BioHealth Innovation and ProductSavvy have announced the launch of a new HealthTech accelerator program in Rockville, Maryland. Backed by the Montgomery County Department of Economic Development, the new “Relevant Health” project is part of a larger incubator network in the county. Why Rockville? Some may recognize this town just northwest of Washington, DC, as the backyard for the National Institutes of Health (NIH), the U.S. Food and Drug Administration (FDA), and the U.S. Department of Health & Human Services. As a result, the program puts its client companies right in the middle of key resources as well as other innovative health tech companies.
The project will take on eight HealthTech startups and grant them up to $50,000 each to help fund a full-time commitment, giving Relevant Health an 8% equity stake in return. The program will include an intensive five weeks designed to focus on the development of a final product and includes access to product management expertise and engineering resources. The accelerator will also provide access to strategic partners for production and access to markets.
The program is scheduled to launch in September. Programs such as this can have a huge impact on the success of a startup, by providing entrepreneurs with the skills and resources that they may lack. By plugging these holes early in the process, it increases their chances of bringing a product or service to market more quickly, which can make a big difference in their chances for survival.