Grant Application Summary: NRC IRAP
1. Company Information
Company Name: HealthTech Innovations
Business Number: 123456789
Address: 123 Innovation Drive, Toronto, Ontario, M1X 1A1
Contact Person:
Title: CEO
Phone Number: (416) 123-4567
Email: jane.doe@healthtechinnovations.ca
Website: www.healthtechinnovations.ca
Industry Sector: Healthcare Technology
2. Project Information
Project Title: Development of AI-Powered Patient Monitoring System
Project Duration: 12 months (Start Date: September 1, 2024; End Date: August 31, 2025)
Total Project Cost: $500,000
Amount Requested from NRC IRAP: $300,000 (60% of total project cost)
Other Funding Sources: $200,000 (Company’s own funds)
Technology Readiness Level (TRL): Currently at TRL 4 (Technology validated in a laboratory environment), aiming to reach TRL 7 (Prototype demonstration in an operational environment) by the end of the project.
3. Executive Summary
HealthTech Innovations is developing an AI-powered patient monitoring system aimed at enhancing patient care and reducing the workload on healthcare professionals. This system will leverage machine learning algorithms to continuously monitor vital signs, predict potential health issues, and provide real-time alerts to medical staff. The project seeks to advance the prototype to a market-ready product, ensuring compliance with healthcare regulations and integration with existing hospital IT infrastructure.
4. Company Background
HealthTech Innovations is a Toronto-based startup founded in 2022, specializing in cutting-edge healthcare technology solutions. Our mission is to transform patient care through innovative technology. With a team of 20 skilled professionals, including software developers, data scientists, and healthcare experts, we are dedicated to creating solutions that address the critical needs of the healthcare industry.
5. Project Objectives
• Develop a robust AI algorithm for real-time patient monitoring.
• Integrate the monitoring system with existing hospital IT systems.
• Conduct extensive testing and validation in a clinical environment.
• Achieve regulatory compliance for medical devices.
• Launch a market-ready product by Q3 2025.
6. Project Plan
Phase 1: Algorithm Development (Months 1-3)
• Develop machine learning models to analyze patient data.
• Train algorithms using historical health data.
• Conduct initial testing to ensure accuracy.
Phase 2: System Integration (Months 4-6)
• Develop software to integrate the AI system with hospital IT infrastructure.
• Ensure seamless data exchange between monitoring system and hospital databases.
Phase 3: Testing and Validation (Months 7-9)
• Conduct pilot testing in partnership with local hospitals.
• Gather feedback and refine the system based on real-world use.
Phase 4: Regulatory Compliance and Certification (Months 10-12)
• Ensure the system meets all necessary healthcare regulations.
• Obtain necessary certifications for market entry.
7. Intellectual Property
HealthTech Innovations holds a provisional patent for the AI algorithms used in our patient monitoring system. We are committed to protecting our intellectual property through ongoing patent filings and securing copyrights for our software. Our IP strategy includes:
• Filing a non-provisional patent application before the end of 2024.
• Regularly updating our IP portfolio to include improvements and new innovations.
• Collaborating with legal experts to ensure comprehensive IP protection.
8. Project Team
• Jane Doe, CEO: Project Lead, overseeing overall project execution.
• John Smith, CTO: Lead Developer, responsible for algorithm development.
• Dr. Emily White, Chief Medical Officer: Healthcare expert, overseeing clinical testing and validation.
• Sara Brown, Regulatory Affairs Manager: Ensuring compliance with healthcare regulations.
9. Expected Outcomes
• A market-ready AI-powered patient monitoring system.
• Improved patient care through early detection of health issues.
• Reduced workload for healthcare professionals.
• Positioning HealthTech Innovations as a leader in healthcare technology.
10. Financial Plan
Total Project Cost: $500,000
• Personnel Costs: $250,000
• Equipment and Supplies: $100,000
• Testing and Validation: $50,000
• Regulatory Compliance: $50,000
• Miscellaneous: $50,000
Funding Requested from NRC IRAP: $300,000 (60%)
Company Contribution: $200,000 (40%)
11. Conclusion
HealthTech Innovations is committed to revolutionizing patient care through innovative technology. The support from NRC IRAP will enable us to develop and launch an AI-powered patient monitoring system that addresses critical needs in the healthcare industry. We look forward to the opportunity to collaborate with NRC IRAP and achieve significant advancements in healthcare technology.
Submitted by:
Confidential, CEO
HealthTech Innovations
Date: February 6, 2024
