Proof of concept projects
Proof of concept funding enables clinicians and academic researchers, often with input from industry, to assess and demonstrate that their initial idea has both clinical application and economic potential. Depending on the target device or technology, these Medical Technologies IKC grants can be used to develop working prototypes, gather additional experimental data or carry out pre-clinical testing.
Projects usually last for around 12 months, with a value of approximately £100k bringing technologies to a point where they are market ready, able to generate commercial investment for product development or can attract other funding to move to clinical trials.
The Medical Technologies IKC has funded over 40 proof of concept projects to date, with around 20 underway at any one time.
Proof of Concept funding is a vital stepping stone; without it, we couldn’t move our initial idea to the next stage.
Dr Tahera Ansari, Northwick Park Institute for Medical Research