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Key people at The NEMIC Foundation.
The NEMIC Foundation, also known as the New England Medical Innovation Center, operates as a non-profit venture studio, incubator, and accelerator dedicated to advancing medical technology. It provides comprehensive educational programs, advisory services, and tailored support across the entire product lifecycle, from initial concept to market commercialization. The foundation’s offerings span critical areas such as intellectual property evaluation, regulatory strategy development, market assessment, and fundraising assistance, specifically for regulated medical and digital health technologies.
The foundation was co-founded by Aidan Petrie and Lydia Shin Schroter, both serving on its Board of Directors. Aidan Petrie brings extensive experience as the Chief Innovation Officer Emeritus at Ximedica and an Adjunct Professor at the Rhode Island School of Design. Lydia Shin Schroter contributes her background as a serial entrepreneur and investor. Their combined insight recognized the need for a structured ecosystem providing specialized expertise, education, and access to resources for innovators navigating the complex medical technology landscape.
NEMIC serves a diverse clientele, including MedTech innovators, startups, entrepreneurs, clinicians, researchers, and established industry professionals. While some programs are regional, many educational and advisory services are accessible globally. The foundation’s overarching vision is to cultivate a vibrant ecosystem that fosters and supports the successful commercialization of groundbreaking medical technologies, thereby continually advancing innovation within the healthcare sector.
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.
