The New Jersey Economic Development Authority (NJEDA), in an effort to expand and develop entrepreneurs and startup companies throughout the state, is delivering a total of up to $3.6 million in income replacement grants to 10 different startups through the New Jersey Innovation Fellows (NJIF) program. Each company will receive an initial $200,000 grant, with an opportunity for bonus grants, and a dynamic mentorship program provided in part by the New Jersey Innovation Institute (NJII).
AnataMed, a medical device company co-founded by Dr. Franklin Kumar and Caroline Yu in East Orange, NJ, is among the inaugural round of NJIF grant recipients, receiving $350,000 as well as mentorship through NJII. AnataMed’s groundbreaking spinal orthotic is designed to aid in the rehabilitation of back muscles, providing a cost-effective and time-efficient solution for patients suffering from low back pain.
“I tell people this all the time, think about the numbers; 30 million people each year have chronic lower back pain…If you can just even help a small portion of these people, you know, that’s a big win, so I think that’s what kind of keeps us motivated in terms of, the fact that we can help in such a large population” says Yu when discussing the potential of AnataMed’s product.
Working as a clinician in East Orange for over 30 years, Dr. Kumar envisioned a device that could improve the recovery process for patients with back issues. Together with Caroline, an electrical engineer with a strong business background, they set out to bring this vision to life, leading to the formation of AnataMed in 2023. The duo, joined by Dr. Kumar’s children Kevin and Kaitlin, are highly passionate about solving back problems and making strides to bring Dr. Kumar’s idea to life.
AnataMed’s flagship spinal orthotic device looks similar to a back brace, but offers much more in terms of rehabilitative impact. The development of this device has been an iterative process, involving extensive testing and refinement over the past year and a half. With the help of an industrial engineer in Pittsburgh, the team created a professional-looking medical brace and are conducting an early feasibility study at Dr. Kumar’s clinic.
With the support of the NJIF grant, AnataMed have secured a highly skilled patent attorney who has helped broaden their patent claims. Additionally, the team has recently joined the National Science Foundation’s (NSF) I-Corps program, which provides entrepreneurs with rigorous customer discovery and valuable insights into the reimbursement and insurance aspects of their respective industries.
The NJIF program has also helped AnataMed develop in ways beyond funding. The monthly sessions and mentorship from experts like NJII’s Michael Van Ter Sluis have been particularly beneficial. Kaitlin Kumar, who comes from a medical background, has found NJII-led business-oriented sessions to be a great learning experience, enhancing her understanding of what it takes to bring a startup to success.
Networking opportunities provided by NJIF, such as NJII’s monthly Open Coffee Club, have been invaluable for AnataMed. These events have allowed the team to connect with other entrepreneurs, share resources, and learn from the experiences of others in the medical device industry. The support and advice from the community have helped them navigate the challenges of developing a new product.
AnataMed’s journey is a testament to the power of innovation and the will to make a change in the world. With a strong team, a supportive community, and a clear vision, they are well on their way to making a significant impact on spinal health and rehabilitation.
Startups like AnataMed are crucial to implementing NJEDA’s vision to create sustainable economic growth throughout New Jersey. Between the NJIF program and partnerships with organizations like NJII, New Jersey is becoming a hotbed for entrepreneurial diversity and innovative projects and programs.
Learn more about how NJII is driving the future of startups through incubation and acceleration in our state.