy
  • Psoria Shield
  • Prioria Robotics
  • ISO Group
  • Health-Chem Diagnostics
  • Visual Cue

“The quality of the presentations at this event truly exceeded my expectations,” said Bob Fleming, a long-time venture capitalist based in Jupiter, Fla. “The professional mentoring prior to this event was obvious and I was very pleased with the opportunity to hear from these dynamic companies.”

“I attended the Showcase to see how Florida companies attract financers,” added Stephen Fleming, VP of the Enterprise Innovation Institute at Georgia Tech. “I was extremely impressed with what I saw here. I will take back good information to the incubators I work with outside of Florida and will also communicate the message that Florida’s early-stage market is doing quite well.”

About the Igniting Innovation Showcase:

On August 15, 2010 the Presidential Task Force on Space Industry Workforce and Economic Development issued a report to President Obama calling for government support of the Space Coast region throughout the transition of the Shuttle program. Recommendations in the report included engaging a public-private partnership (such as Space Florida) to work with the federal government, private sources of capital, and corporations to spur new business creation.

On September 22, 2010, the Department of Commerce – Economic Development Administration (EDA) awarded Space Florida $400,000 to develop an aggressive economic development strategy for Florida’s Space Coast Region. Part of this funding was used to partner with TRDA to facilitate the formation of an investment Qualification Review Board that would vet advanced-stage small and mid-size enterprises (SMEs) for financing potential. The Igniting Innovation Showcase was then hosted to help match these promising firms with key investors.

Members of the Qualification Review Board who mentored presenting companies included:

  • Kent Buchanan, Harris Corporate CTO and Division VP of Engineering, GSCD
  • John Cambier, Senior VP of NC Idea
  • Bob Fleming, Managing Partner of Inlet Venture Partners
  • Stephen Fleming, Vice Provost at the Georgia Tech Enterprise Innovation Institute
  • F. Scott Moody, Entrepreneur and Co-Founder of Authentec
  • Richard P. McNeight, President of Federal Systems
  • Randall Poliner, Partner at Antares Capitol
  • Jason Rottenberg, Managing Partner at Arsenal Venture Partners
  • Dan Rua, Managing Partner at Inflexion Venture Partners
  • Paul Suchowski, Entrepreneur, Angel Investor and former VP and GM of JDS Uniphase
  • Jane Teague, Exec. Dir. of the Fla. Institute for the Commercialization of Public Research
  • Vernon Williams, Director of Intellectual Property & Technology Law at Lockheed Martin
  • Greg Baty, Hamilton Lane/Florida Growth Fund

For more information about C2C Development, visit www.c2c-dev.com.