About Health Innovators

Vision

Create one million jobs by empowering entrepreneurs.

Mission

Our mission is to connect entrepreneurs to capital and customers.

About

Health Innovators (20,000 member community) is a premier place for digital health tech entrepreneurs to innovate and build businesses that will solve our healthcare issues, improve patient outcomes, and reduce costs in a meaningful and impactful way. The objective of Health Innovators is to develop resources and infrastructures that are necessary to identify early stage opportunities, cultivate and assist healthcare technology startups to create, validate and commercialize ideas.

Health Innovators is a community of healthtech innovators, comprised of an ecosystem of clinicians, programmers, investors, product managers, business developers, "techie" doctors and health professionals whose mission is to help turn ideas for improved healthcare into reality. Health Innovators fosters entrepreneurship and provides start-up businesses in the healthcare tech sector with mentoring, access to a network of resources and other business services designed to accelerate their success, and create jobs in the Boston metro area and beyond.

By providing access to investment, mentors, industry experts, other like-minded healthtech entrepreneurs and access to funds, Health Innovators dramatically improves the chances of startups to succeed.

Health Innovators believes that inclusion, diversity and being global are important drivers of innovation. As part of our commitment to increasing the diversity of certain underrepresented participants in high tech companies, especially those interested in providing solutions to our healthcare problems, Health Innovators would encourage minority and immigrants to apply to our accelerator program or otherwise engage our other services offerings.

What has Health Innovators accomplished so far?

  1. Operating since 2012
  2. Events hosted till date: 310
  3. Total members = 20,000
  4. We have also built our own software, our software (On Time Or Not, Patient Talkback) has been deployed at Joslin Diabetes Center and Tufts medical center for 2 years
  5. Our new Telemedicine software, Healthouts is ready for deployment.
  6. Recognitions received: Four awards won:
    1. 2nd prize at Arts & Entertainment national TV
    2. Joslin Diabetes Clinical innovation award - Award # 2 "Managing Wait Time Expectations"
    3. 3rd prize at Boston University entrepreneurship competition (BU Seagull)
    4. One of the 23 startups selected in the world to compete at the Beijing OTEC 2015 competition in China.

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Health Innovators Advantage

By hosting educational events related to healthcare innovation on a daily basis for the past six years, Health Innovators has already fulfilled its first goal of networking and building a hyperlocal community of 20,000 members interested in healthcare innovation in the Boston area. Health Innovators taps into its own network for mentorship opportunities.

In summary, Health Innovators is uniquely positioned as a catalyst for providing effective solutions for our health care issues. Because of our strong community, coupled with a strong, experienced management team, we believe that we can provide substantial long-term returns by accomplishing complementary goals. We further want to utilize the power of the crowd in terms of social idea development and investment where all the parties are mutually benefited. We intend to

  • Maximize the success of business opportunities by developing a robust supporting infrastructure and ecosystem. For the past two years, Health Innovators has been hosting academy classes related to entrepreneurship and innovation at the Cambridge Innovation Center. In the past 6 years, we have hosted 300 local events in the Kendall Square area to foster a community around entrepreneurship & innovation. Below are the specific classes we have hosted:
  • Make crucial connections for entrepreneurs in the hospitals, labs, pharmacies, insurance companies for pilots. This is accomplished in collaboration with World Congress. World Congress can create visibility for the startups and provide access to CEO’s, senior-level executives from all segments of the health care and life sciences industries via all the physical conference they host. This aspect is critical because, investors will not typically invest if the company doesn’t have customers.

Objectives/Goals

Health Innovators in collaboration with Innotria (for profit company) is providing virtual accelerator services to further elevate the success of startups through deep involvement in the companies we are accelerating. Below is a summary of investment sought and the steps that will be taken to return the investment with multiple returns.

The goal of Virtual Accelerator is to facilitate entrepreneurs and startups navigate through their formative years to long term success. We plan to accomplish this by providing them with a suite of supportive services critical to their success.

Virtual Accelerator Service and its companion Go Global program (designed for non US based companies) are joint venture projects of the non-profit Health Innovators and for-profit Innotria Inc. Health Innovators has been in operation for over six years, and has a successful track record of supporting entrepreneurs and start-ups and entrepreneurs. For the past six years, health Innovators has organized regular monthly meetings which included panel discussions and unconferences attracting a wide variety of healthcare professionals and enthusiasts from Boston metro area. To date, Health Innovators has over 20,000 professionals and entrepreneurs in our contact/attendee list, representing various cross sections in the healthcare community (including doctors, nurses, administrators, students, professionals, etc.). The enthusiastic support of these professionals encouraged us to launch several new initiatives during the past year, offering courses, workshops, and ideation laboratories almost every day of the week at the Cambridge Innovation Center. These events (including the flagship course on “Evidence based entrepreneurship in healthcare”) were well attended, and resulted in motivating several entrepreneurs to start up their ventures.

