Health innovation accelerator SoCap Accelerate is looking for good ideas, and is seeking applications for its Fall 2020 health innovation cohort.
SoCap Accelerate is a startup accelerator focused on innovation in health care. It was built out of Northern Kentucky University’s Institute for Health Innovation.
Its six-week program targets companies looking to solve a health problem in an innovative way who have a beta version of their product ready for testing. SoCap Accelerate says it will help these companies grow and scale their businesses.
SoCap says it seeks “companies with a strong team, including the founder. Specifically, founders who have the grit and hustle necessary to grow and scale.”
“We pride ourselves on attracting founders who are coachable and willing to stretch the boundaries to fuel their ideas,” the organization says.
The program does not offer funding or equity, but is designed to help companies grow and consider the region as a destination.
Unlike traditional venture funding models, SoCap provides social capital (hence the name), including access to potential customers, advocates, investors, access to grants, product development and testing, legal and accounting assistance and marketing support.
“Health innovation is critical to solve health problems that have been proven to have difficult or non-existent solutions,” says Dr. Valerie Hardcastle, IHI executive director and vice president for Health Innovation. “Looking at problems from a different angle often leads to a solution or a way to improve a current product.”
In 2019, the Department of Commerce Economic Development Administration awarded a $731,250 i6 Challenge grant to build the Northern Kentucky Health Innovation Initiative. SoCap Accelerate is sponsored by the EDA i6 grant, along with support from St. Elizabeth Healthcare, the Durr Foundation and the Greater Cincinnati Foundation.
Applications are open until Sept. 14 and are available to fill out here.