COPIC Comment: COPIC partners with accelerator program to support health tech startups
The increased influence of technology in health care is opening up new opportunities. In particular, we are seeing growth in startup companies that harness the power of advanced technology to address challenges in health care. And, during the last decade, the Denver-Boulder technology community has emerged as a hub of innovation that supports partnerships with the potential to improve health care.
COPIC recently formed one of these partnerships with Boomtown Accelerator, a startup accelerator that nurtures selected startups through a 12-week mentoring program. The partnership will fund and train 20 early-stage patient safety and risk management startup companies over the next three years.
Based in Boulder, Boomtown runs a competitive selection process for very early-stage (pre-commercialization) startups from all over the country to participate in the accelerator’s twice annual, three-month program. Startups that are candidates for this program are focused on reducing medical errors and improving patient safety, quality of care, disease management, and transitions in care using tools such as software, devices, analytics, artificial intelligence and other tech applications.
Each selected startup receives a robust training program that guides founders through core subject areas such as product development, financial modeling, working with investors, and presentation skills. Health care-specific topics covered include the shift to value-based care, data security and interoperability, regulatory strategy, intellectual property and HIPAA compliance. Programming is supplemented with a network of subject matter expert mentors. The program also provides $20,000 in funding. Since its founding in 2014, Boomtown has invested in 98 companies. Of those, 86 percent are in operation, 71 percent are generating revenue and the companies have raised more than $70 million in capital.
“We’re thrilled to be partnered with COPIC, a nationally recognized leader in patient safety and risk management,” said Tom Base, managing director of Boomtown’s HealthTech Accelerator. “COPIC’s expert advice and resources will prove invaluable to our efforts to develop startups through this accelerator.”
Examples of companies that are currently involved with the program include:
- BehaviorMe is developing immersive virtual reality simulations for behavioral specialists to treat and teach basic life skills to individuals with Autism Spectrum Disorder and developmental disabilities in a new, innovative and effective way.
- PatientOne offers a unique software platform that dramatically improves the informed consent process for patients and their providers. The software creates a demonstrable understanding for patients of both the risks and benefits of a particular surgical procedure, increases in-office efficiency, and improves provider-patient communication.
- Visible Network Labs leverages an individual’s own unique social support network to help them realize their best possible health and well-being outcomes.
Know a startup that would be a good candidate for this program?
Qualified startups should refer to https://boomtownaccelerator.com/apply/ to apply for the next program that begins August 27. Boomtown reviews applications on a rolling basis. The earlier you apply, the better.
Are you a provider or facility that is interested in getting involved in this program?
Providers that may be interested in serving as subject matter expert mentors or facilities that may be interested in serving as product testing sites are encouraged to contact Tom Base at: firstname.lastname@example.org.
As health care evolves, COPIC recognizes that we need to evolve as well. We are excited about our partnership with Boomtown and see it as an opportunity to creatively explore options with the potential to benefit the medical community and its patients.
Posted in: Colorado Medicine | COPIC Comment