The Investment Community Has Spoken, Traction Winners Announced!
Bright and early on the morning of September 22nd, Health 2.0 Conference attendees gathered to watch promising health tech startups vie for the championship title at Traction: Health 2.0’s Startup Championship. For all of those who watch ABC’s “Shark Tank”, Traction was similar, but with a digital health twist. The competition was divided into two tracks, consumer facing solutions and provider facing solutions. Five companies pitched in each track and faced hard-nosed questions from an expert panel of judges.
Speaking of judging…those evaluating both the presentations and the efficacy of the solutions represent a diverse group of opinions in the digital health community. Venture capitalists and investment professionals made up the majority of the panel, providing important insights and critiques on the presenters business models, revenue data, and growth potential. This direct interaction between startups and investors allowed the burgeoning companies to gain important feedback, and the potential investors a first glance at the latest and greatest in digital health.
Though each company brought a new and inventive solution to the table, only one startup in each track could claim a victory, and eventually two were named: Frame Health and the MediSafe Project.
Frame Health employs personality assessments to anticipate patient non-compliance to a treatment regimen and assists physicians in developing care plans that better align with a patient’s behavior. The company reports that 75% of the 3 Trillion (yes, you heard that right) health care dollars have been spent on those with chronic conditions (obesity, cancer lung disease, high blood pressure, and diabetes) that can be prevented through intensive adherence to physician recommendations and prescriptions. Frame Health assists patients whose busy lives conflict with their medical needs by facilitating personalized care and lowering systemic healthcare costs.
In the consumer solution track, MediSafe took home top prize for their work, simplifying medication dosages for busy families and individuals. Categorized as a “medication management solution,” MediSafe allows users to synch their mobile device and their medication schedule to create a user platform that will simplify medication scheduling and regimes. MediSafe was spurred, in part, by the lack of adherence it observed in the majority of Americans; only 50% of the population took their medication regularly, which led to approximately 700,000 hospitalizations…in 2008 alone! The dubiousness of these numbers prompted the folks at MediSafe to take a stand. MediSafe has already proven to be a popular consumer tool, with nearly one million downloads.
Congratulations to our winners! A big THANK YOU to all those who entered the competition and our judges and mentors who contributed their time and expertise. We are excited to share these two companies with you, and can’t wait to read all about their traction in the coming year. For more information please visit the Traction website.