Providence Ventures, the venture capital arm of Providence Health & Services has announced plans to join the Sprint Mobile Health Accelerator to advance mobile health innovation. Providence Ventures will provide mentorship and expertise to early-stage companies focused on mobile health solutions at next spring’s Sprint Mobile Health Accelerator, Powered by Techstars.
Sprint Mobile Health Accelerator Overview
The Sprint Mobile Health Accelerator, Powered by Techstars, is a three-month, immersive, mentor-driven program for startups. Participating companies are required to temporarily relocate to Kansas City, Mo., to build and strengthen their businesses. Each company receives up to $120,000 in convertible debt funding in exchange for 6% equity. In 2015, Techstars is adding a first-of-its-kind equity back guarantee meaning startups will have three business days to lower or eliminate Techstars equity position if they are not satisfied with the value of Techstars program.
“Providence can provide early-stage companies access to our world-class clinicians and experts who work across the continuum of health care,” said Aaron Martin, senior vice president of strategy and innovation at Providence Health & Services. “Through this collaboration with Sprint and Techstars, we can help mobile health startups understand how to refine and develop a product that truly meets the need of health care consumers, ultimately creating better health outcomes.”
Providence Ventures recently launched a $150M venture capital fund targeted at early- to mid-stage companies that focus on six core areas: online primary care access, care coordination and patient engagement, chronic disease management, clinician experience, data analytics and consumer health and wellness services.
Applications are being accepted through Dec. 14, for the 2015 Sprint Mobile Health Accelerator program, March 9 through June 4.
