Oftentimes the highest hurdle separating an idea for a life-saving or -improving medical device from the patients who desperately need it is funding. Though venture capital for medtech overall has finally returned to pre–Great Recession levels, early-stage companies are still having a hard time getting the cash they need to get their innovations off the ground.
But venture capital isn't the only option for cash-strapped medtech entrepreneurs. As this infographic from product design, development, and strategy firm Worrell shows, bootstrapping, crowdfunding, incubators, and government grants can also be viable sources of funding.
No matter where your money comes from, there are pros and cons. The key is in deciding which source of funding is right for your startup.
[main image courtesy of DAVID CASTILLO DOMINICI/FREEDIGITALPHOTOS.NET]