In the beginning of 2018, we began our collaboration with the World Healthcare Congress, a premier conference organizer in Healthcare field. By joining forces, we were able to organize a successful track on healthcare innovation at the WHCC18 conference at Washington DC, and helped several startups gain visibility to investors and customers. We facilitated the startups by providing one-on-one coaching and feedback sessions, and gave them an opportunity to make video presentations for online publicity as well as pitch their company in front of several audience.

The Virtual Accelerator (and Go Global program) offers us an opportunity to consolidate our efforts thus far and streamline the resources we have amassed and create a monetizable channel for adding value to our customers.


Target Audience

The target audience for Virtual Accelerator is healthcare related startups in their early stage of operations, and established startups when they are in growth stage. These typically are in need of support such as access to new customers or investors. Companies who are located outside USA and are looking to expand their markets in USA, the companion service called Go Global will be appropriate, as that service includes setting up a US subsidiary and help them establish the USA operations.

Problem Statement

Startups, particularly in the healthcare field face many challenges during their initial years. Healthcare market is particularly a hard environment to penetrate, since it has entrenched players, regulatory constraints and complex delivery paradigms.

Healthcare delivery systems are fairly complex. While it is a very large market, it is heavily fragmented, and it is near impossible to develop a common solution that applies to many of its components and develop a scalable solution. What is functional in one hospital is not always applicable to another hospital. The system is replete with incompatible interfaces and hand-offs and an emerging start-up in this market will find itself in an intractable situation.

Healthcare delivery systems are heavily regulated, for some very good reasons. Startups involving devices or diagnostic solutions will find themselves facing costly and time consuming regulatory hurdles, either in the form of clinical trials or extensive FDA product testing and certification. For those startups in the digital health arena, the challenges faced include incompatible interface, and data crossing such boundaries often are governed by punitive HIPAA and privacy constraints. In the case of billing and medical payments, the start-up often has to contend with entrenched Payers like large insurance companies and the government (e.g. CMS).

Healthcare environment is very risk averse. Given the system that deals with life and death issues every day, it is understandable that the systems are designed to operate in an environment of “do no harm”, hence any effort towards innovation is often encountered with a cautious approach. This means, a start-up trying to bring an innovative solution will often face tangible and intangible organizational and interpersonal issues from the healthcare providers.

These and other challenges are faced by a start-up at a stage where its resources are very limited. They need all the help they can get.

Health Innovators and Virtual Accelerator mission is to help motivated start-ups cross this chasm. We provide several support programs that can help these startups navigate these hurdles successfully.

Business Model

Our business model is to provide a suite of services designed to help startups in healthcare field face and overcome these challenges. Health Innovators has several years of experience in dealing with the issues faced by startups in this arena and have established good contacts and support resources within the industry. With Virtual Accelerator, we will be able to make these resources available to the start-ups and entrepreneurs.

Services

Virtual Accelerator and Go Global include the following services which are available to the member companies.

  1. Access to customers: We have access to over 1 million C level executives who could be your next potential customer for the products developed by your startup. We will provide qualified warm introductions to these C level executives as well as facilitate your interactions with them based on our assessment of the business needs of your company.
  2. Access to finance and investors: We will identify your strengths and weaknesses and match you with a limited set of potential investors who are likely to invest in your sector. By prescreening investors, we can reduce the amount of effort you need to spend and help you focus on only high probability relationships.
  3. Access to technology: Health Innovators can help you to obtain the technology you need to build your product portfolio. We can help you to fine tune your technology solution, help you build a MVP and prototypes to showcase your product.
  4. Access to field trial support: A critical component of your Go-To-Market strategy is proving that your solutions work in the healthcare setting. We can connect you with doctors and hospitals that can support you by trialing your product in real world situations.
  5. Access to market: We will provide support for developing and implementing a viable marketing strategy and approach to reaching potential customers and market introduction of your product. We will invite you to various forums where you can meet potential customers and present your products to them in a professional environment.
  6. Access to market research: We can assist you by getting help from MBAs, scientists, subject matter experts and entrepreneurs from world class universities such as MIT, Harvard, Hult Business School, Brandeis University, Northeastern University etc. and help you develop market research plans that are appropriate for your needs.
  7. Access to facilities and infrastructure: Depending on your needs, we can arrange for the facilities (e.g. wet lab and office facilities in selected cities) and help you establish the physical structure for your company.
  8. Access to R&D: We can also help you to obtain collaborative relationships with universities so you can obtain needed research support.
  9. Access to talent: We can refer you to qualified third party providers who can help you to plan and establish your technical and non-technical staff resources and human resources capabilities to manage your staff on an ongoing basis.
  10. Access to Certification Services: Most healthcare products are required to meet stringent operational criteria for use in the clinical settings (e.g. HIPAA compliance). Health Innovators will be able to validate your products and certify the compliance for use in the clinical setting. This certification will help you to avoid redundant steps to convince each and every customer that your product can be deployed in their environment without additional repeat validation effort.
  11. Support for US based business entity: (Part of Go Global Program) we can arrange for setting up and providing registered agent services for your US based subsidiary. We can help you to get acclimatized to the US business and cultural environment. Third party costs (legal etc.) will be charged back to your non US entity.

