A woman-led medical device company whose product immediately diagnoses viral and bacterial ear infections in children, and therefore reduces antibiotic overuse, has just won WomenCorporateDirectors Foundation’s (WCD) inaugural Launch Zone competition in Silicon Valley.
| SANTA CLARA, Calif., May 28, 2019 /PRNewswire/ -- A woman-led medical device company whose product immediately diagnoses viral and bacterial ear infections in children, and therefore reduces antibiotic overuse, has just won WomenCorporateDirectors Foundation’s (WCD) inaugural Launch Zone competition in Silicon Valley.
Winner OtoNexus Medical Technologies, led by Chair and CEO Caitlin Cameron, presented its pitch along with five other start-ups before a panel of judges emceed by Sue Siegel, Chief Innovation Officer at GE and CEO of GE Ventures. The audience comprised 200 women corporate board members from 23 countries – attendees of the 2019 WCD Global Institute, WCD’s largest membership gathering of the year. Both attendees and judges voted, and concurred on the winner. With only 2.2% of total venture capital investing going to female-founded startups last year, Siegel said, WCD wanted to “showcase women entrepreneurs who are putting forward something they believe in, also giving them the opportunity to get in front of the right people. Women are just not getting funded at nearly the levels they should be.” When asked about how she felt pitching to a group of women when the vast majority of those to whom she must direct her fundraising pitches are men, Cameron responded, “It’s so wonderful to present to a room full of women. It’s just a different dynamic: Their questions, their engagement, the things they care about. One of the key things that seems to be different is that women are more engaged and engaging. Women tend to ask thoughtful questions and while they are very interested in the financial risk and the market opportunity, they are also interested in the big picture.” She continued: “We have six board members and three of them are women.” OtoNexus is a Seattle-based firm working to bring the process of diagnosing ear infections into the 21st century. Ear infections, Cameron said, are the #1 reason for both surgery and antibiotic use in children. Currently, there is a 50% error rate in the diagnosis of middle ear infections in children, leading to an estimated $10-15 billion in annual medical costs in the United States alone. OtoNexus’ winning device shortens treatment time, reduces misdiagnosis, and avoids unnecessary antibiotic use through the innovative use of Doppler ultrasound technology. Commercialization of the product is expected to begin this year. Other companies participating in the Launch Zone competition include:
“The quality of all the presenters was so high,” said Siegel. “They were able to engage with confidence but not arrogance, and stick to the information they needed to convey. It was a lot of fun, and a tight vote among all these impressive women.” In addition to Sue Siegel, judges included:
WCD members are directors of public and large, privately held company boards. Many are currently CEOs or in other C-level positions, and heavily involved in corporate innovation, investments and acquisitions. For more information, please contact Davia Temin, Suzanne Oaks Brownstein or Trang Mar of Temin and Company at 212-588-8788 or news@teminandco.com. About WomenCorporateDirectors Education and Development Foundation, Inc.
SOURCE WomenCorporateDirectors Education and Development Foundation, Inc. |
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