The Patient Company’s Continued Journey within the MSU Foundation’s Strong Network

Michigan’s economy has continued to experience steady growth over the past year. With more entrepreneurs and business owners beginning new ventures in 2021, and 150,000 new small business applications filed, this is 59% more than in 2019 alone.

The Michigan State University Foundation and its subsidiaries, which include Spartan Innovations, Red Cedar Ventures and Michigan Rise Pre-Seed Fund III, is one of the key ecosystems supporting this growth. These organizations provide a robust ecosystem for entrepreneurs to launch, invest, commercialize and ultimately, thrive in their businesses. One prominent example of a business that can trace its success to the support from all three of these subsidiaries, is The Patient Company.

Andrew Heuerman, co-founder and CEO of The Patient Company saw a need for a device that could make client transfers in medical facilities easy and efficient for all clinicians. The Patient Company addresses this need by providing superior and sustainable technology for healthcare employees with the first truly automated lateral patient transfer device: SimPull. This product helps safely and efficiently move patients from one bed to another in a medical setting, which can help eliminate the risk of musculoskeletal injury, maintains patient dignity and optimizes safe patient handling. This tool can transfer up to 500 pounds in two to three minutes. Heuerman and his team have positioned themselves as experts in the industry and, as a result, have attracted leading investment groups across the country including the MSU Foundation, to which The Patient Company continues to be greatly connected since its launch in 2020.

Heuerman, along with co-founder and COO, Ryan Peters, and Director of Customer Success, Travis Smith, developed a relationship with the Red Cedar Ventures team in 2020. Jeff Wesley, Executive Director Red Cedar Ventures encouraged Heuerman to apply for the MSU Student Venture Capital Fund, which allows students taking FI 444: Entrepreneurial Finance to conduct investment selection, due diligence, competitor and monetization analysis and valuation analysis for emerging start-ups.

In that same year, The Patient Company was part of the first Grand Rapids cohort within Spartan Innovation’s Conquer Accelerator Program. They also worked with the Michigan State University Foundation, Red Cedar Ventures and the Grand Rapids Business Accelerator Fund. These partnerships helped The Patient Company gain funding and a deeper understanding of the investment world.

In 2021, they continued their work with follow-on investments from Red Cedar Ventures, and this year, attended the acclaimed South by Southwest Conference (SXSW). Most recently, Heuerman and his team secured investments from Michigan Rise Pre-Seed Fund III and Mayo Clinic, starting off the latter half of 2022 strong.

“Working with the MSU Foundation team has been beneficial not only to The Patient Company, but also to my own professional growth as an entrepreneurial leader in the rapidly changing healthcare technology industry,” said Heuerman. “From starting our journey just two years ago as part of the Conquer Accelerator Program to now generating funding support from Michigan Rise has been so rewarding for us. As we move forward, I am most excited about expanding our capabilities to more healthcare professionals and working alongside the MSU Foundation network for continuing insights, resources, and most importantly, mentorship.”

Heuerman says being a part of the MSU Foundation ecosystem has been impactful for The Patient Company right out of the gate. It’s taught him how to successfully write grants and raise capital from serious investors. His advice to other entrepreneurs? Be open to the experiences that will be found throughout the journey, especially for the successful and unsuccessful pitches.

“The Patient Company really demonstrates what it means to integrate into the Michigan State University Foundation family and ecosystem,” said Jeff Wesley, Executive Director of Spartan Innovations, Michigan Rise and Red Cedar Ventures. “We’ve been able to witness firsthand their journey from day one and are proud to be a close partner. Their story truly serves as inspiration to other entrepreneurs looking to grow alongside Michigan’s strong startup community.”

As of for the remainder of the year, Heuerman and his team are focusing on several objectives, including finishing research at four sites with 100 transfers at each site. They also expect to receive FDA approval and deliver their first 40 devices.

“When we first started the company, one of the most important things I learned is to have a fluid and evolving list of three things I want to accomplish each month, each week and each day,” added Heuerman. “I ask the question: If I could only get three things done today, what would they be? This is a habit that has a tremendous impact on our company goals, and I like to share that advice with other aspiring entrepreneurs.”

For more information about The Patient Company, visit their website at thepatientcompany.com.

To learn more about the Michigan State University Foundation, Spartan Innovations, Red Cedar Ventures and Michigan Rise Pre-Seed Fund III, please visit www.msufoundation.org.