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Solutions Challenge
Solutions Challenge
2016 Solutions Challenge: Competition to build Arizona's Bioscience Entrepreneur Pipeline
Overview
BioAccel's Solutions Challenge is an annual medtech entrepreneur competition designed to better align market need, with innovation and early investment to stimulate company formation and commercialization.
BioAccel's Solutions Challenge program is Arizona's first innovative competition designed to discover qualified local entrepreneurs with game-changing innovations that address identified challenges being faced by todays healthcare ecosystem. From students and faculty to seasoned entrepreneurs the Solutions Challenge includes participants from diverse backgrounds and disciplines. In 2016 we welcome entrepreneurs from the southwest to apply and participate in this great program.
In collaboration with regional healthcare leadership, BioAccel works to identify critical healthcare and market needs, these needs are then posed as challenges or "Challenge Categories" to entrepreneurs who are asked to create innovative solutions that address them. BioAccel selects finalists for the categories to present at a Scorpion Pit event (Arizona’s equivalent to “Shark Tank”). We identify local investors willing to invest in early-stage, innovative companies competing in our “Scorpion Pit” finalist pitch. Participants must convince the panel of Scorpions to invest in their company and BioAccel will match up to $50,000 of their investment as part of its Technology Advancement Program. Teams can walk away with up to $100,000 in seed funding and be incorporated into BioAccels wrap around resources for commercialization.
Solutions Challenge & Scorpion Pit Judging Event - Thursday December 1st, 2016
University student / team application submission deadline has been extended to MIDNIGHT on Friday, October 14! Follow the link to apply (http://bioaccel.org/program/apply-to-program)
(For non-university teams, the application process is now CLOSED.)
2016 Challenge Categories
Patient Population Focus
For the 2016 Solutions Challenge, special consideration will be given to ventures who address one of the below Challenge Categories while also positively affecting or focusing on behavioral/mental health patients and aging populations.
Digital, Wearable and Mobile Health – Sponsored by Life365
The estimated CAGR of the digital and mobile health markets from 2015-2020 is 18% and 20% respectively. This rapid growth can be leveraged to direct personalized care, improve patient engagement, streamline workflow, and create data that can be utilized to influence patient and clinical behavior. All of which will play an important role in the changing reimbursement environment heavily weighting outcomes and performance. We welcome digital wearable and mobile solutions that engage patients and clinicians to improve outcomes and ultimately reduce overall healthcare expenditures.
Specialized Materials and Composites – Sponsored by Molded Devices
Advances in materials have allowed for the continued progression of medical technologies contributing to many major advances in medicine during the past 50 years. BioAccel welcomes ventures commercializing a novel material or composite addressing a viable market need with a commercialization strategy that allows for rapid market entry.
Regents Rivalry Award for Students – Sponsored by Medtronic
NOTE: Student team deadline has been extended to Midnight on Friday, Oct. 14! Apply online. Follow the link to apply (http://bioaccel.org/program/apply-to-program)
Developing the next generation of biomedical entrepreneurs is critical to sustainability and success of the biomedical industry. BioAccel opened this category to any and all medical technologies originating from current or recently graduated student teams.
Coordinated Care – Sponsored by Celgene
Coordinated care among individuals with complex or multiple chronic diseases is critical to obtaining the outcomes required by the pay for performance reimbursement model. Because of this, technologies and business models that facilitate coordinated and continuous care are a hot topic in healthcare today. It is also driving the need for technologies that improve communication between clinical specialists, increase the interoperability of electronic health records (EHRs and electronic medical records (EMRs). These technologies have potential to support professionals such as “Healthcare Navigators” to ensure coordinated, continuous health care is delivered. BioAccel invites entrepreneurs addressing coordinated care through technology to compete in this year’s solutions challenge. Ventures providing tools for Healthcare Navigators are highly needed and will be given special consideration.
Novel Medical Devices (Sponsorship opportunity available.)
Medical devices are a staple in clinical care, the worldwide market for devices is now over $380B annually. Although growth is present, markets in the US and other developed areas are reaching maturity and have increasing pressure from reimbursement and taxation. The medical device industry is trending towards mergers and emerging markets to reach revenue targets. The next generation of medical devices must not only improve clinical outcomes, but do so while reducing overall treatment costs and adding utility to mature device markets. Medical device ventures that demonstrate these characteristics are eligible for Solutions Challenge 2016.
Early Diagnosis Tools for Dementia, Identified by Banner Health (Sponsorship opportunity available.)
Dementia often goes undiagnosed for too long. Banner Health is looking for an explicitly simple standalone mobile device application to provide cognitive screening to help patients and caregivers to be proactive in gathering practical information prior to a doctor’s visit. This application would serve to gather information about the patient’s ability to manage instrumental activities of independent daily living, and will signify if further cognitive evaluation is needed.
University student / team application submission deadline has been extended to MIDNIGHT on Friday, October 14! Follow the link to apply (http://bioaccel.org/program/apply-to-program)
(For non-university teams, the application process is now CLOSED.)
2016 Scorpions
Todd Davis | Founder and Executive Vice Chairman of the Board of Lifelock
Eric Crown | Founder and Chairman Emeritus of Insight Enterprises
Dirk Karsten Beth | Founder and Managing Director of Hyalescent Ventures
Dr. Vishu Jhaveri | Senior Vice President of Health Services and Chief Medical Officer of Blue Cross Blue Shield of Arizona, and CEO of Blue Cross Blue Shield of Arizona's investment subsidiary, Trinnovate Ventures
Matt Likens | Founder and former CEO of Ulthera
Jeff Pruitt | CEO and Founder of Tallwave
Alex Brigham | CEO of Ethisphere
David Hetz | Vice Chairman of Cain Brothers
Sponsor Solutions Challenge in 2016!
Previous Success
2016 marks the third Solutions Challenge competition for entrepreneurs. In 2015, BioAccel approved $135,000 in next-stage funding to winning companies, including student teams. In 2014, we Invested $100,000.
- Solutions Challenge competitions have created a robust pipeline of entrepreneurs whose founders were mentored and funded for successful start-up businesses that are growing and thriving today.
- In the past year, two of our winners of the 2015 compitition have raised over $1.5M in additional capital financing.
In 2015 our panel of esteemed Scorpion Pit Investors featured a dream team of the Valley's titans of technology and healthcare leaders including Alex Brigham, CEO | Ethisphere, Eric Crown, Chairman Emeritus | Insight Enterprises, Todd Davis, Founder and Executive Vice Chairman of the Board | Lifelock, Francine Hardaway, Founder | Stealthmode Partners, Dr. Vishu Jhaveri, Senior Vice President of Health Services and Chief Medical Officer of Blue Cross Blue Shield of Arizona, and CEO of Blue Cross Blue Shield of Arizona's investment subsidiary, Trinnovate Ventures, and Jeff Pruitt, CEO and Founder | Tallwave.