Crowdfunding The Next Medical Cure

Creating a new medical device is not an inexpensive exercise. There are development costs, clinical trial expenses, and the lengthy process of getting a piece of new equipment approved by the Food and Drug Administration.

Those hurdles are a leading reason why most medical innovations come out of universities or established research firms.

A couple of start-ups are trying to change that.

MedStartr and HealthFundr — both online crowdfunding platforms — connect potential medical innovators to scores of people willing to put money into the projects.