Posted in Startup
"There has literally never been a better time in history to be an innovator or entrepreneur in the healthcare space", stated Todd Park, the second Chief Technology Officer of the United States. Investments in digital healthcare, reaching millions of dollars, dispel any doubts about Park’s statement.
As reported by Arkenea, in the second quarter of 2014, $401 million went to healthcare category and 23 companies were funded $129 million in total to develop apps. The future seems to be even more promising: by the end of 2017, digital health startup funding is expected to grow to $6.5 billion!
Many of the innovations in digital healthcare are generated not by large corporations but by small startups. That’s why investors, otherwise called incubators or accelerators, are in search for projects with highest potential to succeed. Here are eight companies that will help your startup to be the next huge success on mobile healthcare market.
Located in San Francisco, this early stage investor provides startups with funds to set off on a business journey. The funding may vary, reaching up to $250,000. What makes Rock Health attractive is their choice to act not as a mere mentor but as an early employer, by doing the actual work hand in hand with startups. Rock Health partners with a variety of industry leaders which is their key to professional and targeted support. They accept applications on an on-going basis and get back to you within 30 days after submission.
Based in Dallas, Health Wildcatters is a mentor-driven seed accelerator which aims to achieve set goals within 12 weeks. They invest up to $30,000 in each startup, as well as provide mentorship, office spaces, and strategic resources. The word “wildcatter” goes back to independent oil entrepreneurs who took risks in where they drilled. Obviously, if they find your idea feasible, they will take the risk to fund your project.
A quick note here: as a startup, you should clearly distinguish the peculiarities of an accelerator and incubator. Accelerators work in weeks and aim at fast outcomes, whereas incubators mostly concentrate on mentorship and accomplishing long-term goals which usually takes around a year. Make an informed decision while choosing your partner in order to satisfy your business needs.
Blueprint health is a community of healthcare entrepreneurs which invests in 20 healthcare IT companies per year. With $20,000 cash investment and 12-week mentoring program, this company will help you get off the ground. Blueprint will also support you in sales consulting and customer development. Apart from seed investment and mentoring services, you also get office space. This incubator is located in New York City and being one of the largest ones in its niche, it is capable of providing assistance to around 100 healthcare companies each year.
Founded in 2012, Healthbox started as an accelerator to help startups grow sustainable businesses and has invested in 85 healthcare startups so far, as reported by Mobi Health News. Healthbox recently changed its way of funding; instead of providing seed capital, they concentrate on connecting startups with investors. The accelerator’s headquarter is located in Chicago, but the company also operates in Boston, Florida, London, and Salt Lake City. In 2014, Healthbox expanded its business by raising funds of $7 million in total.
With its headquarter in Greenville, South Carolina, The Iron Yard is committed to help startups in digital health and educational technology. There is something that helps this company stand out: it runs a large code school, teaching a variety of programming and web design skills that enables to provide technical specialists as your business grows. The company offers an initial capital of $20,000 to start your business and organizes specialized workshops to enhance your chances for success.
People at StartUp Health believe in transforming healthcare. Their platform consists of StartUp Academy, Network, and Innovation Fund. Better quality and less cost – these two aspects are their main focus. Founded in 2011, this incubator is considered to have one of the largest portfolios, by including 105 healthcare companies in 11 countries and 50 cities. Together, they have raised over $220 million so far. StartUp Health team has set a clear goal: to help 1000 early stage innovators in 10 years. Perhaps you are going to be one of them?
A different approach is practiced by MedStartr, which helps get funds via crowdfunding. The idea is simple: innovators post a campaign and get support by the crowd that cares. Afterwards, Medstartr’s investor community provides seed investments to the projects that have been marked as favorite by the majority. In approximately two and a half years the company managed to find and fund over 70 companies. A promising figure, isn’t it? As the company’s official website reports, their average successful project is funded for $13,012 immediately and up to $405,000 in the next six months.
Prebacked has an innovative and creative approach to helping startups. They identify corporate needs and based on results, release a call for applications. Afterwards, startup innovations are singled out to fill in the existing gap. This incubator also provides access to mentoring services and community resources. Their motto is “When startups and corporations align, the potential is staggering”.
Mobile healthcare sphere is blooming and for a good reason: mobiles revolutionize the way healthcare is delivered and tracked. More importantly, they have valuable goals to accomplish - saving lives, reducing costs, and increasing efficiency. To prove yourself in the marketplace, you need professional support and sufficient funding. The incubators and accelerators in this sphere are ready to accompany you on your way to transforming healthcare. Think big and position yourself for growth! Break new ground in digital healthcare with a new, mobile-empowered idea.
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