BioAccel, a Peoria-based organization dedicated to supporting early-stage medical device and technology entrepreneurs, announced competition categories for its premiere event, The Solutions Challenge, scheduled for Dec. 1 in downtown Phoenix.
The BioAccel Solutions Challenge is an exciting annual, med-tech innovator competition that challenges entrepreneurs to solve critical healthcare needs through the advancement of medical device and information technology solutions.
Entrepreneurs are encouraged to form multidisciplinary innovation teams that will be vetted through a rigorous application process. Selected finalists will pitch their medical innovation and business plan during a Scorpion Pit (Arizona’s equivalent to “Shark Tank”) judging event.
BioAccel identifies local “Scorpions,” individuals willing to invest in early-stage, innovative companies solving healthcare issues. Participants must convince the Scorpions to invest in their company and BioAccel will match up to $50,000 of their investment as part of its Technology Advancement Program. Teams can win up to $100,000 in seed funding and obtain valuable feedback and mentoring important to launching a successful company.
The online application line application deadline is Sept. 19: www.bioaccel.org/program/apply-to-program.
Solutions Challenge 2016 categories
For the 2016 Solutions Challenge, special consideration will be given to ventures that in addition to addressing one of the Challenge Categories below, also positively affect, impact or focus on behavioral/mental health patients and aging populations.
Digital, Wearable and Mobile Health – Sponsored by Life 365
The estimated CAGR of the digital and mobile health markets from 2015-2020 is 18 percent and 20 percent respectively. This rapid growth can be leveraged to direct personalized care, improve patient engagement, streamline workflow, and create data that can be utilized to influence patient and clinical behavior. These factors play an important role in the changing reimbursement environment heavily weighting outcomes and performance. BioAccel welcomes digital wearable and mobile solutions that engage patients and clinicians to improve outcomes and ultimately reduce overall healthcare expenditures.
Specialized Materials and Composites – Sponsored by Molded Devices
Advances in materials have allowed for continued progression of medical technologies contributing to many major advances in medicine during the past 50 years. BioAccel welcomes entrepreneurs and their ventures focused on commercializing a novel material or composite addressing a viable market need with a commercialization strategy that allows for rapid market entry.
Regents Rivalry Award for Students – Sponsored by Medtronic
Developing the next generation of biomedical entrepreneurs is critical to sustainability and success of the biomedical industry. BioAccel opened this category to any and all medical technologies originating from current or recently graduated student teams.
Coordinated Care – Sponsored by Celgene
Coordinated care among individuals with complex or multiple chronic diseases is critical to obtaining the outcomes required by the pay for performance reimbursement model. Because of this, technologies and business models that facilitate coordinated and continuous care are a hot topic in healthcare today. Coordinated care is driving the need for technologies that improve communication between clinical specialists, increase the interoperability of electronic health records (EHRs and electronic medical records (EMRs). These technologies have potential to support professionals such as “Healthcare Navigators” to ensure coordinated and continuous health care is delivered. BioAccel invites entrepreneurs addressing coordinated care through technology to compete in this year’s solutions challenge. Ventures providing tools for Healthcare Navigators are highly needed and will be given special consideration.
Novel Medical Devices (sponsorship available)
Medical devices are a staple in clinical care, and the current worldwide market for devices has surpassed $380 billion annually. Although growth continues, markets in the US and other developed areas are reaching maturity and have increasing pressure from reimbursement and taxation. The medical device industry is trending towards mergers and emerging markets to reach revenue targets. The next generation of medical devices must not only improve clinical outcomes, but do so while reducing overall treatment costs, adding utility to mature device markets. Medical device ventures that demonstrate these characteristics are eligible for Solutions Challenge 2016.
Early Diagnosis Tools for Dementia, Identified by Banner Health (sponsorship available)
Dementia often goes undiagnosed for too long. Banner Health is looking for an explicitly simple standalone mobile device application to provide cognitive screening to help patients and caregivers to be proactive in gathering practical information prior to a doctor’s visit. This application would serve to gather information about the patient’s ability to manage instrumental activities of independent daily living and signify if further cognitive evaluation is needed.
About Solutions Challenge 2016
BioAccel’s premiere event, The Solutions Challenge, is scheduled for Thursday, Dec. 1, 2016 at Phoenix Theatre, 100 E McDowell Road, Phoenix. The BioAccel Solutions Challenge is an exciting, annual program where current healthcare needs are identified and solicited as challenge categories to entrepreneurs in the region.
For more information, visit http://bioaccel.org/program/solutions-challenge.
Application submission deadline is Sept. 19. To apply, visit http://bioaccel.org/program/apply-to-program.