Now on its third year of offering cash and office space to startups in the health IT space, the University City Science Center is calling on local companies to apply for the Digital Health Accelerator (DHA) by May 15.
Boasting 160 jobs created and $21 million raised by former companies in the program, the accelerator offers support for companies “ready to transition from research and development to sales.”
For one of those startups, The One Health Company, participating in the program yielded benefits like connecting into an ecosystem and getting to flash the Science Center’s seal of approval.
“The DHA is a great community of entrepreneurs,” said CEO Christina Lopes, as reported in the Science Center press release. “The ecosystem means a lot when you are an entrepreneur.”
Last November, the DHA won an award for “Most Promising Technology Based Economic Development Initiative” from The State Science & Technology Institute (SSTI), a national nonprofit organization focusing on tech initiatives that center around prosperity.
Here’s what the standard deal offers:
- Up to $50,000 cash in operational support
- Space and resources at the Science Center
- Mentorship and guidance
- Introductions to “decision makers”
- Access to investors
- No equity taken
As we’ve noted in previous cohorts (where startups like Graphwear Technologies and Oncora Medical have gone, post-Dreamit accelerator), it’s unique that this program takes no equity from the companies it hosts.
This year, the agreement also spares founders from yielding any equity. One difference: there’s currently no federal funding backing the initiative, unlike previous cohorts where the U.S. Small Business Administration kicked in some cash.
“This round is being funded by the Science Center, although we are continuing to engage in discussions with sponsors and potential partners,” said spokeswoman Jeanne Mell.