Baxter and Edward-Elmhurst Health’s venture-capital arm have teamed up to work with Chicago-based mHub incubators to help medical device companies get off the ground.
The incubator will mentor 8 to 10 medical device startups in an intensive six-month incubator project supported by Baxter International and Edward-Elmhurst Health’s venture-capital arm.
mHub incubator for hardware-technology and manufacturing startups has hired Heather Walsh, the former director of external innovation at Baxter, to lead the program. She is a healthtech expert. She was also the Assistant Director and Head of Business Development in the Technology Commercialization and Licensing group at the University of Chicago’s Polsky Center for Entrepreneurship and Innovation.
What do startups get?
· The startups will receive US$ 75,000 in cash and up to US$ 60,000 for prototypes, parts and design work, in exchange for 5 percent equity.
· The receive direct mentorship and potential strategic partnerships and pilot opportunities from industry partners at Baxter and Edward-Elmhurst Health Venture Capital
· mHub will support their programming and additional health care industry networking.
The startups will receive hands-on experience with product development, prototyping and piloting. At the end of 6 weeks, a demo day will be planned in front of potential investors. Startups will be able to access mHub resources for a total of two years after the program.
“The investment by Edward-Elmhurst Health’s venture capital fund is part of the west suburban health system’s efforts to support entrepreneurs focused on transforming health care and improving patient care. The mHub accelerator program provides the capital, resources and strategic direction that’s needed to help startups scale for true impact. We’re thrilled to align with a program keen on impacting lives through innovation.” — Melissa Cohen, managing director of Edward-Elmhurst Health Venture Capital.
“The only way early-stage innovators are going to have success is if they have access to the industry. We’ve got amazing resources focused on physical products, from space for innovators to design and build to the expertise in how to bring discoveries along to the market.” — Melissa Lederer, chief experience officer for mHub.
“mHub is bringing something unique to the burgeoning Chicago health care innovation and development space because it focuses on developing physical products across different industries.” – Heather Walsh, the former Baxter executive.
The applications for the Medtech cohort will open this summer in Chicago in the fourth quarter. The medtech accelerator is the second of the six planned incubators this year.
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