On October 21st, we at KLAK – Icelandic Startups will launch the second KLAK health business accelerator, which supports entrepreneurs and startups in health technology. The accelerator can be thought of as a course on how to start, run and grow a startup. Its goal is to significantly accelerate the development process during the five weeks of the accelerator and connect entrepreneurs with potential partners, customers and investors.
KLAK health is our newest business accelerator, and since we first ran it last year, we have had a number of conversations with entrepreneurs and stakeholders from the innovation community. We have learned a lot from those conversations, but what remains particularly striking is that many entrepreneurs had a role in the accelerator without realizing it. The reason for this is an understanding of what the word “health tech” means. In the following, I will do my best to explain what the definition of health tech is from our perspective, which solutions are relevant to a health tech business accelerator, and at what stage the solution can be to take advantage of KLAK health.
But what is health technology?
Health technology is basically any solution that uses technology or ingenuity to improve people's health or well-being. Parties working towards such a goal fall under our definition of "health technology startups". Solutions can therefore come from a variety of sources, but we roughly divide them into four categories when it comes to KLAK health. Firstly, innovation in medical technology (MedTech) such as medical devices, diagnostic equipment, solutions related to implants and also software that is considered medical devices. Secondly, it can be innovation in biotechnology or pharmaceutical development (BioTech & Pharma). Solutions such as biotechnology products, pharmaceutical development and solutions that support companies in those sectors. Thirdly, there are digital health solutions (Digital Health). These are solutions that are based on, among other things, software, data and data processing, web solutions, apps and all kinds of solutions related to smart devices. Fourth, there are consumer solutions (e. Consumer health), which includes solutions related to prevention, well-being, mental health and a variety of lifestyle solutions. This list is not exhaustive, if you have an idea for a solution or are working on a solution that improves people's health, then you have a place in KLAK health.
Who is KLAK health for?
We are also often asked how far along in the process a KLAK health applicant needs to be to be able to take advantage of the accelerator, when is it too early in the development process and when is it too far along? KLAK health is intended for entrepreneurs who are early in the development process, from those with a fully developed idea to teams that have already launched a product and are now looking for ways to grow.
If you have an idea in development, if you are putting together a prototype at home in the garage, if you are an employee at a health technology company who sees an opportunity in the market, if you are a researcher who can apply your research and start a company, or if you have built an app that supports people's health, we strongly encourage you to apply to KLAK health.
Learn more about the accelerator in the introductory video below, you can apply at www.klak.is/health.
The application deadline is October 4th and if you have any questions, you are welcome to send an email to [email protected].
KLAK health is supported by Landspítali, the Ministry of Health, Íslandsbanki, Helix, Securitas, Heilsuvernd, Lifa VC, Össur, Nox Medical, Frumtök and Lyfja.