2023 Summer update: team building
Hello friends, advisors, collaborators, and investors.
The startup landscape is carpeted with carcasses of well-intentioned projects led by intelligent and hard-working founders. Those that make it across the first barren plain know that it takes a team. Djit benefitted hugely from I-Corps, LifeX Accelerator in Pittsburgh and Maryland’s TEDCO and UpStart community.
Nonetheless after getting as far as possible with preliminary design and market research, we found ourselves in a chicken/egg loop; needing technical development to de-risk investment AND needing to engage internal expertise without funding to avoid issues that would diminish long-term value. Serendipity and old networks came through for us.
In June 2023 Fraser Smith, Ph.D., assumed the role of Chief Innovation Officer, taking charge of R&D and intellectual property. Fraser has spent his career at Sarcos Inc. and its various incarnations. As a co-founder of Sarcos, former President of Raytheon-Sarcos, and President/CEO of Raytheon’s spinout Sarcos Corp., Fraser has been responsible for winning contracts and developing innovative mechanical engineering solutions for defense, entertainment, and medical device industries. With over 150 patents and many more in the works, including exciting new innovations for Djit, Fraser’s experience in value creation is a huge asset for Djit and our investors.
Fraser and I are high school classmates who share a deep intellectual curiosity and commitment to excellence forged in the challenging academic environment at Phillips Exeter Academy. Co-founder Dr. Ryan Katz fits right in to this culture. As a graduate of Duke and the University of Maryland Medical School, resident at Johns Hopkins, and fellow at the Curtis National Hand Center, Dr. Katz now teaches young surgeons in that fellowship program and is nationally recognized as a key opinion leader among hand surgeons. My role is to bring entrepreneurial experience along with design skills, relentless drive and a patient’s perspective. The core team has the capability to build a valuable IP portfolio and regulatory strategy in preparation for a Seed Round next year.
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Our next goal is to add depth on the financial side. We need to recruit a Chief Financial Officer and a brilliant Board of Directors with strong networks in venture capital and private equity. A family history of advanced hand arthritis would be a plus!
Other News
In the meantime, here’s a recap of recent accomplishments and activities:
LifeX Greenhouse Accelerator - $20,000 award
TEDCO Network Advisor - Abba Poliakoff, Esq.
TEDCO Loaned Executive $6,000 award – Cyrus Etemad-Moghadam, RPM Tech, prototype fabrication
Maryland Industrial Partnership (MIPS) $90,000 award – Dr. Hugh Bruck, Ph.D. UM College Park
Maryland Department of Commerce scholarship to The Medtech Conference, Anaheim CA October 2023 - $2,500 award
Corporate conversion to Maryland C-Corp with IR Code Sect. 1202 qualification
Woman Owned Small Business (WOSB) Certification
Launchport / Danae - manufacturing resources; informal relationship
Friends and family SAFE Round in progress - $100,000 total raise
Stay in touch
You can reach me at 667-444-9322 or by email at marcia.hart@djit-medtech.com
Thank you again for your interest and support.
All the best,
— Marcia
Marcia Hart
Co-founder/CEO