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7 Health Tech Accelerators You Should Know About

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You don’t have to look far to find a health IT accelerator. At least, not as far as you used to.

Programs to give healthcare entrepreneurs a boost are appearing throughout the country, providing opportunities for innovators who don’t live in a major tech hub — and don’t want to move to one.

Here are a few accelerator programs to know about, with special attention to those away from the coasts:

  • The Iron Yard is based in Spartanburg, S.C., and seeks companies involved in areas such as wellness apps and enterprise software. It provides $20,000 in seed capital and three months of mentoring and workshops in areas such as fundraising, user interface development and lean startup methodology.
  • Healthbox is operating programs in Chicago, Nashville and Jacksonville, Fla., in addition to Boston and London. (OK, technically, Jacksonville is on the East Coast, but still.) It’s a four-month program that provides startups with $50,000 in seed capital along with office space, mentoring and training. Healthbox asks for 7 percent in equity. According to the accelerator’s website: “Competitive applicants will address a specific and pressing challenge in the healthcare industry. For example, solutions of interest may improve patient engagement, provider effectiveness or preventative health and wellness.”
  • DreamIt Health started in Philadelphia and has expanded to Austin and Baltimore. The Baltimore version, which will last four months, is selecting as many as 10 firms from around the world and offering as much as $50,000 in stipend money and professional services. Applicants should be “working to use IT to solve significant industry problems faced by key healthcare stakeholders including providers, payers, public health, biopharma, device makers, employers and patients themselves.”
  • The Sprint Accelerator, powered by Techstars, is a program launching in Kansas City with a focus on mobile health technology. The three-month intensive mentorship program will begin in March, with startups receiving as much as $120,000, including $20,000 in seed funding and an optional $100,000 convertible debt note.
  • Health Wildcatters is a new accelerator in Dallas that invests as much as $35,000 in each firm. It’s open to a broader range of startups than some of the other programs, stating on its website: “Many healthcare IT, SaaS, digital health and mobile health companies are a fit, but we also encourage medical device, diagnostic and even pharma companies to apply.” Wildcatters takes an 8 percent equity stake. The site explains that in Texas parlance, wildcatters are “independent oil entrepreneurs willing to take chances with regard to where they drill” and that their success comes from “low operating costs and the ability to mobilize quickly.”
  • XLerateHealth runs a 10-week program in Louisville, Ky. Selected teams get a $20,000 stipend and donated professional services worth an estimated $50,000. The goal is to “help early stage healthcare companies build out their commercialization strategy, which includes their intersection with Payers, Providers (hospitals, ACOs, nursing homes, home health and group practices), and customers (employers and/or consumers).” XLerateHealth receives a 6 percent equity stake.
  • Innov8 for Health operates several programs in Cincinnati. This month it’s holding a Health Startup Showcase in which firms present their solutions to entrepreneurs, potential customers and investors and compete for $5,000 in cash and in-kind services. Last year it helped to launch seven companies in a 12-month accelerator program providing each firm with $20,000 in seed funding.

There are, of course, plenty of other programs. Paul Sonnier has compiled a more comprehensive list at Story of Digital Health.

With the rise of open platforms and the growing number of support networks, health IT entrepreneurship has become a viable career option for many.

And, now more than ever, it’s possible to innovate close to home.

November 6, 2013 I Written By

James Ritchie is a freelance writer with a focus on health care. His experience includes eight years as a staff writer with the Cincinnati Business Courier, part of the American City Business Journals network. Twitter @HCwriterJames.

Lots of Investment in Healthcare IT

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There’s been a ton of interesting news about investment in healthcare IT lately. Much of what I’m seeing is happening in the mobile health space. No doubt mobile health is a really exciting market right now and I think it’s also really exciting because the cost to develop a mobile health app these days is so low.

Here are some interesting investment groups, incubators, etc that are focusing on healthcare IT:
Healthbox – A leading venture capital firm and incubator for startup companies launched Healthbox to focus exclusively on the healthcare industry. They offer $50,000 in seed capital, along with standard incubator services (office, mentor/leaders, etc) and are based out of Chicago. The program will culminate in an investor’s day (I might have to get Neil Versel to attend the investor’s day).

Rock Health – Another startup seed-accelerator program that offers $20,000 along with mentorship and office space for 5 months. It just started this month in San Francisco and has connections to a lot of the major players in healthcare.

Blueprint Health – A startup accelerator based in New York City. It provides $20,000 of seed capital along with mentorship and a work environment to be able to build your idea. They’re initially planning for 10 companies.

Startup Health – This isn’t an investment vehicle yet, but I could see it becoming one very quickly. It’s part of the Startup America Partnership and has some big names like Time Warner Chairman and CEO, Steve Krein, Esther Dyson, and the founders of Health 2.0 Matthew Holt and Indu Subaiya.

I’m guessing that there are even more programs that I’m missing. I’d love to learn about others in the comments as well. Either way, it’s exciting to see all this investment happening in healthcare applications.

June 24, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 14 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John launched two new companies: InfluentialNetworks.com and Physia.com, and is an advisor to docBeat. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and Google Plus. Healthcare Scene can be found on Google+ as well.