Health Care Innovations Found Through Arkansas Accelerator
June 12, 2018While they seem commonplace today, innovations like anesthesia, insulin, and and organ transplants have extended life expectancies and improved quality of life for people across the world. Startup companies in the health care industry are a great source for new tools, methods and procedures that could be the next major breakthrough.
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Because health care is a key industry in Arkansas, we are collaborating with Arkansas-based entities Winrock International, Arkansas Heart Hospital, University of Arkansas for Medical Sciences (UAMS), and BioVentures to extend and expand Health InnovatAR, a program that supports and accelerates the development of new startup companies with innovative solutions to improve health care delivery. The 2018 cohort of participants was announced Monday, June 4.
The six selected startups are (descriptions from healthinnovatar.com):
- Day Zero Diagnostics, Boston, MA
Uses genome sequencing and machine learning to modernize infectious disease diagnosis and treatment. - Ejenta, San Francisco, CA
A platform with remote monitoring and patient engagement applications to improve the lives of patients with chronic health conditions. - ExplORer Surgical, Chicago, IL
A workflow management tool with an interactive surgical playbook for live use during surgery. - Lapovations, Fayetteville, AR
A laparoscopic surgery device that uses existing operating room wall suction to lift and hold the abdominal wall more reliably and less invasively than current alternatives. - Macro-eyes, Seattle, WA
A predictive scheduling application that cuts revenue loss due to no-shows with a seamless add-on to existing scheduling systems. - Medical Informatics Corp, Houston, TX
A Clinical Intelligence Platform that transforms patient data into actionable information in a single, unified dashboard.
The program lasts six months. Each company will receive a seed investment of $50,000 each as well as intense mentorship and assistance as they rapidly proceed from concept to product development and customer acquisition.
The Arkansas Economic Development Commission awarded Winrock $250,000 for Health InnovatAR and will support the health care accelerator through a new program designed to increase acceleration activities in targeted industries in the state.
“AEDC is excited to support Health InnovatAR,” said Executive Director Mike Preston. “These startup companies and their research will play vital roles in changing the landscape of the health care industry in the state, the nation and all over the globe. Getting in front of the game now will help our economic climate for years to come and place Arkansas in the forefront of those working in health care innovation.”
The benefits to the companies could go well beyond the initial grant. On the back-end of the process, companies will have the chance to raise private equity, and the program will give them opportunities to connect and network better within the industry. Aiding these startups is a key factor in growing the state’s economy and enhancing a vibrant business sector.
Health InnovatAR is a new and expanded iteration of a previous accelerator program known as HubX—LifeSciences, the first-ever privately funded — and industry-specific — business accelerator program in Arkansas. The 2016 program featured startups from around the world showcasing innovative products for the health care industry. Each company spent three months testing their patented technologies and perfecting their business strategies. Participating companies collectively raised more than $2 million in private equity funding.
Arkansas has become a destination for tech companies because the state’s leaders recognize the importance of supporting innovation and collaboration in the technology industry. With the rise of business accelerators and incubators in the state, tech companies from around the world have their eyes on Arkansas when looking to expand, move or start new operations.
