Frequently Asked Questions
Q. Is the Fogarty Institute an investment fund?
No. We are not an investment fund. However, and as part of the support we provide to selected innovators, we may offer you financial support in the form of, for example, a convertible note to help cover equipment, supply, and staff costs, and we will help you identify an initial source of funding for your company.
Q. What is the primary criterion for selection of innovators that receive direct support?
Patient benefit. We are a non-profit with a public benefit mission to improve patient care. It is not our mission to maximize return on investment, and this is an important difference between the ways that the Fogarty Institute and traditional venture capital firms make innovation support decisions.
Q. Will the Fogarty Institute consider supporting innovations outside the medical device field?
Yes and no. If we think your idea has the potential for significant patient benefit, we may consider you for admission to the Institute if your technology is in the fields of medtech, diagnostics, or digital health. However, if your technology is in life sciences fields for which we don't have the expertise or facilities to support, e.g. biotech, then we'll need to pass on your application.
Q. Will the Fogarty Institute provide support to innovators who have already received funding?
Yes, but it depends on what level of funding you've received. If you have friends & family or angel money, that's fine. However, if you've already received sizeable A-round funding from a VC (e.g. >$4M), what we provide probably won't help you.
Q. Do I need to be geographically close to the Fogarty Institute to be selected for support?
Yes. Through experience, we've found that a key benefit for innovators is to physically be where our mentor staff is. This is not only convenient for scheduled meetings, but it also facilitates informal, unscheduled interactions (including peer-to-peer interactions) where some of the most productive conversations take place.
Q. Before I submit an application, will the Fogarty Institute sign an NDA?
Q. How can I receive support from the Fogarty Institute?
Use our online application process during our open application period.
Q. To apply for Fogarty Institute support, do I need to write a business plan?
No. During our open application period use our simple online application process. If you don't have a business plan yet, we'll help you articulate a business plan once you get here.
"We strive to create an environment where we can cost effectively develop technology that directly benefits patients."
– Thomas J. Fogarty, MD, Founder, FII
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