With the rapidly-growing demand for technologies that solve challenges for healthcare patients, professionals and institutions, many of the most innovative and disruptive solutions are coming not from large corporations, but small, scrappy startup companies.
With this trend has risen a group of startup “incubators” and “accelerators” specifically focused on healthcare technology entrepreneurs. These organizations serve as a launching pad for healthtech startups by facilitating high-value mentoring, collaboration and investor connections, plus basic needs like office infrastructure and seed funding.
For the startups, this gives them the time and resources to refine their technologies and services while finding investors and customers. Meanwhile the accelerators benefit by building local economies, solving healthcare challenges, and opening up highly-profitable opportunities for their backing investors
Below, we’ll introduce you to some of the leading incubators in the healthcare industry. These incubators have a proven track record in helping innovative young companies bring new ideas and services to consumers and businesses.
The Top-Six Healthcare Incubators and Accellerators
Rock Health – Rock Health invites early stage companies to work within the incubator and receive funding and mentorship from a variety of companies and health organizations. Rock Health notes that 18% of our economy is healthcare-based, but it’s one of the last industries to receive a tech makeover. With more than 50 active startups in its portfolio, Rock Health is one of the most experienced healthcare incubators, especially for startups that focus on providing web services, mobile applications and SaaS solutions for healthcare providers and companies.
Health Wildcatters – Health Wildcatters is a mentorship-driven healthcare seed accelerator in Dallas; slightly different than an incubator. Though similar to incubators in their goals, accelerators typically acquire a small amount of equity in a startup, then work quickly to help a company achieve a short-term goal like raising money or launching a product. While incubators house companies for months or years, accelerators like Health Wildcatters work in weeks. Health Wildcatters focuses mainly on early-stage healthcare technology startups, including IT, SaaS, digital health and mobile health companies. Companies receive an initial seed investment and a 12-week program in which Health Wildcatters works quickly to help the company build value and refine its product. The name “wildcatter” hearkens back to independent oil entrepreneurs who were willing to take risks in where they drilled. Health Wildcatters takes the same approach to finding companies. This entrepreneurial approach allows it to help more startups reach their goals.
StartUp Health –Chaired by TimeWarner CEO Jerry Levin, this incubator aims to fund 1,000 healthcare companies within the next decade to help transform the face of the healthcare industry. StartUp Health works to build sustainable growth in its companies over a three-year period. During the incubation period, StartUp Health matches companies with a network of more than 10,000 health professionals and business people focused on improving digital health and wellness.
The Iron Yard – With its first location in Asheville, NC, the Iron Yard is growing a network of incubators focused on growing new areas of technology like digital health, green tech and emerging technologies. Its digital health accelerator, located in Spartanburg, SC, is working to turn one of the nation’s oldest railroad junctions into a hub for digital health innovation. The Iron Yard offers startups $20,000 in seed capital and three months of mentorship and workshops from experts in design, development and financing. The Iron Yard also offers training in web development and programming to place graduates with the startup companies it supports.
Blueprint Health – Blueprint Health, located in New York City, is one of the largest incubators in any niche and offers an expansive network of healthcare mentors to assist healthcare entrepreneurs launch new ventures. Blueprint Health focuses on companies developing tech projects directly for hospitals, physicians and health plans rather than consumer-facing applications, which means deeper access to established customers. In 2013, Blueprint Health focused its efforts on mature startups companies. While many incubators assist early-stage companies, more than half of Blueprint’s mentees already had paying customers. With more than 12,000 sq. ft. of space and two classes per year, Blueprint Health is able to help more than 100 healthcare companies each year.
Healthbox – Healthbox offers accelerator programs in Boston, Chicago, Tampa, London, Nashville and Salt Lake City that provide digital health entrepreneurs with funding and access to a global network of healthcare investors and providers. Healthbox launched its first accelerator program in Chicago in 2012 and quickly grew to other states and the UK. It recently expanded its business programs with $7 million in funding and started a program that helps hospitals create their own in-house Healthbox accelerator programs that, in turn, help companies gain traction within their own medical communities. So far, Healthbox has invested in 56 active startups, supported by a network of more than 350 expert mentors.
About the Author: David Vogel is a blogger for Datapipe, a leading provider of HIPAA-compliant hosting and managed cloud hosting. Connect with David on Twitter (@DavidVogelDotCo) and Google+ (+David Vogel).