Dec. 14—Maine’s health technology industry is about to get a boost.
The Roux Institute at Northeastern University, Portland, Maine, is partnering with Maine’s two largest healthcare providers to bring 30 new health tech companies to the state in the next three years through a residency program.
The school has partnered with MaineHealth and Northern Light Health to operate the state’s major hospitals networks.
The Future of Healthcare founder residency program offers $50,000 in startup funding to teams that are selected. They will spend a year building their businesses with mentorship from health technology entrepreneurs and experts, access to MaineHealth experts, resources and clinical settings to evaluate their ideas.
MaineHealth, the parent company of Maine Medical Center, and seven other Maine hospitals will make a $500,000 investment and, in return, will get equity stakes in successful businesses.
According to MaineHealth’s Wednesday press release, the program will allow participants “to develop, vet and test creative solutions to complex problems facing Maine’s health care industry.”
According to Northeastern University’s Roux Institute, the program will aid in Maine’s rapid growth of the technology sector.
Rai Winslow is the director of Roux Institute’s life sciences and medicine research. He stated in a description posted by the school that having directors of research, partnerships, and entrepreneurship in one space allows us to solve problems, change lives, and so forth.
The program’s first three months will see residents form their mentor groups, discover the resources available, and fine-tune their ideas. They will continue to grow their businesses and secure financing for the remainder of the program. All of the program is part-time. Expected time commitment for the entire program is between 15 and 20 hours in the first two weeks, 6 to 8 hours over the next 10 weeks, and 1 to 2 hours per week during the nine-month phase.
The first year of this program is open for applications. It will begin in March.