August 12, 2024

Dear Reader,

NeuroTechX and NTX Services have prepared this joint communication to acknowledge that the contractual partnership between both organizations has been terminated by mutual decision, which reflects the organizations’ respective growth and trajectories going forward. In that context, this letter is meant to provide information on the origins of this relationship, its evolution over the years, and the decision to grow separately going forward.

Since 2015, NeuroTechX has been the trusted brand for neurotech enthusiasts at all levels of experience and interest. NeuroTechX is now the largest international neurotechnology community with over 18,000 members worldwide in over 100 countries. The organization has delivered 13+ Initiatives for the community including 400+ global events, all with a steadfast commitment that these Initiatives remain open and accessible for everyone. 

In 2019, NTX Services was officially launched as an independent Advisory group focused on delivering support to neurotech startups, scaleups, corporates and investors by putting together a multi-disciplinary team covering strategic, financial, technical and scientific expertise, all with the goal of leveraging a 360-degree approach to support neurotech commercialization.

In light of the organizations’ complementarity, NeuroTechX and NTX Services decided to partner with each other from NTX Services’ inception, with the goal of mutually supporting each other: on one hand, NTX Services would support the NeuroTechX community by providing monetary and in-kind contributions, while also working with the community’s startups looking for support in a variety of areas. In parallel, NeuroTechX’s community, brand recognition and positioning in specific industry circles would provide NTX Services with the opportunity to reach relevant neurotech organizations early on. This unique and mutually beneficial relationship was officialized when NeuroTechX and NTX Services entered into a Partnership and Revenue Sharing Agreement in early 2022 (with the goal of continuing the collaboration which had been ongoing since 2019).

Under this Agreement, NeuroTechX was licensing out its IP (e.g., name, logo) for use by NTX Services (albeit with a clear distinction to ensure the entity’s independence). NeuroTechX also shared some opportunities for NTX Services to present its offering, while providing introductions to NTX Services when organizations within the NeuroTechX ecosystem could benefit from NTX Services’ support. Over the years, NeuroTechX has also continued to support NTX Services by providing access to community resources and events, sharing introductions to talented candidates, and by providing IT support.

In return, NTX Services has provided NeuroTechX with a fixed percentage of its Gross Revenues, ensuring NeuroTechX could benefit from a stream of revenues which would not be impacted by NTX Services’ profitability and cash flows. NTX Services has also provided significant in-kind contributions over the years, including the hosting and management of the NeuroTechX Job Board, the creation of the Entrepreneurship course for the Microcredentials program led by Queens University and NeuroTechX, but also by providing content expertise, introducing sponsors, and helping with some recruitment activities. Overall, it is estimated that NTX Services has contributed an amount of over CAD $150,000 to NeuroTechX through cash and in-kind support. 

Impressively, both organizations have created significant financial and in-kind value for the global neurotechnology community. This is evidenced by the countless deliverables (startup creations, collaborations, industry initiatives and programs, communities, memberships, partnerships, clubs, resources, etc.) resulting from the NeuroTechX / NTX Services partnership ecosystem.

NeuroTechX has and will continue to serve the global community by creating experiential gatherings, educational content, and by supporting internal and partner initiatives. The nature of community engagement has changed considerably since NeuroTechX first launched local chapter events nearly a decade ago. As the community enters a second decade, a renewed focus will be on improving membership involvement in community administration, empowering member-led neurotech projects, and increasing development of educational resources. NeuroTechX fundraising efforts will also expand beyond exclusive partnerships/sponsorships to explore private and public grants, collaborative partnership models, and flexible membership fees. The neurotechnology future is bright and NeuroTechX is adapting to a maturing field (read more about supporting NeuroTechX here).

NTX Services has experienced considerable growth with a client-base spanning the US, Canada, Europe and Asia. Its services have also expanded, both directly and through its sister entity Myelin Capital, which was incorporated in 2023, and which provides transactional services (e.g., Fundraises and M&A support) to startups and investors. This growth has led to the upcoming integration of both NTX Services and Myelin Capital into a global consultancy focused on providing Strategy and Financial advisory services across a variety of industries, on a global scale. This transition, which will be formalized and announced shortly, highlights the talent and expertise of the NTX Services Team, and the value they provide in neurotech and beyond. In that context, NTX Services will progressively phase out the use of its name, with NTX Services members growing as part of a new firm going forward.

With the above in mind, both organizations have decided to terminate their collaboration in light of the fact that their respective growth and upcoming trajectories have diverged such that the original agreement is no longer applicable.

As respective members of NeuroTechX and NTX Services, we are proud of what each organization has accomplished over the years, both individually and together, and wish our respective organizations continued success over the coming years.

Sincerely,