DreamIt Health Philadelphia, the region's first healthcare accelerator, is accepting applications for its sophomore class.
They will accept applications through May 16 from startups worldwide in the healthcare sector, and expect to select up to 10 companies by June 16, based on the strength of the teams, market potential and traction to date. During the four-month bootcamp (starting July 18), the teams will work at DreamIt Ventures' headquarters in West Philadelphia.
Each participating team will receive a stipend of $50,000, in-depth coaching from successful entrepreneurs, and access to other critical healthcare-specific resources to rapidly develop and test its product, validate its business model, and launch the product. The program will culminate in a “Demo Day” — participating companies will present their progress and future plans to an audience of leading investors and industry figures.
Last year's inaugural class brought six promising healthcare startups from across the country to Philadelphia to work alongside four Philadelphia-born companies on a wide range of significant healthcare problems, including hospital readmissions, cost transparency, healthcare payments, clinical communications, and mobile diagnostics. All ten companies, eight of which are still in the region, are continuing to achieve key business milestones.
“Many of healthcare's most challenging problems are at the intersection between the doctor or hospital and the health insurer,” says Elliot Menschik, DreamIt Venture's managing partner for healthcare. “Startups don’t typically have early access to the customers and users they need to fully grasp the problems, craft meaningful solutions and then rapidly implement and test them in real-world environments. What makes DreamIt Health unlike any other accelerator is the depth and intensity of collaboration among the DreamIt teams and our strategic partners to more rapidly develop and deliver enterprise-grade products that create real value for customers and the foundation for scalable businesses.”
As reported last week in Keystone Edge, Independence Blue Cross, a partner in the accelerator along with Penn Medicine, will invest up to $50 million in health related venture funds and early stage companies in the coming years.
Source: DreamIt Ventures
Writer: Elise Vider