Learnings from NUMA Startup Window on HealthTech

Healthtech is a promising field which has the potential to create a profound impact and transform lives in the process.

HealthTech is the approaching frontier for innovation. The products range from apps and social networks to robots and complex simulators, all sharing a common goal-to leverage new technology to revolutionize an old industry.

Our flagship event, Startup Window was organized on the 16th of November, 2017 and the theme was ”HealthTech”.

As a market, healthcare is today one of India’s largest sectors both in terms of revenue and employment. The overall Indian healthcare market is worth US$ 100 billion and is expected to grow to $ 280 billion by 2020.

The emerging trends range from apps and social networks to robots and complex simulators:

  • Medical e-commerce: The retail medicine sales market is expected to reach $55 billion in 2020 as more startups enter the segment with innovative business models backed by global investors.
  • Telemedicine: Medical infrastructure in India is concentrated in the urban areas, while the largest population is in rural areas: Startups are trying to bridge this gap via the use of technology. In 2010, the Indian telemedicine market was estimated to be Rs.50 crores and is expected to grow at 20% rate.
  • Electronic medical records (EMRs): patient medical records available on a cloud platform for better diagnosis.
    Predictive healthcare via the use of wearable devices that monitor a person’s vitals and using the data available on a cloud platform to warn the patient.

In a city bustling with tech ventures, multiple collaborations among engineers, doctors, and designers have actuated a wave of startups to build products which can save the lives of millions. In the past one year, at least six companies and two incubators have mentored fledgling health tech firms which have emerged on the block. A few veterans hailing from the medical engineering industry who were associated with behemoths like GE, Siemens or Philips and had set up research labs in Bangalore at the turn of the century have been contributing significantly to the amelioration of health technology.

Startups Pitch:

Startup pitching to jurists at NUMA Startup Window

Four startups pitched in this event. They were as follows:

  1. Cardiotrack – A cardiac healthcare diagnostics company which allows seamless transfer of ECG along with alert to receive physician in the form of message with possible diagnosis
  2. Medinfi – A startup which empowers users with trusted information for taking healthcare decisions
  3. OliveWear – It is geared towards improving maternal healthcare
  4. Raybaby – It is a ‘’deep tech’’ product that utilizes AI and Digital Signal Processing algorithms to make sense of the raw data streaming which is essentially the baby’s breathing in its basic form.

Panel Discussion:

Panel Discussion on challenges and trends in healthcare

The panel speakers included Tony D S Raj, Dean at St. John’s Research Institute, Arun Mallavarapu, co-founder at Fedo with more than 13 years of experience in Healthcare, Brij Bhasin, Principal-India Investment Lead at Rebright Partners and Kedar Medhi, Director at Philips Innovation Campus.

Tony D S Raj, Dean at St. John’s Research Institute

He stated that the healthcare industry is not resistant to disruption by innovators notwithstanding the challenges put forth by the traditional system. Hospitals have opened its doors to startups and have been working closely to mold technology which can be immensely beneficial for patients as well as the healthcare sector. The keynote speaker and the panelist also opined that fostering healthcare technology is a catalyst for a more sustainable healthcare system. He elucidated the Kangaroo Mother Care (KMC) which is a key potential life-saver for preterm and low birth weight infants. The cardinal objective of this project is to design, develop and evaluate an innovative Remote BioMonitoring device used for efficaciously tracking KMC adherence as well as tracking newborn (and maternal) temperatures which are coupled with data analytics to trigger action from the level of the peripheral health worker in selected study settings in southern India.

Innovations in the healthcare domain have come to prominence recently. Internet of Things related systems such as a passive RFID wearable wristbands and wall-mounted dispensers have reinforced Hand hygiene which is a significant method to mitigate infection transmission in hospitals. Simulation for medical and healthcare applications is in a relatively nascent stage of development. However, it has the potential to inform the process of extensive research and dissemination. The development of mannequin simulators which are used for education, training, and research is thoroughly reviewed thereby tracing the motivations and evolution to commercial availability. A conscious effort is made to assess the efficacy of those which would be considered for teaching cardiopulmonary resuscitation, cardiology skills, anesthesia clinical skills and crisis management.

Kedar Medhi, Director at Philips Innovation Campus

He expressed that it is imperative to leverage on opportunities in health and healthcare especially in an aging world where chronic diseases are steadily on an incline. He also expressed that Philips has successfully managed to maintain a healthy relationship with its startups beyond the programme and that is solely based on the increase in value addition for the right proposition. The brand also has an edge in India attributing to the trust the brand enjoys in the country predominantly for being a technology leader. The familiarity of the company with the domestic market and its dominant position in the medical equipment category contribute immensely to its popularity.

