I attended the Blueprint Health Demo Day yesterday where seven potentially disruptive healthcare companies each presented its progress over the past three months. A little background – Blueprint Health is a startup incubator/accelerator similar to the more well-known Y Combinator or Techstars, however, Blueprint is solely focused on the healthcare industry and as such, has dug out a strong presence in this “niche” market. The incubator selects a handful of companies from thousands of applicants to participate in one of its semi-annual three month long intensive programs, during which the companies have the opportunity to hone their business models, generate market traction and most importantly, seek valuable advice from Blueprints unique mentor network comprised of leaders across the healthcare industry.
I had the opportunity to first meet the most recent Blueprint class at their launch event on the fourth day of the program. The companies each gave a brief introduction speech followed by an open forum discussion where I spoke with a few of the founders to get a better sense of their businesses and respective outlooks. It was obvious that these were early-stage startups as some of the companies seemed to lack strategic focus or even market applications. While the Fast forward three months and it is apparent that the time spent at Blueprint was extremely beneficial in “accelerating” every one of these companies. Some of the teams were able to sign major contracts while others found the strategic focus they were seemingly lacking. Each of the seven companies ended its presentation with an open invitation for investment, with most having over 50% of the $1-$2 million dollar rounds committed. While the investment markets are extremely active, this is an impressive feat and quite noteworthy for the founders as well as Blueprint Health Team.