CINCINNATI, Ohio — The life-science incubator BIOSTART has launched an initiative to attract and help about a half-dozen health-care services companies.
BIOSTART will provide small loans between $5,000 to $75,000, executive mentoring and connections with the local investment community to help secure more funding, said Carol Frankenstein, president of BIOSTART. The companies will be very early stage technology-based businesses, such as electronic medical records firms or software companies, that address an unmet need in health care. Frankenstein expects to recruit between five to seven businesses.
Business consultant and health-care executive Dan Kincaid joined BIOSTART to oversee the initiative. Kincaid will scout, recruit and vet potential companies to work with BIOSTART and serve as BIOSTART’s mentor to these firms. Kincaid was the principal in his own business and investment company, Taylor Kincaid, as well as a vice president at First Health Services Corp. and the co-founder of Provider Synergies, a pharmaceutical management business.
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Frankenstein said the need for services companies will grow with the push for health-care reform and globalization, adding that she thinks there is also a need for these companies in the Cincinnati area.
“As efficiency becomes a driving force in our health care system, there will be an increasing demand for innovative companies that deliver better outcomes for patients while controlling cost,” she stated in a release.
