Keep in mind these rules when considering if your project fits on MedStartr. We are the most highly regulated industry out there. Sorry about the length of the list, but as healthcare people, we know you are used to it. We tried to keep it simple.
1. Healthcare Only. There are lots of great sites for non-healthcare projects. Also note the word “project” here. This is not to fund on-going operations, sales and marketing, or such. It is for a definable goal, a next release, a pre-production sale for a worked out method or prototype, a new office for your practice or operation,… Not the 1.5 Million you think you need to get through the next year.
2. Video Required. You Need a Video and you need to load it on Vimeo. YouTube is fine but they carry advertisements and that gets annoying. If you need help, we can help a little or can recommend some great videographers, editors, designers, and such all over the world.
3. No Fraud. If your project seems to have anything that is less than kosher we will just say no. Sorry, this industry is too young and our reputation is too important for us to be involved with anything less than squeaky clean.
4. Nothing illegal or immoral or even questionable. All projects need to comply with state, U.S. federal and international laws, rules and regulations. If your product will require approval or clearance under relevant regulations, you must file appropriate documentation with the overseeing agencies. Particularly if your project needs to be FDA approved or clearance, including for off-label use, then the project needs to be clear about where it is in the process. Yes, you can raise funds for the next step, but do not over-promise something you can not yet deliver.
All projects are reviewed by at least two clinical researchers, so please don’t try anything they will reject. They don’t like that and you don’t want to see them angry.
5. No Scripts. No product or service that requires a prescription to obtain can be offered for sale or reward. “Informational use only” diagnostics and approved items that promote health are acceptable. It is fine to generate funding and support for drug discovery or medical device development, we just can’t sell any product that requires a prescription. These types of projects are perfect for donation-based campaigns that give away message-spreading T-Shirts, car magnets, event tickets, books, approved devices, and more. Not a 501c(3)? That’s ok, we have a program for that too through our partners at Cancer101.
6. Be Realistic. Make reasonable projects, commit to things that can be done for the amount requests. We encourage goals no larger than they highest successful one. We are still a young site, so we don’t really know what will fly and how high it will go.
7. All-or-nothing Only Campaign Rules: If you don’t make your goal you get nothing. It can go higher and if that happens tell people what you will do in the update section. We like the all-or-nothing model for lots of great reasons you can read about in the FAQs. Set your goal for the minimum needed to get the job done and you will make it if it was meant to be. We do allow certain project to runs a KWYRs, where you can Keep What You Raise, but only certain projects.
8. No Equity. Sorry, it isn’t legal in this way yet. We will get requests and pass them on to you. Thi works quite well and out projects are raising million or even being acquired by much larger companies.
9. Our Cut. Free is not a sustainable business model for you or us or anyone. We require 5-12% of the raise or revenue that goes through MedStartr.com. We will even help you create your project and then facilitate your project raising funds on other sites, depending on the Service Level you choose.
10. Be Awesome. Inspire us and your potential customers, patients, physicians, partners. Aim high!
That’s it! Ok, not really, there are lots of terms and conditions, but if you follow the above, the rest will follow. Good Luck!
If you are ready, Get Startd Now!