Utah company offering seed money for health care startups
SALT LAKE CITY — A local company is making $500,000 available to help some Utah health care startups get their businesses off the ground.
Healthbox Salt Lake is offering $500,000 in seed investments for up to 10 Utah entrepreneurs and inventors as part of a three-month business accelerator program. The plan, scheduled to begin this fall, is called the Healthbox Accelerator Program. Applicants have until July 20 to submit their application at www.Healthbox.com.
Launched in January 2012 by Chicago-based Healthbox, the program was a way to identify and support fledgling health care businesses and help them convert their concepts into products and services ready for distribution into the market. So far, more than 50 companies have completed Healthbox Accelerator programs in Massachusetts, Illinois, Tennessee, Florida and London.
Selected companies typically receive a $50,000 seed investment, along with expert mentoring, and gain access to the company’s local and national network, explained Healthbox Vice President Andrew Laver.
“Through our upcoming three-month program, we will help companies develop a stronger product, a more effective team and a clearer path to revenue,” Laver said. “Of the 50-plus companies that have completed the Healthbox Accelerator Program, over 80 percent are generating revenue or have closed additional funding within six months.”
Additionally, more than 200 pilot relationships with potential customers and partners have been launched by these firms, he added.
In April, Healthbox announced the closing of a $7 million round of funding that was led by Intermountain Healthcare, along with other investors.
“To increase quality and service while containing costs, we need to expand our thinking and partner with new solutions to drive real systemwide improvements,” said Bert Zimmerli, Intermountain Healthcare’s executive vice president and chief financial officer. “Through the accelerator, Intermountain Healthcare will be a resource for the companies on the front lines of innovation, supporting their growth.”
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