MagAssist recently passed the public notification period and has been formally recognized as one of the 2021 Suzhou Incubated Unicorn Companies, after going through the processes of application, competent department recommendation, expert review and field survey in accordance with the Notification on the preparation work of selecting 2021 Suzhou Incubated Unicorn Companies.
Strict selection criteria
The selection criteria of the Suzhou Incubated Unicorn Company list are highly demanding, limiting the candidates to only those who operate in strategic emerging industries and forerunner industries or those who have new economic and business models. Companies must also have strong and disruptive innovation capabilities, outstanding achievements, and have the potential for an explosive growth in their future development.
Unicorns: the pioneers of the industry
Since its inception back in 2017, magAssist has already grown into a leading company in treating heart failures and continues to build multiple-organ life support platforms. Currently, it has 4 main products, namely the extracorporeal maglev artificial heart, interventional artificial heart, the new generation of ECMO, and the warm blood donor heart transport system. Among which the extracorporeal maglev artificial heart, China’s first and only product of such kind, has already been put into clinical use and saved the lives of several patients. The other three products are also leading the industry and are all in the preclinical R&D stage.
With strong capabilities comes great responsibility
Now that magAssist has been selected as one of the 2021 Suzhou Incubated Unicorn Company, it will receive stronger support from the government in terms of R&D subsidies, carrier of innovation, talent rewarding programs, financial services, and IP protection. Such assistance signifies the government’s acknowledgment of the company’s work in the past 4 years and the high expectation for the company’s future development. With improved operating mechanisms and governmental support, magAssist will achieve new breakthroughs in the life support industry and will join hands with the government to break free of the cutthroat competition in the high-end medical equipment industry.