Frequently Asked Questions
Is there an application fee?
No, there is no application fee.
Who can enter?
Inventors, entrepreneurs, start-ups, and university researchers are all welcome to enter the challenge!
Do I need to have a registered company to apply?
No, university researchers and research teams are encouraged to apply.
Can I enter as part of a team?
Yes! You can enter as an individual or team working in academic, research, or commercial start-up setting and have an innovative product or solution.
Does an applicant have to give up any equity?
No, no equity is taken.
When do I need to submit my application?
You or your team leader needs to complete and submit all the application materials before the deadline, midnight (EST) on Sunday, February 12, 2023.
What are the eligibility criteria for the M2D2 $200K Challenge program?
M2D2 seeks early to mid-stage start-ups in the medical device and biotech spaces. Specific areas of focus can be found here. We encourage those who are developing a product and/or service in the healthcare areas outlined to apply.
How do you select finalists for the M2D2 $200K Challenge?
M2D2, along with its Challenge sponsors, evaluates all applications based on value, strength, and execution plan. The company strength for each category is evaluated using multiple metrics:
Value – product, customer validation, business model & healthcare economics, competition, IP, market opportunity, and patient benefit
Strength – team strength, development plan, responsiveness/coachable, freedom to operate, regulatory & clinical burden, funding to date, resources needed
Execution plan – stage of development, evidence, time to market, traction, partnerships & relationships, time to key milestones, upcoming funding Interaction with M2D2 and program sponsors is also used as an evaluation metric.
We just raised a Series E, can we still apply?
Yes! M2D2 encourages applications from companies at all stages of fundraising, from friends and family to seed and beyond to apply to the $200K Challenge. Preference is given to companies with transformative potential and those who will benefit the most from working with M2D2 and the Challenge sponsors.
We are developing a transformative healthcare technology at a university research lab. Can we apply?
Yes! Ventures involving technologies licensed from universities or research labs are encouraged to apply.
I noticed there is coaching available for finalists. What is this like?
All finalists are offered coaching appointments to meet with subject matter and pitch experts to refine their presentations and be ready for the finalist pitch-off and awards announcement event on March 22nd. Coaching is organized by Mintz and is held online via Webex.
Do I need to relocate to participate in the $200K Challenge?
No, but we hope one reason you’re applying is to gain access to the Boston ecosystem. This is a great way to do it!
We are based outside the U.S. Can we apply to the $200K Challenge?
Yes, the $200K Challenge is a global competition. International applicants are welcomed and are encouraged to apply.
I entered previously but didn’t receive an award. Should I enter again?
Yes, you should apply again as long as the proposal isn’t identical. The needs of the industry and sponsor interests are constantly evolving and can change from year to year. Any updates that took place over the past year should be highlighted in your application.
What are the key dates I should be aware of?
• Monday, January 9th: Entries Open
• Wednesday, January 18th: Virtual Info Session Webinar “All About the 2022 $200K Challenge”
• Sunday, February 12th at 11:59pm EST: Entries close
• Friday, March 3rd: Finalists Announced
• Wednesday, March 8th-21st: Coaching sessions for finalists
• Wednesday, March 22nd: Finalist Pitch-off and Awards Announcement Event at UMass Lowell.
If I’m not selected as a finalist, will I receive a written explanation?
Unfortunately, due to the high number of applications, we cannot provide a written explanation to every applicant who isn’t selected as a finalist. Most times, it is due to not being properly aligned with the call for applications.