HealthTech Arkansas helps to drive innovation for the ten largest hospitals and health systems in Arkansas, which is accomplished through accelerator programs and internal innovation programming.
Donor Name: HealthTech Arkansas
State: Arkansas
County: All Counties
Type of Grant: Accelerator
Deadline: 07/31/2023
Details:
HealthTech Arkansas and MedAxiom have come together to create a cardiovascular-focused healthcare accelerator that facilitates guaranteed hospital pilot projects and clinical trials for accomplished, early-stage companies bringing new cardiovascular innovations to market. Together, HealthTech Arkansas and MedAxiom use their respective expertise to bring the latest cardiovascular healthcare innovations to the patients who need them most.
Its accelerator is entering its fifth year and has become known nationally for the clinical engagement it delivers to early-stage companies.
For HeartX, HealthTech Arkansas:
- Leads recruitment efforts
- Presents finalist companies to the hospital selection committee for interviews and selections
- Identifies pilot champions/PIs at participating hospitals
- Facilitates pilot projects and clinical trials
- Manages the investment fund that runs in parallel to the accelerator.
MedAxiom, the cardiovascular community’s premier source for organizational performance solutions, is transforming cardiovascular care by bridging technology, innovation and care delivery. MedAxiom unites cardiovascular organizations, leaders and industry partners to achieve the Quadruple Aim of better outcomes, lower costs, improved patient experience, and improved clinician experience.
For HeartX, MedAxiom will offer a robust set of services to cohort companies, including:
- A webinar to the MedAxiom membership
- Exhibition at a MedAxiom conference
- Representation on MedAxiom’s website
- Access to deliver content via MedAxiom channels
Eligibility Criteria
Early stage HealthTech companies are encouraged to apply to their virtual program! Five companies are chosen each year to participate, and those five companies receive the following benefits:
- Transfer what you’ve learned in a past accelerator into true clinical engagement
- Guaranteed pilot projects with at least two Arkansas providers, giving you the chance to improve your product/service/technology and demonstrate value to the providers. These pilots have the potential to convert to commercial contracts based upon the value you demonstrate
- $150,000 of up-front investment in the form of a SAFE agreement or convertible note
- Access to the HeartX Fund and investing partners for potential follow-on investments
- A clinical mentor assigned to your team from each provider with whom you execute a pilot project. That mentor – in conjunction with the HealthTech Arkansas team – will work exclusively on your behalf to help make your pilot project the most successful it can be
- No requirement to be onsite for a fixed duration during the program. You’ll fly in and out of Arkansas to work with their providers just as you would with any other pilot project. All other content and communications are conducted remotely by phone and video conference
- Access to the robust, statewide mentor network assembled by the HealthTech Arkansas team.
Requirements
- Be ready to conduct a pilot project on Day 1 of the program. Your technology needs to be built out and validated
- Have data from other pilot projects. In other words, they can’t be your first pilot
- You need to have raised at least $500K in external capital
- Willingness to accept $150K of up-front investment in the form of a SAFE or convertible note, with a cap and discount rate negotiated with the HeartX team
- Willingness to issue a $100K in-kind investment position to HeartX in exchange for the pilot projects and clinical trials, access to the HeartX network, and the suite of custom services offered by MedAxiom to cohort companies.
For more information, visit HealthTech Arkansas.
