Pilots with Hospitals, the Chicken or the Egg Problem
We know that as a health tech entrepreneur, piloting your technology and getting that first customer validation is extremely challenging. There’s frequently the ‘chicken or the egg’ problem. Most providers are unwilling to work with young technology companies that have yet to validate or prove the effectiveness of their product. Meanwhile, health technology companies need that first pilot for a chance to validate their technology. That’s why the New York City Economic Development Corporation, in partnership with Health 2.0, is excited to launch Pilot Health Tech NYC 2014, a program that provides $1,000,000 in funding to innovative projects that pilot new health technologies in New York City. The program seeks to vet and selectively match early-stage health or healthcare technology companies (‘innovators’) with key NYC healthcare service organizations and stakeholders (‘hosts’), including hospitals, physician clinics, payors, pharma companies, nursing associations, foundations, major employers, and retailers.
The 2013 program was a tremendous success, with participation from 25 provider organizations, over 250 innovator companies, 200 matchmaking meetings, 41 joint applications, and finally, 10 pilot winners. Since ‘Pilot Day’ 2013, an event during which last year’s winners were announced, the inaugural class of Pilot companies has raised more than $14 million in private investment, including $4.5 million in the last six months and their pilots have enrolled more than 1,000 patients. Check out the video below to hear what some of the winners from the 2013 program have to say!
With the program launching in its second year, the goal plan to make it even better. There will be a more diverse set of hosts (not just hospitals), awards for pilots both large and small , and a big welcome to consumer wellness companies to who are now eligible to compete for pilot funds.
There are a number of ways to get involved in this year’s program:
1.) Join us for the informational webinar on January 29th.
2.) Attend the in-person event on February 5th in NYC showcasing 2013 winners and providing more info about the 2014 program.
3.) To participate in the matchmaking sessions, please fill out the “Find a Partner” form by February 17th and to be ‘matched’ with potential pilot partners. Please save the date for the matchmaking sessions, taking place March 11th and 12th from 3 – 6pm.
4.) Help us spread the word by spreading the word to your listservs and groups or by posting on twitter.
We look forward to your participation in a great 2014 program!