Screening a child with iScreen Vision

Bridging the gap between entrepreneurship and resources is a daunting task that requires a great deal of expertise. Adding the component of saving or changing lives through technology presents even greater challenges.

One organization in Memphis has vowed to help local businesses overcome their obstacles by providing resources and information with the objective of stimulating economic growth through technology and medical advances.

The Memphis Bioworks Foundation launched its Innova fund in 2007 to provide organizations with elite groundbreaking services in early stages of development.

 Innova focuses on technology and healthcare companies based in Memphis and Tennessee – including medical device, biotechnology, AgBio, logistics and other bioscience sectors. Their first fund was created as part of the Memphis ED program created by Memphis Tomorrow to stimulate economic growth in Memphis and focused solely on Memphis. Fund II was created after Innova was chosen as one of the ten TNInvestcos to invest in early-stage companies throughout Tennessee.

The technology field in Memphis is ever changing and consistently provides room for new and advanced discoveries. Many companies in the program have already laid the foundation for their product, and need a network of professionals with the experience to take it to the next level.

Innova’s investments are not limited to start up companies. The process begins with either a new business or an existing company. Innova grants full support in the entrepreneurial process, which can include a wide range of services, from providing board members to referring potential employees. These services and many more are the essence of what Memphis Bioworks Foundation has offered local businesses in conjunction with Innova.

The consultation process alone provides a wealth of knowledge to participants. It includes fostering research, helping entrepreneurs attract capital, and incubating new companies as they begin to commercialize new products.                                                        

Buck Brown, CEO of iScreen Vision, Inc. knows well the benefits of working with Innova.

iScreen Vision provides a fast, easy, and portable pediatric vision-screening solution for infants, pre-school children and school-age children that is as simple to use as a digital camera. The product is small, battery-operated and resembles a mini netbook.

Founded in 2009, iScreen Vision acquired technology from an original product made in 2001. The system was developed by a local businessman who wanted a product that would allow more accurate vision screening for his special needs daughter.

Fast forward to current – the newly acquired company and new management team needed to update iScreen Vision’s technology. Brown contacted Innova to secure an investment, which allowed them to make technology improvements. The product was cleared by the FDA this year and is now commercially available.

The screen helps identify vision disorders in the pediatric population and can be administered by the physician or staff in the clinic.

 “Our preference was to deal with local investors since we are a local company,” Brown said. “So we met with the Innova Memphis team, Ken Woody and Jan Bouten, and laid out our business plan and discussions kept progressing. They ended up becoming our lead investor.”

In addition, with the help of Innova, iScreen Vision has been able to create sales positions to help market the product.

“I think we have the potential of being a market leader,” Brown said. “That’s what attracted Innova to us.” The cost of the product is $5,000 with an analysis fee each time an image is taken. Currently, about a dozen physicians have purchased the device or are in trials with it.

Innova also targets scientists and entrepreneurs that need help with the process of obtaining grants, transferring technology, acquiring capital or starting a business. “It’s been tremendous to have partners like Innova and Memphis Bioworks Foundation to help us avoid some of the mistakes we may otherwise make,” Brown said.

Daryl Newman, CEO of Cagenix, Inc. has also benefitted from the commitment of the Innova team. Founded in 2005, Cagenix develops and researches new devices for dental implants. Their main focus is to provide superstructures for multiple dental implants used for restoration. Newman was partnered with Cagenix through a connection with Woody.

Newman had a personal relationship with executives in Memphis Bioworks Foundation who were previously working with Cagenix through Innova. Woody was aware that the company was in need of executive management to market their product.

Innova provided the company with the in depth knowledge of business partnership, strategic development, best practices and business models, as well other befitting needs, according to Newman. “My job as CEO is to create opportunities for investors and founders of the company,” Newman said.

Newman’s presence through Innova’s recommendation has brought a wealth of knowledge to Cagenix including marketing, operations, product features and the ability to make effective executive business decisions that will help the company continue to innovate. There were challenges, Newman said, but they have been few since he’s been a part of Cagenix. “Any small business will have challenges but Innova has helped minimize many of them,” he stated.

According to Ken Woody, Innova Partner, “Memphis is taking a unique approach to entrepreneurship. This idea of bringing entrepreneurs together with investors with the purpose of advancing economic development is working extremely well.”

For more information about Innova Memphis, visit www.innovamemphis.com

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