Health tech innovator fund launched

A programme has been launched to support UK health technology start-ups and help them get their products into the healthcare sector.

The Health Social Innovators Programme, launched in London yesterday, is offering a £40,000 grant and a four-month support programme to up to ten companies.

The programme is being run by business incubator Healthbox, social investment consultancy Numbers4Good, and UCL Business, which commercialises technologies developed through University College of London research.

The £1.2m programme has received 50% of its funding from the Cabinet Office’s social incubator fund, with the remaining amount supplied in matched funding from pharmaceutical company Janssen Healthcare Innovation and the Trafford Housing Trust.

Healthbox Europe director Yashu Reddy said the aim of the programme is to help support innovation in healthcare with a focus on using technology for social good.

 “We see a really unique opportunity to create a market of sustainable healthcare businesses in the social sector.”

Reddy said between seven and ten start-ups will be chosen receive £40,000 of funding and take part in a four-month programme with mentoring, access to investors and a “curriculum” to help the companies develop their products and help them gain access to the health sector.

“It’s not just about supporting innovation in London or in Manchester – it’s about finding entrepreneurs who can make a significant social impact.”

Reddy said the companies are expected to tackle “major healthcare issues” such as addiction, dementia and long-term conditions.

Reddy said the first round of the programme will start in October and finish in February 2015, with another round of start-ups taking part in the programme in autumn 2015.

A number of hackathons and challenge days will take place between the two rounds of the programme to build interest and participation.

Reddy said Healthbox launched its first business accelerator programme for London start-ups in autumn 2012, and decided to set up a programme with a social focus after hearing about the Cabinet Office’s social incubator fund.

“We were really taken aback that there wasn’t a health-specific programme already, because they intersect in so many ways and health is ripe for innovation.”

Reddy said Healthbox is hoping to use its relationship with organisations like the Guy’s and St Thomas’ Charity, which supported its first accelerator programme, and Janssen as “conduits” to connect the start-ups to the NHS.