Sure, Johns Hopkins University is known for its medicinal prowess, but what better way to increase the university's influence on the health care sector than by cosponsoring an accelerator aimed toward spurring the growth of more health information technology companies.
Johns Hopkins announced its plans to work with DreamIt Health Baltimore on Wednesday, a four-month long boot camp for innovators in the health IT business. Teaming up with BioHealth Innovation and DreamIT Ventures, Johns Hopkins will be powering the accelerator designed to fast-track promising ideas aimed at solving problems in America and abroad.
Approximately 10 extraordinary startups will be selected from across the world to be a part of DreamIt Health Baltimore 2014, guaranteeing them up to a $50,000 stipend as well as other professional services. The ventures chosen will also be paired with "exited entrepreneurs-turned-mentors with domain expertise specific to their needs; benefit from an intense startup and health care curriculum taught by accomplished practitioners; meet with subject matter experts and investors; and enjoy access to executives, information systems, and data form leading industry players including providers, payers, biopharma, device makers, and federal agencies," according to DreamIt Ventures.
The pre-seed money capital ain't too shabby at all, but it's the rigorous business and health care training in addition to the networking and mentoring capabilities that are truly what makes this accelerator one that will attract an immense amount of thriving startups.
Not to mention sponsorship from the No. 1 medical center in America. A university that's home to researchers who have developed a cure for mice with Down syndrome, there's clearly an impressive amount of talent on campus grounds.
University president Ronald J. Daniels explained that the project's focus will be on companies in the health IT sector because that is a "fertile" area for innovation. Considering the vast amount of Americans who wish health care were more accessible and affordable, I'd venture to say he is correct.
This accelerator project "sets up Baltimore to become even more central to the health care information revolution through the rapid validation of solutions," Daniels added.
Paul Rothman, dean of the School of Medicine and CEO of Johns Hopkins Medicine, supports this new sponsorship as well, saying that DreamIt Health Baltimore is in line with the university's tradition of creating solutions to health care issues.
"Technology holds the potential to transform the way in which we approach health care in this country and around the world," he said. "The partnership with DreamIt presents an exciting and unrivaled opportunity to develop the most cutting-edge solutions at the crossroads of information technology and medicine."
The application deadline is on November 11 and the worthy startups will be selected by December 16, so if you want to be a part of this transformative new accelerator program now's the time to act.
