Minneapolis-based startup accelerator gener8tor announced Monday that it will partner with Boston Scientific, Mayo Clinic and the University of Minnesota to launch its first industry-specific program, gBETA Medtech.
The new program will follow gener8tor's gBETA format. Unlike its full-fledged, 12-week summer accelerator, gener8tor does not take equity in gBETA businesses, and does not charge for participation.
While the standard gBETA program typically runs once or twice a year, gBETA Medtech, funded by Boston Scientific, will be offered three times a year for local, early-stage healthcare companies. The accelerator is currently accepting applications for the second and third cohorts of 2018.
gBETA Medtech is gener8tor's first industry-focused program. As a "concierge startup accelerator," gener8tor usually accepts businesses from a variety of different industries and finds mentors and resources that correspond to each startup's individual needs.
In its most recent gBETA cohort, gener8tor mentored seven local startups specializing in areas ranging from drones to maternity leave. The ages of the companies and entrepreneurs varied widely. While one gBETA startup had a PhD-stacked leadership team that boasted decades of experience in their field, another had formed just before entering the program.
Startups participating in gBETA Medtech will work closely with physicians, researchers, investors and successful entrepreneurs in their field to develop growth strategies, gain customer traction and pitch investors.
Minnesota has long been a leader in medical technology. The state is home to hundreds of medical device companies that employ nearly 30,000 people and generate billions in revenue, according to the Minnesota Department of Employment and Economic Development. In addition to Boston Scientific, the state is also home to industry powerhouses like Medtronic and the Mayo Clinic.
"Minnesota's Medical Alley is the premier ecosystem to launch a med-tech accelerator," gBETA Medtech director Adam Choe said in a release. "Our goal is to create a flywheel effect by supporting the best and brightest companies, and we are humbled to do that alongside such strong collaborators."
Here are the first six companies that will participate gBETA Medtech accelerator:
ExpressionMed: Creates and sells medical tapes that help expensive wearable devices last longer.
Kobara Medical: Addresses symptoms related to heart failure and cardiac arrhythmias.
NeuroVASx: Develops interventional assist devices and therapies for treating cerebral aneurysm and stroke patients.
Quench Medical: Provides symptom control for patients suffering from lung diseases.
Soundly: A gamified, app-based therapy that aims to reduce snoring.
Vitrose Health: A crowdsourced, patient-facing diagnostic solution that utilizes existing medical infrastructure to save patients and clinics time and money.
