Insight Product Development is hosting the second annual Chicago HealthTECH Summit on October 23rd, 2014. This year the event will include the first health tech crowdfunding competition in Chicago, where five leading early stage medical device and digital health startups from the Midwest will have the opportunity to engage online and in-person with key stakeholders in the steadily growing health tech ecosystem. Competition finalists will be announced at the Chicago HealthTECH Summit where they will receive additional backing onsite from our Gold sponsors to fuel their startup businesses.
|5:30 – 6:30||Cocktail reception, Gold sponsor VIP meet & greet|
|6:30 – 7:30||Innovation Showcase|
|7:30 – 8:00||Gold sponsor donations and announcement of achieved level of funding|
|8:00 – 9:00||Networking|
- Improve lives by bringing innovative health solutions to patients
- Encourage entrepreneurship in the healthcare industry
- Grow the medical innovation ecosystem in the Midwest
- Connect local corporations with early stage companies
Crowdfunding provides unique value by having different stakeholders learn about and vet early stage technology. Stakeholders demonstrate their support by backing projects with a financial contribution. Potential stakeholders include physicians and other healthcare practitioners, patients, caregivers, patient advocacy groups, investors, potential acquirers and the general public. Participating teams benefit from interacting with stakeholders by raising funds, refining their product with early stage feedback, and by potentially identifying new markets. The Chicago HealthTECH Summit has selected MedStartr, a platform similar to Kickstarter but focused exclusively on medical technologies, as the venue for the month-long crowdfunding competition.
Benefits to startups
- Each startup sets a fundraising goal on MedStartr to motivate their supporters to help them raise funds to meet their target. We suggest a target goal of $5-$10,000 based on funds raised by successful projects on MedStartr.
- Gold and Silver sponsors will supplement the funds donated by friends, family and community. Silver sponsors will donate ($5,000 each) during the crowdfunding period and Gold sponsors will donate to the startup of their choice at the Chicago HealthTECH Summit, on October 23rd.
- Startup teams also benefit by having their business showcased on the MedStartr site for one month preceding the Summit.
|July 15||Website opens for startup applications|
|Sept 8||Deadline for startup applications|
|Sept 15||Top five candidates selected and announced by judging panel|
|Sept 23||Fundraising on MedStartr begins for top five startup candidates|
|Oct 23||Gold sponsor contributions presented at the Chicago HealthTECH Summit|
|Oct 23||Fundraising on MedStartr closes at 11:59PM|
Our team of external judges will review all applications and narrow the applications to five finalists to participate in the online crowdfunding showcase. Entries will be judged based on the following overarching criteria:
- Compelling and novel healthcare solution
- Clearly explained need for the product or digital solution, including any clinical evidence
- Strong candidate team
- Ability to present the healthcare solution in a way that will engage and energize stakeholders to back the project
Eligibility for Crowdfunding Competition
This is a competition for startup companies developing medical device or digital health technologies. While this is an early stage competition, the innovation premise and business plan should be fairly well-developed and documented. Submitted applications must align with opportunities in the medical device or digital health space. Companies will need to create a two to three minute video for the crowdfunding platform . Each team may only submit one business plan.
Startup finalists interested in attending the Chicago HealthTECH Summit will be provided complimentary passes to the event. Startups are responsible for covering all out-of-pocket costs associated with participating in the program and travel to and from the event.
Call for Applications
1. To apply for the crowdfunding competition, please submit your online application by September 8th, at midnight.
2.From Aug. 21st through Sept 15th, competition sponsors and external judges will review applications and provide ongoing feedback and mentoring to competitors, affording each an equal opportunity for competition placement.
3. On Sept. 15th competition judges will announce the top 5 finalists that will move on to the MedStartr funding round.
4. From Sept. 23rd to Oct 23rd the five finalist teams will raise funds. Successfully funded projects will be announced at the Chicago HealthTECH Summit on Oct 23rd.
Additional attachments can be sent to Steve McPhilliamy at firstname.lastname@example.org
Use of conference materials:
Insight Product Development and Northwestern University reserve the right to use any material prepared for the Chicago HealthTECH Summit crowdfunding competition to publicize and promote the event.
Change in competition rules:
While not anticipated, these rules and prizes are subject to change at the discretion of the Chicago HealthTECH Summit group. Chicago HealthTECH Summit staff reserves the right to interpret these rules according to its own judgment.
Chicago HealthTECH Summit crowdfunding competition judges have the right of final decision surrounding which teams will be invited to compete in the HealthTECH Summit, and reserve the right to include or exclude any team for any reason.
All sessions of the competition, including but not limited to oral presentations and question/answer sessions, are open to the public at large. Any and all of these sessions may be broadcast to interested persons through media which may include radio, television and the Internet. Any data or information discussed or divulged in public sessions by entrants should be considered information that could possibly enter the public realm, and entrants should not assume any right of confidentiality in any data or information discussed, divulged, or presented in these sessions.
Copyrights & Permissions:
If a team uses copyrighted materials and/or images from a third-party in their submissions or presentations, they must obtain permission and authorization in advance from the owners to use this material, and identify the source of the material in their presentation or submission.