California company sets up med-tech office in Warsaw
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A startup accelerator headquartered in the Silicon Valley is expanding its footprint to northeast Indiana. Plug and Play, which bills itself as an innovation platform that connects startups, corporations, venture capital firms, universities, and government agencies, has opened an office in Warsaw with a focus on the growing med-tech industry.
Bob Vitoux, president and CEO of Warsaw-based not-for-profit OrthoWorx, says bringing Plug and Play to the region is primarily the result of efforts by the Northeast Indiana Regional Partnership.
Vitoux told Inside INdiana Business that Plug and Play brings a solid track record to the Orthopedic Capital of the World, which ready for innovation to drive continued growth.
“We see a lot of things that continue to evolve in the industry, particularly since COVID set in back in 2020,” he said. “We saw a lot of those procedures that have historically been done on an elective basis through hospitals continuing to migrate more and more to surgery centers. As part of that model, there are opportunities to continue to think about how the industry serves that market in potentially some new and creative ways.”
Plug and Play has more than 50 locations around the world for what Vitoux calls its vertical hubs that support a variety of industries, including advanced manufacturing, ag tech, food and beverage, insurance and semiconductors.
“Their focus [in Warsaw] is going to be on orthopedics and med-tech,” Vitoux said. “We’re really, really excited as we see the changes on the horizon and the opportunities that exist. We think this is just a really opportune situation to have them land here in the orthopedic capital.”
The company said its presence in Warsaw will provide startups with access to resources and support, including mentorship, networking, and access to Plug and Play’s network of corporate partners and investors. Select med-tech startups will also have the chance to participate in the company’s accelerator programs.
Plug and Play said in a news release that the Warsaw office aims to “leverage the regional expertise and resources to drive collaboration and accelerate the growth of startups in the med-tech sector.”
“We are thrilled to launch a presence in Warsaw, one of the most dynamic med-tech hubs in the United States,” Plug and Play founder and CEO Saeed Amidi said in the release. “This expansion allows us to collaborate with the brightest minds and most innovative startups, driving breakthroughs and transforming healthcare.”
The addition of Plug and Play to the region, Vitoux said, is the latest in a continuing evolution within the orthopedic industry to incorporate more of a focus on med-tech.
While the industry will always have a need for highly engineered metal and plastic products that it is known for, Vitoux said they need to think about how to extend the range of services the industry needs to be supporting.
“This is going to be a great venue for us to bring entrepreneurs in and help us think about how we serve [the market] differently,” he said. “I think, just just simply put, capturing data will allow us to not only make more informed and better informed decision making, in serving the market, but also the customers themselves being able to take this data and utilize it to their satisfaction.”
In addition to the Northeast Indiana Regional Partnership, Plug and Play credits the Indiana Economic Development Corp., Strategic Development Commission, OrthoWorx, and area businesses such as Zimmer Biomet and Paragon Medical in its decision to locate in Warsaw.
“We are honored to be a key partner in establishing Plug and Play’s footprint in Warsaw, Paragon Medical Vice President Wil Boren said in the release. “This initiative further strengthens our shared commitment to supporting innovation and entrepreneurship in the rapidly growing space of med tech. With our Paragon Medical headquarters just up the road in Pierceton, we reaffirm our dedication to nurturing talent within the communities we live and work.”
Brandon Noll, former vice president of business development for the Northeast Indiana Regional Partnership, has joined Plug and Play as its director of Indiana.
Vitoux said the state of the orthopedics industry in 2024 is strong with the majority of companies in growth mode coming out the pandemic and more elective procedures coming back.
There has been speculation regarding the influx of prescription drugs to help people with weight management creating a headwind for the orthopedics industry, Vitoux noted, but he believes it’ll have the opposite effect.
“Most of us remain pretty bullish that orthopedics is here to stay; we don’t see an immediate change in in that that situation,” he said. “More and more patients will will continue to want to keep active, and joints are going to continue to wear out. Osteoarthritis really is probably more prevalent today than it ever has been because of the active lifestyle that our patients live.”