SVS Medical LLC declines $1.75 million VC investment
SVS Medical LLC announced today it will not be accepting the latest investment offer to follow philanthropic initiatives and achieve social entrepreneurship objectives.
By: SVS Medical LLC
"We did not begin the company to make money. Nor do we wish to make money from it. This is far greater than either my father or I and it needs to be made available under full freedom and discretion, uninhibited by others," Ross said.
In the inaugural round of 43North, Ross had finished in second place with a prize of $500,000, an amazing feat considering it was the world's largest business idea competition with close to 7,000 applications from almost 100 countries. Again, he had rejected the offer to receive the prize.
"Money is a means to an end. If I counted all the opportunities for sale that I have turned down, it would probably make me sad. However, I never compromised my morals or allowed anyone to direct the business in a non-philanthropic manner. For all the sale offers I received, the SVS could now be on a shelf in a multinational organization never to see the light of day. I would be financially happy but psychologically ruined. I will never do something to compromise myself, my values or my family's morals," Ross mentioned in response to the question about potential sale offers for the SVS technology.
"I hope people realize business is a way to improve the world, not transfer wealth from one pocket to another. My investors in London believed they could extract the IP, development and work to date on the SVS for their commercial benefit, jeopardizing global health and safety for the world. I found my way to convince them to release the technology for what it is intended, to save lives." Ross stated with relative discontent about the present situation, "If I were to choose this investment over the last, I would just be another entrepreneur seeking to make it big at the expense of my virtues. I would rather remain humble, motivated and open to letting the technology improve the world."
Single Vial System or SVS has raised multiple millions in development from grants, investment, crowdfunding and other platforms. It is funded and endorsed by the WHO, Gates Foundation, Royal Society of Edinburgh and others.
"I am open to opportunities to license the technology to a trusted global leader that can ensure rapid dissemination, safety and potential for the SVS. It is no longer within my grasp to develop and commercialize a technology that is well beyond the expertise of most seasoned professionals. I want this done promptly, correctly and with maximum benefit to all people around the world."
Ross is well known for his philanthropic approach to implementing social entrepreneurship. He hopes to have many partners worldwide to launch the SVS and improve global health.
For more information, please visit www.svsmedical.com or e-mail me at aimeewelsh1@
Prof. Dr. S Tsakas II, "Ross"
Page Updated Last on: Aug 04, 2016