Healthcare innovation is taking the world of health information and technology to new levels – levels that not long ago, seemed too far for us to grasp. In 2018, we’re now well aware of the value technology can provide to healthcare. We’re realizing that when innovative technical solutions – along with their accompanying workflows – are created thoughtfully and implemented correctly, we’re empowered by information rather than overwhelmed by it.
Collaborative, nurturing relationships are key to creating solutions that work, which is why the inclusion of expert opinions are a crucial component of development. We need that second pair of eyes, that ‘outside the box’ perspective to really understand the power innovation can harness – or to identify what could hold it back.
Through our partnership with Healthbox, we’ve learned a lot about innovation as a catalyst to health transformation. One way they’ve created a space to help healthcare entrepreneurs thrive is through their annual Healthbox Studio event, a five-day program that selects 10 promising digital health startups for an opportunity to advance their work through collaboration with healthcare executives, stakeholders, investors and other startups.
Healthbox recognizes that intimate partnerships with health systems and industry stakeholders can help put early innovators on a pathway to success. That’s why the Healthbox Studio incorporates the perspectives of accomplished industry mentors as a pivotal part of the program.
The Value of Becoming a Healthbox Studio Mentor
What do you think the next generation of innovation in healthcare should look like? By contributing your expertise as a Healthbox Studio mentor, you can help promising startups shape a successful future in healthcare innovation.
As a Healthbox Studio mentor, you’ll be paired up with three of the ten promising startup companies selected as the most powerful early pioneers in the health innovation space. You’ll be matched based on your areas of expertise, as well as the needs/interests indicated by the participating startups.
There are two different types of Healthbox Studio mentors:
- Product pitch mentors provide perspectives as a potential customer, stakeholder or investor listening to the startup’s pitch
- Advisory mentors provide general counsel and guidance stemming from an area of expertise that aligns with the startup’s goals
Both of these mentoring roles play an integral role in making Healthbox Studio a success and ensuring that the best early pioneers in health innovation have a better chance at delivering successful solutions.
As a Healthbox Studio mentor, you’ll have the chance to engage and network with multiple startup and industry stakeholders. It’s an excellent opportunity to keep your eye on what’s ahead in health innovation, and a chance to create a lasting relationship with a promising company. It only requires about two and a half hours of your time, though many mentors choose to spend more. You’ll leave equipped with new industry knowledge – and if you choose, perhaps a potential solution or investment.
Empowering the Future of Health Innovation
Previous Healthbox mentors share diverse roles in backgrounds ranging from healthcare leaders at provider and payor organizations to successful entrepreneurs, investors and consultants. Many Healthbox mentors are also subject matter experts in areas like sales, marketing and recruitment.
One Healthbox Studio follow-up survey shared that 73 percent of studio participants established long-term relationships with their mentors from Healthbox Studio. Additionally, it showed that 50 percent of Healthbox Studio companies received funding, and/or made connections with future potential investors as a result of the program.
“As a returning mentor, I am continually impressed with the business models presented by the participating entrepreneurs,” said Eric Steager, managing director of a healthcare corporate venture capital group and a previous Healthbox Studio mentor. “The ability to meet with and interact with these innovative teams, beyond a standard vendor presentation, allows for a greater context and deeper understanding to assess these opportunities on behalf of our corporate venture capital innovation and investment efforts.”
The emergence of small but mighty healthcare innovation startups will only continue to grow as we continue to embrace information and technology in healthcare. The perspective of industry experts and other accomplished innovators amplifies the power of health innovation, and heightens the possibility of a future where digital health solutions meet the desires and expectations of everyone they touch.