The GuideWell Scale Up Accelerator is a 8-week technology accelerator program focused on “Scale Up” technology or medical device companies. We are interested in growing health technology ventures that have the opportunity to solve big problems and reach large markets in the U.S. healthcare industry.
GuideWell Scale Up Accelerator Cohort Company Criteria
For the Summer 2019 cohort, GuideWell Innovation is partnering with Springboard Enterprises, a venture catalyst that accelerates the growth of entrepreneurial companies led by women through access to essential resources and a global community of experts. Both women-led startups and the southeastern US are lagging in access and closure of venture capital. This cohort is focused on accelerating the growth and financing of companies within this “double jeopardy” demographic.
In collaboration with Springboard, GuideWell will be sourcing a cohort of 5-10 health tech companies with at least one female founder or key executive. GuideWell will consider health/wellness technology companies that address critical gaps in providing affordable, accessible health care or holistic health/wellness solutions for diverse populations and communities in the United States.
Required criteria for Summer 2019 cohort:
- Company must be a health, wellness or medical device technology company that addresses critical gaps in providing affordable, accessible health care or holistic health/wellness solutions for diverse populations and communities in the United States
- Life sciences companies are NOT eligible for this cohort
- Women founders or key executives must own a minimum of 25% of the company’s equity
- The company must be headquartered and have a minimum of 50% of its staff located in the Southeastern US (FL, GA, AL, MS, LA, NC, SC, TN, KY)
- Can show proof of “Scale Up” traction through revenues, capital raised, customer acquisition, and product development (see below)
- Addressing a huge market opportunity in the U.S. healthcare, holistic health or wellness industry
Scale Up Traction:
Eligible companies must meet GuideWell’s minimum “Scale Up” requirements. A Scale Up is a growing technology startup with verifiable traction in its chosen marketplace. Traction may be different based on the company’s chosen market, but is typically demonstrated by one or more of the following:
- A minimum of $500,000 in revenues
- A minimum of $500,000 in seed capital raised
- Patents in place for unique digital innovation or medical devices
- FDA approval process underway for products requiring FDA approval
- Verifiable (reference required) customer pilots
- Accelerating product adoption (especially for consumer-focused solutions)
Key Benefits to Participating Companies
Access to select experts sourced from Springboard Enterprises' global network of over 750 women entrepreneurs
Access to regional and national decision makers across both payers and provider customer prospects
Opportunity to present to GuideWell’s curated national heath tech investor network
Curated 3-day boot camp followed by weekly virtual workshops led by national subject matter experts. Workshops focus on challenges in healthcare industry customer acquisition, regulatory compliance and other healthcare specific business topics
Private 1:1 introductions to customer prospects during GuideWell’s corporate matchmaking event
Program Timeline, Costs and Important Dates
The cohort will run from July 10th through August 30th, 2019. While GuideWell does not take equity or charge program fees, companies selected for the program are responsible for all travel and lodging costs to Orlando for the kickoff boot camp in June and the final matchmaking/investor event in August.
The kickoff boot camp will run from July 10th – 12th, and will be held at the GuideWell Innovation Center in Orlando, FL. Each day will consist of a blend of workshops/speakers and 1:1 advising sessions with experienced health tech entrepreneurs and healthcare executives.
During weeks 2-8, the cohort companies will be matched with various advisors, and are expected to connect with advisors every week. In addition, each week will incorporate a virtual 2-hour workshop/collaboration session led by subject matter experts on key challenge topics faced by most early-stage health tech companies.
The GuideWell Scale Up Accelerator will wrap up with a 2-day showcase event, which will also be held at the GuideWell Innovation Center in Orlando. The first day will be a corporate matchmaking event that will include decision makers from payers, providers and other health technology customers. The second day will be an investor showcase that will include a curated audience of health tech investors. In addition to the cohort companies, the event will also be open to a competitively selected group of health tech companies from across the Southeast.
July 10th – 12th
Kickoff boot camp at GuideWell Innovation Center (Orlando)
July 12th – Aug 28th
Virtual advising sessions, weekly virtual workshops, pitch preparation
August 29th – 30th
Corporate matchmaking/investor showcase event (Orlando)
Applications will be accepted through midnight on Friday May 31st, 2019. We will notify companies that are selected for the cohort no later than Friday June 14th, but will work hard to provide earlier notification since we understand company founders will need to make travel arrangements to Orlando for the June 26-28th kickoff boot camp.
Interested in being an advisor or workshop leader?
The overall purpose of GuideWell’s Health Tech Accelerator is to provide a unique, high impact learning experience and customer acquisition opportunities for founders and key executives of health/wellness technology companies that are in the “Scale Up” stage of growth.
GuideWell Innovation is currently seeking subject matter experts to develop a series of two-hour workshops.
Each workshop will focus on a specific topic that is a common challenge area that often hinders early-growth health technology companies from gaining customer traction.
Before a company can sell its products/services to a large hospital or insurance company, their procurement processes may require the company to undergo a thorough risk assessment and possibly an external audit. This workshop will cover the fundamentals of data security compliance standards in healthcare, including HIPPA, PHI/PI and SOC2. The workshop will also cover strategies for young, early growth technology companies to cost-effectively attain the requirements needed to sell to large hospital systems or insurance companies.
This workshop will cover the basics of what large health payers and/or providers typically expect from young companies as evidence-based proof that their products or services work as advertised. This workshop will also provide tips and best practices for designing research/customer validation studies that provide needed impact evidence.
Over the past decade, the government has expanded its role in regulating healthcare programs, data privacy and programs. Its critical for early growth health tech companies to understand the role both federal and state governments have in regulating both payers and providers in the health industry. This workshop will cover the latest government policies and programs that impact the delivery and payment for healthcare services (ACA, Medicare, price transparency, open data rulings, etc.).
This workshop will provide an introduction to the fundamentals of FDA approval processes for medical devices and the new FDA software approval program.
The ecosystem of health tech startups is very crowded, and it can be difficult to stand out. This workshop will provide tips and strategies for marketing and positioning innovative growth companies in today’s noisy health tech ecosystem.
It may be tempting to give your products or services away to gain early customers. However, its critical to understand financial foundations needed to build a sustainably profitable company. A strong financial model is also critical to attract venture and growth capital. This workshop will provide innovative approaches to sales processes and business models that optimize customer acquisition, cash flow and revenues within the slow sales cycles that are common in the healthcare industry.
The deadline to submit proposals is May 31, 2019.