Thursday October 27, 2016 0 comments
As judges for the Challenge assessed awarding $150,000 in funding from the Colorado Health Foundation to support pilot testing of new health innovations, the group presented their case to be the leading health innovation ecosystem in the U.S.
Prime Health said a recent visit from Steve Case, founder of America Online, spurred the new claim. Case’s recent Rise of the Rest tour highlighted the nation’s up-and-coming innovation clusters, the hotspots of entrepreneurship. Case said Denver, Boulder and Colorado have already made it as a leading innovation hub and that Colorado’s innovation ecosystem is already an economic powerhouse.
Prime Health assessed its own metrics, used evaluation criteria from the Rotman School of Management, University of Toronto Report on Global Accelerators and Innovation Hubs (2013), along with recent national rankings of Colorado and its major cities to support its claim. Metrics included experience supporting large-scale development, partnerships with healthcare providers, corporations and investors, support for innovation development and evidence of success.
Colorado is considered one of the top 10 health innovation clusters based on investment (Startup Health, Rock Health). Prime Health said it has identified more than 135 health innovation companies in the state and $145 million raised in investment in 2015. A new 300,000-sq.-ft. health industry integrator, Catalyst HTI, has broken ground in Denver to house many of the innovation ecosystem components.
The Prime Health Challenge showcases top healthcare innovations competing for $150,000 and the opportunity to test their products with leading healthcare organizations. It is one of the largest pitch competitions of its kind in the nation, bringing together every sector of healthcare focused on health innovation.
Prime Health said it has funded 15 pilot tests of innovation with more than $430,000 directly focused on improving the health of populations served by regional health delivery systems. Of the first 69 digital health companies evaluated through Prime Health’s Qualify process, the companies have raised $34 million post evaluation.
Prime Health said major investors and every Colorado investor focused on healthcare (14) are considering ecosystem investment opportunities including Case’s Revolution Ventures. Every major component of Colorado’s healthcare delivery system as well as national payors, providers, and health information exchange components are considering using innovations developed in Prime’s ecosystem (46).
Prime has attracted 42 major partners including Startup Health, TechStars, 10.10.10, CU Innovations, Boomtown, Catalyst HTI, Innovation Pavilion, Innosphere, Colorado Bioscience Association, Colorado Technology Association and key government agencies.
“By all these metrics, we are the number one health innovation ecosystem,” said Jeffrey Nathanson, Prime Health CEO. “It is now our goal to work with all the assembled 500 plus attendees to maintain it. It is our job to own this ranking and share these metrics with others.”