Newland Medical

Newland Medical - Newland 1 Newland Medical Technologies...

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Newland 1 Newland Medical Technologies Sarah Foster, cofounder and President of Newland Medical Technologies, invented the Stone Removal Stent (SRS) along with Dr. Grainer. The concept of the SRS was to remove stones from a patients’ ureter directly. Once the patent was developed, Sarah reasoned her target customers would be urologists and medical centers and began the process of marketing her
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Newland 2 device. Upon completion of the business plan, Sarah spent the majority of her time seeking venture funding to bring the SRS device public. A Rhode Island development foundation “agreed to put up $65,000, as long as 20 percent was spent directly in Rhode Island.” The foundation also agreed to manufacture the device under one roof, which to Sarah seemed like a simple one stop solution. However, agreeing to this was one of her first mistakes. As it turned out they were not capable of manufacturing the product, which led Sarah and her team, now comprised of two more individuals an engineer and business developer, to hire multiple specialist. With a supply chain of specialists the manufacturing time increased, and it raised the possibility of
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Newland Medical - Newland 1 Newland Medical Technologies...

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