Innovation doesn’t just happen. Hundreds — even thousands — of people have great ideas every year, but these concepts need to be nurtured and tested, refined and developed, before they can be turned into viable products and services. One of the ways that new ideas become new companies is through incubators where startups gain access to advisers and other resources. This is especially important for technology companies, including those focused on healthcare.
Last month, we reported on the American Medical Association‘s (AMA) investment in healthcare innovation company. Now comes news that the organization is collaborating with IDEA Labs, a student-run biotechnology incubator. The group is based in St. Louis, but has locations in Boston, Minneapolis, and Philadelphia. It works with student entrepreneurs at Washington University in St. Louis, Harvard University, Massachusetts Institute of Technology, University of Pennsylvania and University of Minnesota. IDEA Labs has already helped launch companies that address issues ranging from anxiety interventions for patients experiencing stress, to improving air quality in hospitals, to a system to store and retrieve wheelchairs on cars.
Innovation in the healthcare industry is proceeding at a rapid pace, transforming the experiences for patients and professionals alike. Organizations like IDEA Labs will help these new companies develop and bring their products and services to market even faster.