I was doing some research for a client in Tennessee and starting thinking about some of the funding sources that are available to medical device or biotechnology firms. Many states and universities have cottoned on to the fact that successful biotech firms can bring a lot of value to a state/city/university and therefore actively try to create the “entrepreneurial ecosystem” that is self-sustaining.

There are probably resources you should look at in your state. They range from commercialization advice and pro bono consultations to subsidized lab space or office space to economic incentives for early investors. Below are a couple of articles that talk about these opportunities and then a random collection of state websites that offer services. Your best bet is to google your state department of commerce and see what (if any) services they offer.

Similarly, for faculty who want to commercialize academic research in a research university, there are often programs in the university (sometimes in Technology Transfer) which can point you to resources and (also important) give you a sense of what the university expects of you with respect to your time and conflicts of interest. Getting along well with these people is beneficial in multiple ways, including negotiating your IP rights for stuff you developed as an academic.

Here, then, are two overview articles that can get you started on your research:

https://www.angelcapitalassociation.org/aca-public-policy-state-program-details/

https://www.claconnect.com/resources/articles/2020/biotech-tax-credits-and-incentives

And then some other resources I happened upon during my research for my client (in no particular order):

https://dced.pa.gov/programs/pa-life-science-greenhouse-initiative/

https://www.cmu.edu/swartz-center-for-entrepreneurship/education-and-resources/project-olympus/

https://research.vanderbilt.edu/about/center-for-technology-transfer-commercialization-cttc/

https://www.uth.edu/otm/funding-opportunities/

https://gov.texas.gov/business/page/product-development-and-small-business-incubator-fund

https://www.iowaeda.com/innovate/angel-investor-tax-credit/#:~:text=The%20Angel%20Investor%20Tax%20Credit,or%20moneys%20and%20credits%20taxes

https://www.njeda.com/angeltaxcredit/

https://launchtn.org/investors/incite-fund/