Baltimore-based health care incubator 1501 Health is inviting early-stage health care startups to apply to its year-long cohort to help scale their solutions through investment and resources, accepting applications from Oct. 4-25.
Companies chosen to participate in the program will receive up to $125,000 in investment capital – a 25 percent increase over last year to account for the challenging landscape for early-stage companies raising capital, according to 1501 Health co-manager, Soo Jeon.
Members of the cohort will have access to unique mentorship opportunities and support from payer and provider experts as they navigate the extremely complex “pay-vider system,” along with networking and educational events with other startups, investors, and stakeholders.
Launched in 2021 by Healthworx, the innovation and investment arm of CareFirst BlueCross BlueShield and LifeBridge Health, a leading health system in Maryland, 13 companies have benefitted from the program to date, and the team is looking for another 7-8 startups for the third cohort’s kickoff in early 2023.
Cohort companies will be advised by health care experts selected from associates at CareFirst and LifeBridge Health. The team of experts, known as their cabinet, will work with the startups to identify quarterly milestones for the year-long program and support the company to reach those milestones through advisory and targeted projects.
Participants will have access to strategic relationships and potential customers, as well as resources to support their business model and sales strategies, and the opportunity to test and develop their product in simulated medical environments.
For the next cohort, eligible applicants offer health care technology or services with full-time team members and clear initial traction (revenue, academic validation, experienced founders), and have a solution that aligns with the strategic initiatives of Healthworx and LifeBridge Health.
Applicants’ solutions do not need to fall within a specific area of health care but should not be focused on pharmaceuticals.