My father is a physician and my brother is just starting his residency, but I admit it: hospitals make me nervous and I almost never go to the doctor. Whenever bumps, bruises, or minor ailments afflict my own young family, I assume I can either McGyver a remedy from items around the house, or that things will eventually fix themselves.
This attitude is one of the many reasons I'm so excited (and bullish) on the emerging crop of healthcare and med-tech startups. It won't be long before we each have our own cloud-connected Tricorder that diagnoses ailments on the spot, and spits out remedies via our in-home 3-D printer...right? Right?
Ok, that might be my personal dream, but this week’s Accelerator of the Week is doing their part to make my dream a reality. We are pleased to bring you Accelerator #8, Healthbox.
In just one sentence, what is your accelerator called and what do you do?
Healthbox invests in and advances the top technology solutions built for the global healthcare market. We provide unparalleled industry access to accelerate a company's ability to market and scale.
What makes your program different or unique? What’s your primary value-add?
Healthbox has a global footprint with offices in five US locations and two Internationally (Tel Aviv & London). Healthbox focuses only on healthcare startups and provides free, highly-selective eight-week programs across the globe. Upon selection, companies complete Healthbox's healthcare-specific business advancement process, which includes four bi-weekly on-site sessions, in two different tracks, tailored to the companies’ needs.
In addition, Healthbox connects companies with the healthcare ecosystem — payers, providers, investors and other industry stakeholders — necessary to advance their business. With access to an expert network of over 300+ vetted and invested key decision-makers, companies are able to quickly pressure test and validate their business model to effectively and efficiently bring their solution to market and scale. After completion of the rigorous program, all companies are eligible for investment from a Healthbox Growth Fund, which provides access to rapid decision-making capital of up to $1.5MM to help accelerate the growth trajectory of selected companies.
What do you love the most about working with startups?
Working with companies that are so dynamic and determined to have a lasting impact is inspiring, and their energy is infectious.
What is the hardest or most surprising part of working with startups?
Starting a company in healthcare takes guts – the U.S. healthcare market is an exceptionally hard market to navigate. Digital health has become a hot area for investing over the past few years, but healthcare is inherently risk averse, making it difficult for companies to secure initial pilot partners or customers. B2B, early-stage healthcare companies have a particularly steep uphill battle (and this is the area where Healthbox can help!).
Do you have a success story to share? Who are the most notable or interesting companies to go through your program?
Healthbox has a very diverse portfolio of healthcare companies. Personally, a few of my favorite companies are:
3Derm allows dermatologists to review images taken off-site to efficiently monitor high volumes of patient lesions, while reserving in-office appointment times for those patients whose images indicate a more alarming condition.
Opternative has developed the first online eye exam that delivers a prescription, signed by an ophthalmologist, for both glasses and contacts lenses.
Tute Genomics is a cloud-based software platform that lets doctors, labs and researchers analyze entire human genomes for genetic diagnosis, personalized medicine and new discoveries.
How, if in any way, has Foundersuite helped your company?
Foundersuite is a great resource for our companies. We initially got in touch with Foundersuite because one of our portfolio companies recommended the service and we quickly realized how much value the platform could provide to our broader portfolio. Healthcare markets are incredibly complex and the tools that Foundersuite provides helps give companies a competitive advantage.
Finally, what is your best tip for running a startup?
The healthcare (e.g., hospitals, payers, medical groups) technology decision-making process is complex with multiple stakeholders and requires several proof points. To best position your company for adoption and growth in healthcare, thoroughly understand your customers and how your technology will impact their workflow. In addition, align yourself with the right partner that can help you quickly get access to customers to test and validate your solution.
Thanks to our friends at Healthbox! Keep up the good work.