Financial Award from SBA's Accelerator Competition Supports Relevant Health's Mission to Bring the Best Health Tech Products and Services to Market
ROCKVILLE, Md., Aug. 5, 2015 /PRNewswire/ -- BioHealth Innovation's Relevant Health, a recently launched health technology startup accelerator focused on bringing products to market, participated in the U.S. Small Business Administration's (SBA) Second Annual Growth Accelerator Fund Competition. Relevant Health was among 80 winners from a pool of 400 applicants from across the country, including all 50 states, the District of Columbia and territories. Relevant Health was the only accelerator in Maryland to be recognized with this honor.
The total prize amount for all of the winning accelerators was $4.4 million, and the announcement came yesterday at 4:00 p.m. EDT when President Barack Obama formally named the winners during an event at the White House. The President discussed the future of innovation and entrepreneurship as demonstrated by individuals and businesses within the United States who participated in the White House Demo Day. SBA Administrator Maria Contreras-Sweet played a similar role in ceremonies in Los Angeles as part of the same program.
Each of the winning accelerators will be given $50,000 to aid in continuing to invest in the innovative startups and entrepreneurs who participate in the programs. In exchange for the recognition and funding that was awarded to them, the accelerators will be required to provide quarterly reports documenting metrics around the use of these funds, including job creation, additional funding generated, outside sponsorships and the status of startup launches.
"Relevant Health's recognition by the SBA will drive unique companies to apply to the program in the next few weeks," said Richard Bendis, BHI President and CEO and Managing Partner of Relevant Health. "The fact that we are a distinctively designed accelerator focused on health technology and product development differentiates us and is what we believe helped to set us apart in the eyes of the judges. This recognition will further our ability to help make this region the health tech capital of America."
The competition tapped 40 experts in entrepreneurial, startup, investment, capital formation, economic development and academic backgrounds to judge and evaluate the more than 400 applicants on their presentations.
About Relevant Health
Relevant Health is a cohort-based health tech startup accelerator. Its five-month program involves an intensive product-focused curriculum that gives founders of health tech startups the skills to develop, position, and launch a viable health tech product. Relevant Health launched to bring the most creative minds in health technology to the market. The new accelerator is based out of a brand-new cowork space in the Rockville Innovation Center and is supported by BHI, ProductSavvy, Montgomery County Economic Development and Rockville Economic Development. Admitted companies will have access to the cowork facility along with other support that includes up to $50,000 in funding, mentorship and access to the local health tech ecosystem. Learn more at www.relevanthealth.md.
About BioHealth Innovation, Inc.
BioHealth Innovation, Inc., is an innovation intermediary focused on commercializing market-relevant bio-health innovations and increasing access to early-stage funding. BHI is known for providing commercial assistance to scientists and founders, educating and infusing Maryland's life science community with new and young entrepreneurs and connecting young companies to funding and business resources. BHI's strategic partners come from industry, investment, academia, and government sectors and include, MedImmune, Qiagen, Becton Dickinson, Roche, SR One, New Enterprise Associates, Johns Hopkins University, the University System of Maryland and Montgomery County. Learn more at www.biohealthinnovation.org.