Medical device research at my school (university of utah) is huge business. Every year research at our school is commercialized and it starts 10's of new businesses and generates billions in revenue. In fact a little know secret is that the University of Utah is second to only MIT in research commercialized. We also do it with about the 1/10th of the budget! So look for funding from a technology commercialization office if you want to do something like that. http://www.tco.utah.edu/