In Tampa Bay, innovation begins at home.
The Tampa Bay region’s burgeoning tech ecosystem received a boost as 15 organizations were selected for Tampa Bay Wave’s HealthTech|X Accelerator program this week. The culmination of a three-month application process, start-up healthcare technology firms from Karachi to London will receive guidance, expertise and funding from the Wave and its partners and backers.
“Over the course of their 100 days with the Tampa Bay Wave we help companies that are chosen through a variety of ways, from customer introductions and investor prep/introductions to coaching focusing on various aspects of their business and more,” Dr. Richard Munassi, the Wave’s Accelerator Managing Director, told the Catalyst. “We do this through engagement with our world class team … as well as through the incredible network of mentors and community members we have built not just in Tampa but across the United States and abroad.”
“Ultimately, our goal is to have the companies accelerate their growth in several aspects, and leave the program as stronger companies and better founders.”
Accelerators like HealthTech|X are a common and popular method by which promising tech firms offer stakes in their company in exchange for money, resources and access into the network of angel investors and venture capital firms that scour the globe looking for “unicorns” – companies whose valuations might one day exceed $1 billion. Airbnb, Instacart and Stripe all became unicorns after first completing Accelerator programs.
“For early-stage founders, accelerators are important because they offer heavy mentorship and networking with investors, hence increasing their chances of success,” said Lindsay Keyfauver, Head of Marketing at Denarii Labs, who has served as a startup executive for companies in Silicon Valley, Denver and Washington, D.C. “The validation and credibility of being accepted and completing an accelerator enhances the reputation and ability of a startup team which attracts more growth opportunities. Founders also benefit greatly from a cohort environment – collaborative and peer-based – to learn strategy and even work on partnership opportunities.”
For Tampa Bay Wave, the investments in healthcare tech are timely: Business intelligence firm Crunchbase reported that this is the first year where healthcare tech will receive the majority of Series A funding in the US. A Series A round is often the first outside investment a startup receives, with preferred shares exchanged for the ownership of a significant stake in the company; a Series A may come after a successful stint as part of an accelerator program.
Of the many thousands of healthtech startups in the global market, Tampa Bay Wave stayed close to home with two of its selections. Coral Gables-based Veba Baby Corp. is developing a smart baby bottle monitor to help new parents track their baby’s nutrition, and detect when breast milk and formula have expired. Even closer to home, Tampa-based REMware is a sleep start up with products ranging from at-home sleep apnea testing to office management software for sleep centers and dentists.
“The founders of both Veeba Baby and REMware stood out amongst applicants based on their strong founder backgrounds and experience, their initial traction, and how their products are solving real problems in the maternity and sleep space, respectively,” Munassi explained. “They would have stood out no matter if they were in New York or Silicon Valley or Florida.
“We always search through our applicant pool for strong founders solving real problems, and our HealthTech|X cohort reflects just that. Addressing the critical need for nursing and physician staffing, early identification/intervention and clinical care coordination for cancer patients, helping amputees through the building of bionic limbs, and more, the companies in this cohort are creating innovations that impact healthcare in a big way.”
REMWare’s founder and CTO, Arun Ramabadran, joined Karachi-based Ovais Quereshi, the Karachi-based CEO of Bioniks, and others in celebrating their acceptance to the program. “I am honoured to join Tampa Bay Wave’s 2024 HealthTech Program, where Bioniks is recognised for its innovative solutions in the healthcare industry and we are thrilled to collaborate with innovators and experts to drive growth and improve lives through technology,” said Quereshi in a prepared statement.
Munassi expects many more founders to follow the 15 selected this year and the more than 500 companies the Wave has supported since its creation as the tech scene in Tampa Bay explodes. For those founders, their first steps will determine their entire path forward.
“The most important advice that I can give to founders is to find Accelerators that are a great fit for their company, and that are led by a team that has experience as founders themselves,” Quereshi said.
“The importance of both experience and network can not be understated.”
The post HealthTech|X Accelerator program selects 15 first appeared on St Pete Catalyst.
The post HealthTech|X Accelerator program selects 15 appeared first on St Pete Catalyst.