The NEMIC Foundation
The NEMIC Foundation is a company.
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Leadership Team
Key people at The NEMIC Foundation.
The NEMIC Foundation is a company.
Key people at The NEMIC Foundation.
The NEMIC Foundation, formally known as the Foundation for the New England Medical Innovation Center (NEMIC), is a Providence, Rhode Island-based nonprofit incubator and accelerator focused on medical technology (MedTech) and health tech startups.[1][2][5] Its mission is to drive healthcare transformation by accelerating the development, validation, adoption, and commercialization of human-centered technologies that improve patient outcomes, providing expert support from ideation through market entry.[1][3][7] NEMIC offers multidisciplinary resources including business education, regulatory guidance, networking with industry leaders, and co-working space, nurturing over 370 startups—49 of which have raised more than $105.5 million—with 80% from Rhode Island.[2] Key sectors span MedTech devices, digital health apps, community health solutions for refugees and mental health, and innovations like breathwork devices for anxiety or dementia tracking.[2][4]
NEMIC was founded in 2016 by serial entrepreneurs and MedTech experts Aidan Petrie (industrial designer, Chief Innovation Officer Emeritus at Ximedica, adjunct professor at Rhode Island School of Design) and Lydia Shin Schroter (CPA, MBA, serial entrepreneur and investor).[1][3] The idea emerged from their expertise in medical device development, supported by partnerships with Lifespan health system, Rhode Island School of Design, Ximedica (now Veranex), and Kahn, Litwin, Renza & Co., aiming to create a hub for human-centered healthcare innovation in Providence's Innovation District.[1] It opened its physical space in September 2018, backed by startup grants from the Rhode Island Foundation and Commerce Rhode Island.[1] Early traction came from attracting local and global MedTech entrepreneurs, evolving into a full incubator with curricula on commercialization, fundraising, and product development led by CEOs, VCs, and experts.[2]
NEMIC rides the $573 billion MedTech boom, positioning Rhode Island as a hub through the Rhode Island Life Science Hub (RILSH), leveraging its 50+ established companies and skilled workforce for job creation, patient care improvements, and economic growth.[2][4] Timing aligns with rising demand for health tech amid aging populations, post-pandemic digital health acceleration, and needs in mental health, dementia, and community care—areas NEMIC targets via prototypes and apps.[2] Market forces like Rhode Island's medtech concentration, academic ties (RISD, Ivy League sourcing), and public-private collaborations favor it, influencing the ecosystem by building investable startups, promoting grassroots-to-hospital innovations, and partnering with RILSH to scale local talent globally.[2][4]
NEMIC is poised to expand its influence as RILSH matures, potentially scaling beyond Rhode Island by deepening ties with national medtech players and sourcing more international startups amid AI-driven health tech and personalized medicine trends.[2][4] Expect growth in funding raised (building on $105M milestone) and spotlighted innovations, with leadership under Executive Director Jenny Hoffmann and alumni like Maey Petrie-Healey driving deeper ecosystem integration.[3] Its nonprofit model ensures sustained, unbiased support, evolving Rhode Island into a medtech powerhouse—transforming early ideas into global patient impact, much like its founders envisioned in Providence's innovation heart.[1]
Key people at The NEMIC Foundation.
