Newswise — National healthcare incubator 1501 Health is inviting healthcare startups to apply to join its second year-long cohort, accepting applications from Oct. 26 through Nov. 16, 2021. 1501 Health will provide investment and resources to help the selected early-stage companies develop and scale their healthcare solutions.
Companies chosen to participate in the program can be located anywhere in the country, and will receive up to $100,000 in investment capital. Members of the cohort will have access to unique mentorship opportunities and support from payer and provider experts, along with networking and educational events with other startups, investors and stakeholders.
Healthworx, the innovation and investment arm of CareFirst BlueCross BlueShield (CareFirst) and LifeBridge Health, a leading health system in Maryland, launched 1501 Health this past spring. Its first cohort will soon graduate five companies from across the country. The team is looking for another 5-7 startups to support for cohort 2’s kickoff in early 2022.
“We are so excited to partner with the next group of innovators who share our vision and passion to move healthcare forward and create real solutions to benefit patients and our communities,” said Pothik Chatterjee, assistant vice president of innovation and operations support at LifeBridge Health.
The response to the spring 2021 application period was strong, with more than 120 applying from coast-to-coast. “We look forward to welcoming the next group of entrepreneurs who will benefit from access to mentors, funding and overall guidance as they navigate the complex healthcare ecosystem,” said 1501 Health Co-Manager Emily Durfee. “The best candidates, said Durfee, are already making progress in addressing some of healthcare’s most pressing issues, and could use an infusion of support to really accelerate their impact.”
Cohort companies will be advised by healthcare experts selected from associates at CareFirst and LifeBridge Health. The team of experts, known as their cabinet, will work with the startups to identify quarterly milestones for the year-long program and support the company to reach those milestones through advisory and targeted projects.
Participants will also have access to strategic relationships and potential customers, as well as resources to support their business model and sales strategies, and the opportunity to test and develop their product in simulated medical environments.
”1501 Health has helped our first cohort of startups to take their ideas to the next level, accelerating the development of cutting-edge technologies and solutions that have the potential to disrupt the healthcare ecosystem. We are now eager to get to know another round of bright innovators,” added Chatterjee.
“Our first cohort of companies, still participating in the program, have made exciting and meaningful progress in the last several months,” noted Durfee.
A few examples of accomplishments include:
- Even Health renewing their funding with the U.S. Airforce, signing new partnerships with other health plans, and expanding their Cabana mental health platform to 30,000 healthcare workers;
- Pair Team closing a $5M funding round; and
- Live Chair Health expanding its mission to tackle heart disease in minority groups as they scale nationally.
For the next cohort, eligible applicants should offer healthcare technology or services with full-time team members and clear initial traction (revenue, academic validation, experienced founders), and have a solution that aligns with the strategic initiatives of Healthworx and LifeBridge Health.
Interested startups can learn more at www.1501Health.com for information on the application process.
Healthworx operates at the intersection of healthcare and innovation by creating, co-creating and investing in companies that are improving healthcare quality, accessibility and affordability. As the innovation and investment arm of CareFirst, Healthworx envisions a healthier future for all people by changing the way health works. To connect with Healthworx about partnering, media interviews or speaking opportunities, please email [email protected].
About LifeBridge Health
LifeBridge Health is one of the largest, most comprehensive providers of health services in Maryland. LifeBridge Health includes Sinai Hospital of Baltimore, Northwest Hospital, Carroll Hospital, Levindale Hebrew Geriatric Center and Hospital, Grace Medical Center and related affiliates. For more information, visit www.lifebridgehealth.org.