What is Health InnovatAR?
University of Arkansas for Medical Sciences (UAMS), Arkansas Heart Hospital, BioVentures and Winrock International are
joining forces to present Health InnovatAR, one of the most unique and exciting health care accelerator programs ever offered.
We are looking for the most promising startups that are addressing these key areas:
- Medical devices
- Healthcare IT
- Healthcare services
- Healthcare diagnostics
The Value Proposition
Arkansas Heart Hospital and UAMS are two of largest and most respected health organizations in the state of Arkansas, with significant resources and expertise across the full spectrum of health care delivery.
Arkansas accelerator Health InnovatAR gives you the opportunity to build solutions specifically identified by these prestigious enterprises as areas of opportunity within their organizations, from heart health and cardiac care to medical devices and diagnostics.
Direct access to executives and facilities as part of the mentoring and building process.
The potential to have a beta site within our partner hospitals and a potential contract upon graduation from Health InnovatAR.
$50,000 of initial seed investment into each company. These investments will be structured via a SAFE agreement.
The potential for backend investment from a wide range of Arkansas investors.
Direct access to Arkansas’s angel investment community, as Health InnovatAR is directed by Jeff Stinson, Executive Director of Fund for Arkansas’s Future, the state’s largest angel investment fund.
Onsite programming will be conducted at the Arkansas Regional Innovation Hub (part of Winrock International), Arkansas Heart Hospital, and UAMS.Cohort companies will have access to the Innovation Hub’s community of web and mobile designers and developers, and the opportunity to gain assistance with prototype design and fabrication by the Innovation Hub's experts.
An innovative curriculum which incorporates both shared programming and a customized work plan for each company to ensure maximum value is provided during the program.
Founder-friendly: Virtual Sessions
While Health InnovatAR is a full-time accelerator in Little Rock, Arkansas, you will not be required to relocate to Little Rock full-time to participate in the program. Certain programming and on-site hospital work will be necessary, but many sessions will be conducted virtually via video conference to accommodate founders living in other locations. Please note that accepted participants will be required to be in Little Rock, Arkansas June 4-6 to kick off the program.
About Central Arkansas
THE LOCATION: Little Rock
Health InnovatAR will take place in Central Arkansas, which offers an unparalleled quality of life in a thriving and energetic urban environment. In addition to being the business, political, and cultural center of the state, Little Rock/North Little Rock offers ample outdoor and recreational opportunities, as well as down-home Southern hospitality.
In addition to its vibrant health care community, Central Arkansas is home to leading companies across a variety of industries, including finance (Stephens Inc.), data analytics (Acxiom), aerospace (Dassault Falcon Jet), information technology (Windstream), biosciences (National Center for Toxicology Research), high-tech manufacturing (Caterpillar, Molex, LM Wind Power, Welspun Tubular), and fashion (Dillard’s). The region boasts a high quality of life and a low cost of living, as well as many excellent public and private colleges and universities.
In 2011, Arkansas was cited by CNBC as having the lowest overall cost of doing business in the nation.
The Kauffman Foundation ranks Arkansas as the 15th most entrepreneurial state in 2011 in its annual report, the Kauffman Index of Entrepreneurial Activity. The calculated index for Arkansas is at 0.34%, which means there are 340 entrepreneurs per 100,000 adults per month in the Natural State.
Q: What types of companies are you seeking for Health InnovatAR?
A: We’re seeking early stage healthcare companies offering solutions in hardware, software, services, medical devices and diagnostics, especially companies with a focus on cardiac care given our partnership with the Arkansas Heart Hospital. However, we’re also open to companies attempting to commercialize a medical device. Unfortunately, for this cohort, we won’t be able to accept companies specializing in therapeutics.
Q: How much investment capital will each Health InnovatAR company receive – both initially and at the conclusion of the program – and for what amount of equity?
A: All companies admitted into the cohort will receive $50,000 of seed investment structured through a SAFE agreement, the terms of which will be negotiated upon admittance to the program. Potential backend investments will also be made available at the end of the program from a wide variety of Arkansas-based investors. Any such investments will be made pursuant to terms negotiated between the company and investors.
Additionally, Winrock International will receive $25,000 in future equity in your company (again, via the SAFE agreement), in exchange for administering the accelerator. We believe these terms are founder-friendly, and established to help recruit a world-class cohort of companies into Health InnovatAR.
Q: Will I or my team be required to move to Little Rock for the duration of Health InnovatAR?
A: Health InnovatAR will be an intensive, six-month program from June 1 through November 30, 2018. To achieve the maximum benefits of the program (including relationship development with the UAMS and Arkansas Heart Hospital leadership teams), periodic onsite participation during the program will be required. However, many sessions will be conducted remotely via video conference. We want to be remain flexible in order to recruit the most talented teams. Please note that accepted participants will be required to be in Little Rock, Arkansas June 4-6 to kick off the program.
Q: How much of the proceeds from my initial investment capital will be required to be spent on legal or other services?
A: On Day 1 of Health InnovatAR, we will begin the program with a document signing ceremony wherein you will execute a package of legal documents to convert your company to a Deleware C Corp (if you haven’t done so), document the investments into your company, and various other things. These documents will help position your company for raising capital and prepare you for success. The documents will be prepared by Jamie Fugitt at PPGMR Law, whose expertise includes the representation of many early stage companies executing capital rounds. He has an outstanding reputation among both entrepreneurs and investors, and was our first choice to represent each of the companies in Health InnovatAR. The legal services provided to you by PPGMR Law related to this initial work preparing your company to raise capital will be provided to you at no cost. This represents a significant value of this program. If your company already has legal counsel, you may choose to use them. However, you will be required to use the forms (or substantially similar documents) prepared and provided by Health InnovatAR and your fee arrangement with your legal counsel will be negotiated separately by you and your counsel.
Q: What are the general day-to-day time requirements during Health InnovatAR?
A: We’ve developed a rigorous program modeled on accelerator best practices across the country. Depending on the stage of your company, a good portion of the program will be dedicated to learning and executing the lean startup/customer discovery process. You will also be working with the management teams at UAMS, AHH and Winrock to execute custom work plans with milestones for each of your companies. Shared programming will be scheduled that involves hearing from and working with industry experts in the fields of HIPAA compliance, FDA/regulatory approval, lP law, sales and marketing, procurement, etc. So while some of the work will be conducted remotely, in general you’ll need to be in Little Rock at least once each month, for multiple days.
Q: How much access will I have to the senior leadership teams at UAMS and Arkansas Heart Hospital?
A: You will have extensive access. Each of these organizations is sponsoring the accelerator because each wants to invest in and empower health care innovation, and each has strong support for Health InnovatAR at the very top of the organization. We want you to cultivate relationships with the senior leadership teams, and will do everything we can to ensure you’re getting the access and guidance you need. Access like this is a differentiating factor for our accelerator, and we intend to translate that to being a differentiating factor for the trajectory of your company.
Q: Is a technical co-founder for my team required?
A: While not required, in our investing experience, teams with technical co-founders have an execution advantage as such an individual enables companies to rapidly pivot and incorporate lessons learned through customer discovery. As such, having a technical co-founder will make your application stronger.
Q: When will we be notified of our acceptance into Health InnovatAR?
A: Applications will close March 31, 2018, and we plan to send extend invitations on or before April 30, 2018.