DreamIt Health, the Philadelphia-based health care accelerator sponsored by Penn Medicine (The University of Pennsylvania Health System) and Independence Blue Cross (IBC), announced today that Towers Watson, a leading global professional services firm, has joined the program as an associate sponsor. DreamIt Health was designed to give health care startups an advantage by leveraging the unique collaboration of a major metropolitan region’s leading health care provider and largest health plan – Penn Medicine and IBC – and internationally renowned accelerator DreamIt Ventures.
By adding Towers Watson to the collaborative effort, DreamIt Health continues to engage partners who can “open doors” to enable early traction for its early stage companies by providing them with experienced health care entrepreneurs and industry experts as mentors and advisors. Towers Watson’s clients include70% of the Fortune Global 500, 76% of the Fortune 500 (U.S.) and 82% of the FTSE 100.
“We’re thrilled to have Towers Watson at the table,” stated Roy Rosin, Penn Medicine’s Chief Innovation Officer. “Their leadership team strongly supports innovation and continues to be active in exploring new approaches to health care delivery.”
Towers Watson’s role in the program will be to facilitate access to their industry leading research and insights, data and trends. The company will also help the ventures connect to market innovators through its extensive network, and guide them as they validate and test their emerging business models. “Towers Watson is pleased to be working with DreamIt Health,” said Sharon Dunn, Global New Venture Leader for Towers Watson.
“We’ll work with these new ventures as we work with our clients by routinely asking ‘Why?’, ‘Why not?’ and ‘What if?’ It’s just not enough to own a great idea in today’s ultra-competitive business environment – you need to execute. We look forward to making meaningful contributions to the startups so they can one day deliver new products and innovative solutions independently.”
DreamIt Health is bringing together all the key elements needed by nascent health care ventures to accelerate early traction in the market, including:
- An enterprise focus, based on high-priority health care problems faced by large health systems, clinicians, patients, payers and employers
- A multi-stakeholder framework
- Access to key resources including potential Beta customers, systems and data
- Up to $50,000 in funding for the four-month program
- A geographic location (Philadelphia) with a high density of healthcare talent and opportunity
- Experience in all aspects of the marketplace through DreamIt, Penn, IBC, Towers Watson and successful Health IT entrepreneurs
- Free Legal and accounting services, speakers, advisors, subject matter experts, investors and free office space designed specifically to encourage interaction between the cohort and other early stage companies co-located at Venturef0rth.
About DreamIt Ventures
DreamIt Ventures is a pre-seed stage venture firm, with the goal of helping great people with great ideas build great companies. DreamIt provides the aspiring entrepreneurs that it selects with pre-seed funding, services from leading law firms and accounting firms, mentoring from seasoned entrepreneurs, access to capital, and a creative, rigorous environment to bring innovative business ideas to market. DreamIt was founded in 2008 by three successful technology entrepreneurs who want to create the same type of opportunities that they were fortunate to have had themselves for the next wave of entrepreneurs. Since kicking off in Philadelphia, DreamIt has expanded to Austin, New York, and Israel; been named the third best accelerator program in the world by Forbes Magazine; and launched 95 companies with an enterprise value greater than $335M, including: including SCVNGR, SeatGeek, Postling, Notehall (acquired by Chegg), CloudMine, Parsely, AppAddictive, TidalLabs, Let’s Gift It, Spling, LearnBop, Easel, ElectNext, MindSnacks, SupplyHog, Take The Interview, and Adaptly. More information about DreamIt Ventures is available online at www.DreamItVentures.com or via email at firstname.lastname@example.org.
About Independence Blue Cross
Independence Blue Cross is a leading health insurer in southeastern Pennsylvania. With our affiliates, we have 3.1 million members nationwide. For nearly 75 years, we have been enhancing the health and wellness of the people and communities we serve by delivering innovative and competitively priced health care products and services; pioneering new ways to reward doctors, hospitals, and other health care professionals for coordinated, quality care; and supporting programs and events that promote wellness. To learn more about how we’re changing the game, visit www.ibx.com. Connect with us on Facebook at ibx.com/facebook and on Twitter at @ibx. Independence Blue Cross is an independent licensee of the Blue Cross and Blue Shield Association.
About Penn Medicine
Penn Medicine is one of the world’s leading academic medical centers, dedicated to the related missions of medical education, biomedical research, and excellence in patient care. Penn Medicine consists of the Raymond and Ruth Perelman School of Medicine at the University of Pennsylvania (founded in 1765 as the nation’s first medical school) and the University of Pennsylvania Health System, which together form a $4.3 billion enterprise.
The Perelman School of Medicine is currently ranked #2 in U.S. News & World Report’s survey of research-oriented medical schools. The School is consistently among the nation’s top recipients of funding from the National Institutes of Health, with $479.3 million awarded in the 2011 fiscal year.
The University of Pennsylvania Health System’s patient care facilities include: The Hospital of the University of Pennsylvania — recognized as one of the nation’s top “Honor Roll” hospitals by U.S. News & World Report; Penn Presbyterian Medical Center; and Pennsylvania Hospital — the nation’s first hospital, founded in 1751. Penn Medicine also includes additional patient care facilities and services throughout the Philadelphia region.
Penn Medicine is committed to improving lives and health through a variety of community-based programs and activities. In fiscal year 2011, Penn Medicine provided $854 million to benefit our community.
About Towers Watson
Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. The company offers solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson has 14,000 associates around the world and is located on the web at towerswatson.com.
Venturef0rth provides tech startups and early-stage companies a physical home in Philadelphia designed for coworking and collaboration, a community of peers, operational support, and guidance from entrepreneurs-in-residence. It also serves as a venue for events at the intersection of entrepreneurship, technology and design. Venturef0rth was founded and is managed by three successful entrepreneurs driven to accelerate the success of the region’s emerging tech titans. Elliot Menschik, M.D., Ph.D., will co-lead the program. Dr. Menschik’s last company, HxTechnologies was a pioneer in medical imaging and health information exchange and was acquired by MEDecision, the health IT subsidiary of Health Care Service Corporation.
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