BioPharma, Devices & Diagnostics, Health IT, Pharma, Startups

Women with healthcare startups, accelerator with Minute Clinic ties may be looking for you

Springboard International’s Life Science Accelerator‘s looking for early-stage women-led startups to take under its wing. […]

Springboard International’s Life Science Accelerator‘s looking for early-stage women-led startups to take under its wing. Though the accelerator offers no funding, it does connect CEOs with a wide network, Jennifer Lannon, the life science program manager at Springboard, said. While that might sound pie-in-the-sky, Springboard has a track-record of getting venture capital for its companies and has had 10 IPOs. Five of these IPOs have been in the life sciences–ViaCord, Icagen, Xenogen, BioCancell and Achillion. Minute Clinic also is part of Springboard’s portfolio. Applications are due no later than March 13.

Springboard will select eight to 12 startups for the program, and Lannon expects healthcare to be a significant portion of that class. While the accelerator may have focused mainly on biotech in the past, health IT startups and medical devices, particularly diagnostics, also may pique Springboard’s interests, Lannon said.

Generally, she said, startups accepted into the program are seed-stage or Series A-stage, although exceptions have been made.

Why women-led? Lannon said it’s because though the data show women-led startups are more likely to be profitable after acceleration, they’re still less likely to receive funding. Things are getting better, but as someone early in her career, Lannon said she wants to help create an infrastructure she can succeed in.

“Right now, we’re just not there. A lot of it is subconscious, so I always say if we’re not doing something actively to change it, nothing’s going to happen.”

“We try to arm them with as much ammo as possible for their business,” Lannon said. That arsenal includes a boot camp in Boston, networking opportunities, a “short-term advisory board” set up to fit individual company needs and a final in-person assessment session. That session has as many investors in the room as possible, Lannon said, including corporate, venture and angel investors, such as Life Science Angels. These investors offer feedback on the concept, product and pitch.

Those connections are deep. Lannon said Springboard is taking four of its almuna companies to pitch to Aetna this week. Chosen companies also have direct access to Merck and Pfizer, according to a company statement.

Companies that stand out will have a team that’s open to and ready to be coached and will have met milestones–whether that’s via funding or jumping regulatory hurdles. These startups should be “really looking to hockeystick their growth,” Lannon said, in other words to move from slow, steady momentum to a large jump in success.

To apply click here.

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