Philips rolled out Project Vijay which is a pilot project for the delivery of home healthcare in India in October 2015. A year later, it formed Philips Home Care Services (PHCS), a wholly owned arm of Philips India. It utilized technology as a method to provide remote care for patients and in the process, they came up with interesting findings. This included a 27% reduction in the cost of care, 32% decline in acute and long-term costs and 45% drop in hospitalization.

Brij Bhasin, Principal-India Investment Lead at Rebright Partners

He stated that it is crucial to provide value that is measurable. He also emphasized the significance of promoting technology solutions to the healthcare fraternity. This can be achieved when the corporates and startups collaborate to build innovative products.

India’s healthcare industry is expected to reach $280 billion in the next 10 years. The country has also become one of the preeminent destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities and therefore, it has managed to cater to a greater proportion of the population. Indian medical service consumers with the passage of time have become more conscious towards their healthcare upkeep.

Arun Mallavarapu, Co-founder at Fedo

He mentioned that the Indian healthcare sector is diverse and opportunities galore in every segment which include providers, payers, and medical technology. India is also cost competitive compared to its peers in Asia and Western countries thereby allowing businesses to explore the latest dynamics and trends that can revolutionize the healthcare sector. The conditions have improved significantly with hospitals and diagnostic centers attracting Foreign Direct Investments. The central and state governments offer universal healthcare services, free treatment, and essential drugs at government hospitals. However, there are a lot of challenges. Hospitals are often understaffed and under-financed thereby forcing patients to visit private medical practitioners and hospitals. Also, there is a huge disparity in rural and urban healthcare infrastructure.

As technology progressively plays a dominant role in healthcare, the data indicates growing attention from private investment and start-ups. Individual states are adopting technology to support health-insurance schemes. For instance, Remedinet Technology (India’s first completely electronic cashless health insurance claims processing network) has been signed on as the technology partner for the Karnataka Government’s cashless health insurance schemes.

Healthcare delivery in India is now uniquely placed to undergo a radical transformation at all its stages — prevention, diagnosis, and treatment. No single entity in the healthcare sector can work in silos. The evolution of the sector necessitates involvement from all stakeholders. Ultimately, Innovation is the key to bridge intent and execution.

Looking forward to hosting you at our upcoming Startup Window on ‘’Blockchain & Cryptocurrency’’ which is scheduled to be held on the 21st of December. Register here.

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Apply for NUMA Season 3 Acceleration Program: Fast-track your Access to Seed Funding

Join our 5-month intense acceleration program in Bengaluru to take your startup to the next level.

It has been more than a year now since we launched NUMA global acceleration program in India. We have run two successful seasons and supported the growth of 16 startups from a large range of industries. After 2 seasons, we felt the urge to rethink our program. It was time to step back and inject what we’ve learned from the feedback we received from our entrepreneurs, mentors and investors into a new powerful formula.

Now our new execution-focus acceleration program is reloaded! Today, we are super excited to announce the call for application for Season 3. If you are an early-stage startup looking to accelerate your product development and gain access to seed funding, apply to our acceleration program in Bengaluru by 24th April 2017.

Our program was restructured to propose the best support to grow your startup:

  • Increased in-house resources: Everyday, you will be surrounded by in-house experts. In addition to our NUMA team, an Entrepreneur in Residence, Growth Hacker, UI/UX Designer, Visual Designer and much more will support you to execute your product and growth strategy. We are committed to adding as many resources as we can to help you.
  • Strong bootcamps: We will run bootcamps on the various core functions of startups including Design, Technology/Product, Finance/Legal and Sales & Marketing to help you strengthen your product and build a business strategy.
  • Mentorship-driven execution program: The program will last 5 months from mid-May to mid-October 2017 in our Open Space in NUMA Bengaluru. You will be focusing on executing your strategy and roadmap through KPI-based weekly roadmap meetings, curated mentoring office hours, workshops and one-on-one sessions. You will also get access to our corporate network and client portfolio to explore business opportunities and synergies with them.
  • Manage your cash burn: You will get €2500 Bootstrapping cash and more than €700K worth of Perks from 70+ partners, along with other resources such as office space for 7 months (5-month program + 2-month free office space).
  • Go global with NUMA: You will get actionable global market access by leveraging NUMA’s sites (Paris, Moscow, New York, Berlin, Barcelona, Casablanca, Mexico), GAN (Global Accelerator Network)’s and Google For Entrepreneurs’ networks.

All this in exchange for your commitment and a 4% of stake in your startup. Do what it takes to succeed, take all the chances!

“The biggest difference between successful and unsuccessful accelerators relates to how heavily mentors engage with participants”
– 2015 Global Best Practices Report on Incubation and Acceleration

Our Season 1 & Season 2 startups with NUMA team, mentors and partners.