While the goal of Virtual Accelerator is to help provide the resources to the emerging companies, it should be emphasized that the scope of these will be limited to consultation and support. The hallmark of entrepreneurship is the thrill of facing challenges and creative solving of problems, and we wish to preserve that experience. Thus the business decisions of the start-up are the responsibility of its management and leadership team, and our role will be restricted to guidance and support.

Membership

Virtual Accelerator is modeled as a Kiretsu, which is a group of collaborating companies with common interest. Being virtual, our program differs from others in that they need not be proximate geographically. Inclusion in the Virtual Accelerator will involve an initial screening to evaluate the state of the start-up and its true needs. This is done by detailed interviews and evaluation of the start-up, and inspection of its papers. If we feel that a start-up has the potential to be successful, we will invite that start-up to join the program.

Some of the preconditions are that the start-up business is in healthcare field, as many of the Health Innovators resources are focused on healthcare. The sub-specialties could be areas such as, but not limited to, digital health, sensors and IOT, cyber security (HIPAA compliance), healthcare analytics and AI, patient engagement and pharma, etc.

Membership Fee

  1. There will be an annual fee for membership. Currently it is set at $2500 per year for the USA based start-ups and $5000 for non USA based companies seeking to enter USA market. This fee will be payable to Innotria.
  2. Innotria will own 4% to 10% equity in the member company. The amount of equity will be defined at the time of initial membership application and will depend on the extent of support needed by the start-up. In the case of non US companies participating in the Go Global program, the corresponding ownership will be 15% of the US based subsidiary company.
  3. Innotria will have the right to appoint one member in the Board of Director in the member company.

Goals

Click here to see the high level HI’s goals and objectives here:

  • Collaborate with all the organizations involved in digital health innovation
  • Create a database of digital health investors
  • Be a recognized industry leader and catalyst to solving our health care issues, including championing initiatives and solutions to reducing costs;
  • Cultivate and foster entrepreneurship within the Boston metro area and beyond;
  • Encourage minority and immigrant entrepreneurship;
  • Create a robust business model that will serve the entire healthcare ecosystem—helping healthcare tech startups to formulate, validate and commercialize their ideas;
  • Provide experiential learning opportunities and internships for students that will complement university and college programs;
  • Create and facilitate valuable connections in digital health globally;
  • Create significant number of high paying jobs within the next five years; and
  • Become a recognized business platform that can be scaled and replicated throughout the country and beyond.

Health Innovators Service Offerings

Our unique business model includes a wide variety of services and programs to help healthcare tech companies to grow and turn their startups into successful businesses. Service and program offerings include:

  • A deep resource of consultants to help startups become successful that include: doctors, nurses, attorneys, CPAs, marketing experts, business development, web design, programmers, etc.;
  • Industry mentors and advisors;
  • Partnerships with major hospitals, universities, technology and other public health institutions;
  • Access to capital.
  • Access to customers.
  • Products ready to go to market:
    • Telemedicine (Healthouts) - Our Telemedicine product can be white labeled to be sold to enterprise customers.
    • Electronic Medical Records - Our EMR solutions can be white labeled to be sold to enterprise customers.
    • Patient Communities - Our patient community solutions can be white labeled to be sold to enterprise customers.
    • Interoperability - Our interoperability solutions can be white labeled to be sold to enterprise customers.
    • Key Opinion Leader Directory - We are ready to engage KOL’s virtually.

In addition to the above service and program offerings, Health Innovators will engage in research and development, identifying and exploiting issues in healthcare that can be solved with software, web, mobile, sensors, data solutions that can be licensed to consumers and businesses via Software-as-a-Service(SaaS) model. These are all the research project which are ongoing in our research and development department.

Market Dynamics/Opportunity

We believe that Health Innovators is currently the only organization in Boston that has the unique business model that combines Healthtech Professional Networking (community) + accelerator + Investing programs as a synergistic platform for solving healthcare IT issues. Our core strategy and approach to building technology solutions for businesses separate us from our competitors.

Team

Our Virtual Accelerator is run by physicians, trained in information technology, who guide and build prototypes, supported by flexible and extensible platforms, making sure they are HIPAA compliant, beta tested, and ready to impress investors.

Our mentors are affiliated with Harvard Medical School, major hospitals, including Joslin Diabetes Center, Children's Hospital Boston, Massachusetts General Hospital, Brigham and Women's Hospital, Beth Israel Deaconess Medical Center, Harvard School of Public Health, Boston Medical Center, Tufts Medical Center, IBM, Philips, GE, MIT, Foundation Medicine, Iora health, GNS Healthcare, and other local healthcare businesses in the Boston area.

By hosting educational events related to healthcare innovation on a daily basis for the past six years, Health Innovators has already fulfilled its first goal of networking and building a hyperlocal community of 20,000 members interested in healthcare innovation in the Boston area. Health Innovators taps into its own network for mentorship opportunities.

Dr. Kalyan Kalwa and Dr. Mohan Venkataramana are the founders of the Accelerator.