Program ID: Innovation Anthology #471
Program Date: 05/03/2012
Program Category: Awards and Competitions, Health and Medicine, Technology
TEC VenturePrize: Innovative Trauma Care Wins Fast Growth Prize
Winner in the Fast Growth category at the 2012 TEC VenturePrize Business Plan Competition is an Edmonton company – Innovative Trauma Care Inc.
The startup company has invented a novel clamp to immediately stop bleeding.
It looks very much like a hair clip.
And according Phil Faris, Chair of the company’s Board of Directors, the idea came from the battlefield.
PHIL FARIS: Dr. Dennis Filips and some of his colleagues were trying to deal with this problem, trying to train army medics to go back in the field and deal with very traumatic injuries. And realized it was such a difficult problem with today’s technology that something new needed to be done. And this popped in as a solution.
Phil Faris says the market potential for the IT Clamp is huge.
PHIL FARIS: Our estimates are a recurring market of about $865 million per year for treating injuries. And a market for our customers to equip themselves to use it where they buy it and put it into their ambulances or emergency rooms of about $175 million in the US and Europe and Canada.
Innovative Trauma Care is in the final stages of testing and will use the $90,000 VenturePrize to launch its new clamp within the year.
Learn more at www.InnovationAnthology.com
I’M CHERYL CROUCHER