5-month intense program focused on execution

An early stage startup is an underfunded team, trying to solve a significant problem by building an amazing product and struggling with getting resources such as developers, marketing and designers. This is where NUMA plays a role, we help entrepreneurs accelerate their startups in three major steps:

1. Build the strategy:

To be ready for growth acceleration, your first month in our program includes participation in design thinking, product strategies and roadmap building activities. These activities include bootcamps, team building, mentor madness (speed dating with mentors to find your lead mentor) and more. We will assess your startup and understand your strengths, weaknesses and needs through these programs. The next 3 months of growth acceleration can then be planned with a set roadmap and determined KPIs (Key Performance Indicators).

2. Get traction and grow:

During these next 3 months, we aim at helping and supporting you in executing the roadmap created in the first month. We have various structured programs to do so. You will go through weekly focus workshops, curated expert & mentor office hours, one-on-one sessions with international experts, SCRUM and Roadmap meetings, and fortnightly CEO breakfasts (where successful entrepreneurs will share their insights). You will also be introduced to our corporate networks, experts pool, and NUMA networks.

3. Access seed financing:

In the last month of the acceleration program, we will prepare you for scaling and raising seed funding. We will organise pitch building activities such as coaching and training, preparation of pitch decks, executive summaries, terms sheets and more. You will also be put in touch with investors to get their feedback and perspectives (examples include our Angel Sneak Peek and Shark Tank programs). Our program will conclude with a Demo Day and an Investor Day hosted at NUMA. This is what you have worked towards: you will pitch in front of investors, potential clients, corporates, partners, and the ecosystem.

It doesn’t end there though as we offer continuous support and a specific international engagement program for our Alumni startups. We will continue to introduce you to investors and corporates, and you will have access to our mentors’ networks and perks even after the program. You can opt to expand your business into other markets by leveraging NUMA’s networks and landing zones (Paris & New York)

Selection of startups for the program

We are looking for tech-enabled, MVP-ready, early-stage startups solving a real problem addressing a sizeable market. Each application is evaluated by complementary profiles: 1 investor, 1 industry expert, 1 entrepreneur and the NUMA team. You will receive constructive feedback from them at the end of April 2017. So take your time to fill it out and give your best to maximise your chances to join our program.

We will select the 50 best startups to pitch in front of our jury in the first week of May 2017. It will be followed by a final pitch for 20 to 25 shortlisted startups. Finally, we will select 10 to 12 startups for our next season’s acceleration program. Season 3 acceleration program will start on the 15th of May, 2017 in the heart of Bengaluru.

Apply now: applyblr.numa.co

Do you have more questions? See our FAQ

If you still have further questions, contact us at [email protected] or attend one of our Open Forums happening every Friday, 3 PM at the NUMA Bangalore office (Info Session about the program, application and selection process, Q&A and a NUMA Tour with high tea) – RSVP here.

We are running a survey on the Startup Acceleration program, please take some time to fill it out! Your inputs and suggestions will be very useful for future programs.

Farish CV, Lead Program Manager of Accelerator at NUMA Bengaluru

 

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NUMA Bengaluru kicks off with Airbus Bizlab

On nov. 24th, NUMA Bengaluru officially launched the 1st season of the acceleration program. On NUMA's side 11 startups have been chosen out of 200 applications to benefit from workspaces, networks, and services to develop their business. Besides that, Airbus Bizlab which will co-located at NUMA, started its call for applications to select the best aeronautical startups seeking support in the region.

Airbus has inaugurated a BizLab in Bangalore, India, its third after Toulouse, France and Hamburg, Germany, as part of its strategy to establish a global network of aerospace business accelerators.

Airbus BizLab in India will be co-located with NUMA, France’s biggest business accelerator and one of the most active in Europe. Both will create strong synergies between their accelerators, from start-up selection to specific events to benefit from their respective ecosystem (mentors, experts, investors).

“Airbus has always been at the forefront of innovation to create more value for our customers,” said Bruno Gutierres, HO Airbus BizLab. “With the Airbus BizLab Bangalore we are broadening our horizons and we aim to accelerate the rise of an Indian aeronautical entrepreneurship.”

In parallel, Airbus BizLab has opened a first round of applications for start-ups seeking support in the region. Applications are open until December 9th on: www.f6s.com/airbusbizlabbengaluruseason1/apply

Early-stage projects are offered wide-ranging support, in the form of a six-month “acceleration programme”. Through these programmes, Airbus BizLab gives access to a large number of coaches, experts and mentors in various domains: technology, legal, finance, marketing & communication; easing prototyping and access to market.

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