The three-month program gives each startup a stipend of up to $25,000 and mentorship. There’s a Demo Day at the end attended by press and investors. Some of the better known startups to come out of DreamIt are SCVNGR, Adaptly, Winston and SeatGeek.
WHO’S GETTING FUNDED?
First Round Capital’s Dorm Room Fund invested an undisclosed amount in Dagne Dover, a Brooklyn-based handbag and accessories retailer, the New York Times reported in a recent feature on the student-run investment fund. Dagne Dover cofounder Deepa Gandhi is a Wharton MBA student.
First Round Capital announced participation in two investments this week, including a $5 million round for Palo Alto, Calif.-based food delivery service EAT and a $9.1 million round for Boston-area coupon service SavingStar.
Comcast Ventures co-led a $30 million round for Silicon Valley-based Youtube network Fullscreen, AllThingsD reported.
Flying Kite Media
DreamIt Ventures – the Philly-based accelerator that helped launch SnipSnap and CloudMine – is tackling a particularly challenging industry: Healthcare.DreamIt Health, which launched April 8, focuses solely on companies in healthcare IT.
The accelerator’s first class features ten companies including AirCare, a company developed by VenturePact that helps minimize re-admissions through mobile nursing; Osmosis, a tool that helps clinicians retain vast amounts of knowledge during medical training; and Medilo, a mobile healthcare card that details benefits and eliminates the need for forms.
Independence Blue Cross (IBX, formerly IBC), the largest health insurer in the Philadelphia area, has become one of the first health plans in the U.S. to invest in health IT startups. In a collaboration with Penn Medicine, which includes the University of Pennsylvania Health System, and DreamIT Ventures, IBX launched an accelerator that recently selected 10 startup companies from 130 applicants.
Among the firms that made the final cut are AirCare, Biomeme, Fitly, Grand Round Table, Medlio, MemberRx, OnShift, Osmosis, SpeSo Health and Stat. Each company will receive $50,000 in seed capital, as well as intensive mentoring in a four-month “boot camp.”
There’s an interesting trend I’ve noticed with at least one healthcare accelerator I have been tracking. The members of the startups for the most part have increasingly more industry experience and seem more adept at finding pain points and delivering a workable solution to members of the healthcare ecosystem. And if the successes of Blueprint Health’slatest graduating class are anything to go by, healthcare companies are getting increasingly receptive to working with startups that can help them address some of the demands of the Affordable Care Act and some of its impacts with more innovative solutions.
Because there is more awareness and increasing prevalence of healthcare accelerators, the ones that have been around for a couple of years, like Rock Health, and Health Box as well as Blueprint Health, are seeing more applicants. That means they can be pickier about the startups they accept into their programs. There is also the fact that since accelerators are investing in these companies, they want to make sure they get a decent return on that investment. So they are picking companies with solutions that are more diverse and are led by entrepreneurs possessing a deepening level of experience not just in healthcare, though that’s pretty helpful, but marketing, software development and finance as well. And 6-year old accelerator DreamIt Ventures’ new healthcare accelerator — DreamIt Health — with its newly picked inaugural class, is getting providers and payers involved early in the process wit support from Penn Medicine and Independence Blue Cross.
DreamIt Health Startup Incubator Announces First Class of Companies
Healthcare is clearly taking off as a hot field for startup development, as is evidenced by a new Philadelphia-based incubator, DreamIt Health, coming to the scene. The firm announced the first class of companies that will each receive $50,000 and intensive mentoring in a four month “boot camp” from seasoned entrepreneurs and executives in the health care industry. Moreover, Independence Blue Cross (IBC) and Penn Medicine have teamed up with DreamIt to offer their own expertise to the freshly minted companies.
Philadelphia has reached a new milestone in the drive to build its startup healthcare ecosystem. DreamIt Health’s inaugural class includes 10 startups. The four-month program co-sponsored by Independence Blue Cross and Penn Medicine includes members seeking to develop tools for healthcare providers to speed up diagnoses and improve outcomes.
The accelerator will be housed at Venturef0rth, a shared workspace for early stage companies run by Dr. Elliot Menschik, who will co-lead the accelerator with DreamIt Health Managing Partner Karen Griffith Gryga.
The aim is to foster early stage companies developing tools to provide more effective and affordable interventions at the point of care. Each startup will get a stipend of up to $50,000. During the program, they receive mentoring from experienced entrepreneurs and people in the healthcare ecosystem.
You may think that today is all about accelerators and healthcare, well we didn’t intend it to be that way but there’s major startup news on the accelerator and healthcare front.
DreamIt Ventures, the multi-city startup accelerator brand, announced late last year that they would be teaming up with Independence Blue Shield and Penn Medicine to hold their first medical focused startup cohort. They announcedthat cohort on Wednesday.
For the first DreamIt Health accelerator they put out an application call for startups seeking to develop tools for healthcare providers to speed up diagnoses and improve outcomes.
The 10 members of the 2013 DeamIt Health program’s inaugural class includes a mix of mobile application, diagnostic device and analytics developers plus others all working on new ways to improve the quality or lower the cost of health-care services.
DeamIt Health was started in December byIndependence Blue Cross, the University of Pennsylvania Health System and DreamIt Ventures, all based in Philadelphia, as a way to jump start new companies developing innovative solutions in health care.
By Beth Walsh
Clinical Innovation & Technology
Independence Blue Cross (IBC), Penn Medicine and DreamIt Ventures announced the 10 healthcare startup companies selected to participate in DreamIt Health , a Philadelphia-based healthcare accelerator. The 2013 DreamIt Health inaugural class will enter a four-month boot camp, beginning April 8, to help rapidly advance the development of their innovative healthcare solutions and business models.
Sponsored by IBC and Penn Medicine, DreamIt Health launched in December 2012 with a nationwide search for unique healthcare startups who apply technology to the challenges of keeping people healthy and providing more effective and affordable interventions at the point of care.