Jeremy Stone MD MBA, is a founder of HeartChain as well as a Clinical Advisor to its Board. He trained as physician specializing in cardio-vascular disease and has spent his life working at the interface between medicine and business. More recently he has been involved in medtech, fintech and biopharma, raising vital funding to get medical innovations to market.
Here he explains the major issues associated with funding essential life science innovations and why HeartChain is such an innovative solution to the problem.
“Throughout my career, I cannot tell you how many practical life-saving innovations have failed to get to market, chiefly for one simple reason — not because of lack of need, or lack of solid proof, but lack of funding at early-stage development. And frustratingly, these innovations often save money in the longer term too.
The situation is quite absurd and it’s become a global issue. The very people needed to solve the health problems of modern society, cannot do so because often they are unable to secure sufficient funding. Worse still, the researchers themselves have to go begging for money. They expend their time chasing venture capital or short-term government grants, instead of doing what they are supposed to do — developing medical breakthroughs.
Medical and scientific researchers aren’t trained to raise investment funds and nor should they; consequently, they struggle to raise the required finance and their valuable research grinds to a halt. Their potentially life-saving discoveries are lost to the world.”
Current funding system is chronically ill
“This erratic funding system, if you can call it a system, is working against itself and holding back vital medical and scientific developments. It is also creating a growing burden on government finances as they struggle to cope with the increased medical cost of chronically ill populations.
But it is this financial conundrum that got me so excited when I first discovered the potential of Blockchain technology and cryptocurrencies. I thought there had to be an opportunity to put these technologies to use to help improve the research funding process.
Through my previous work in start-ups, I knew some of the other HeartChain founders. So we put our heads together to work out a simple way to solve the the funding issue using breakthrough technology.”
A world-first sponsoring model
“Eventually we constructed the HeartChain model. It is a world-first platform that allows individuals, organizations, thought leaders and others to be the sponsors of innovation. It also gives medical researchers and innovators a vital boost at the earliest stage in their product development. Even better, it’s non-dilutive, off balance sheet finance, so much easier on the accounts.
Sponsors buy HeartChain tokens (HCT) and become members of the HeartChain community. This lets them sponsor any new research project identified by the HeartChain executives. Each project has its own ICO to help finalize its launch. Members can acquire Innovation Product Tokens (IPT) at a discounted purchase price in the ICO, thus participating in these exciting and targeted research projects. Each ICO is explained in detail on the HeartChain platform where sponsors can learn everything they need to know before making a sponsorship decision.
The HeartChain management team consists of veteran industry executives with deep multidisciplinary experience in business development, medical technologies, and financial services. In addition, the team has a significant track record in building new enterprises, both private and public. HeartChain executives will perform detailed, transparent, and quality due diligence that includes scientific, legal, intellectual property, market entry, and financial analysis, so that members can make truly well-informed sponsorship decisions.
This provides two big benefits for the researchers:
1. They can focus 100% on doing what they do best — making vital break-through discoveries to solve chronic illnesses and other medical issues.
2. They can make discoveries sooner and get to market quicker, because they can put all their energy into developing solutions.
When the product comes to market, sponsors have three options. They can use the product, donate it to back to someone in need, or redeem the participation token with the development company at the retail market rate. So members can benefit from either a usage, philanthropic or economic outcome. They feel good, by doing good.
I like to think of it as innovation with a heart. My colleagues in medical research are very excited about the potential for HeartChain to really help improve the development of scientific and medical breakthroughs. The crypto-community is also very supportive, as there is no other Blockchain platform designed to work this way.”