Fast Forward Medical Innovation (FFMI) offers funding, education, and business development resources to help biomedical researchers navigate the road to successful innovation and commercialization. From entrepreneurial organizations on campus to partners in Michigan and across the globe, we are creating an environment and culture that nurtures technologies and supports life sciences.
In 2020, FFMI kicked off the Frankel Innovation Initiative – a $20 million gift from the Maxine and Stuart Frankel Foundation to support the research and development of life-saving therapies at Michigan Medicine. In the inaugural round, four projects were awarded a combined $3.3 million in funding.
Fiscal Year 2020 metrics reflect activity across the U-M Medical School
241
Invention Reports
2019: 226
2018: 235
2017: 175
$115.1M
Industry Research Awards
2019: $118.4M
2018: $110.2M
2017: $101.0M
16
New Business Startups
2019: 11
2018: 7
2017: 5
166
License/Option Agreements
2019: 114
2018: 112
2016: 84
1,304
Industry Award Count
2019: 1,226
2018: 1,279
2017: 1,186
$20M
Frankel Innovation Initiative
fund to support biomedical research projects that have the potential for rapid clinical application and groundbreaking impact
COMMERCIALIZATION EDUCATION
$20M+
Follow-on Funding
awarded to date for teams that have gone through an FFMI education program
29+
Commercialization Education Programs
serving biomedical innovators across the University of Michigan, and across the state, region, and nation
3,500+
Participants
enrolled in Commercialization Education programs to date
38
New Innovations
from project teams across the University of Michigan, and across the state, region, and nation
31
Institutions
across the state, region, and nation (outside of the University of Michigan) that have participated in FFMI fastPACE
FUNDING & MENTORSHIP
$2M
Annual MTRAC for Life Sciences Innovation Hub Funding
statewide
10
Mid-Stage MTRAC
projects funded in 2020
6
Early-Stage Kickstart
projects funded in 2020
$64.5M
Follow-on Funding for MTRAC
since 2014 launch
29
MTRAC Startups
since 2014 launch
MICHIGAN BIOMEDICAL VENTURE FUND
10
Michigan Biomedical Venture Fund
portfolio companies since launch
9 out of 10
Companies
have received follow-on funding/co-investments
19:1
$19 of Follow-On Funding
for every $1 of Michigan Biomedical Venture Fund
$30.7M
Total Follow-On Funding
for all companies combined
QUESTIONS?
Have questions about biomedical innovation at the University of Michigan? Contact Fast Forward Medical Innovation at ffmioffice@umich.edu or call (734) 615-5060.