More venture capital is being spread in Chicago, this time for healthcare-related startups. Sandbox Industries, a venture capital firm and incubator for startup companies, has begun Healthbox, a business accelerator focused on the healthcare industry. The end result is $50,000 in seed capital and a chance to pitch to angel and VC investors.
Healthbox is designed to identify “emerging healthcare technology and technology-enabled services startups that address specific industry challenges.” It builds on Excelerate Labs, the tech accelerator that Sandbox co-founded last year. And much like the tech incubator, after an application process, Healthbox will select 10 companies for a three-month program.
After choosing the companies, , Healthbox will provide them with resources that promote rapid development, including:
Direct access to industry leaders, investors, and established entrepreneurs in both structured and informal settings
Workshops conducted by experts in disciplines that are relevant to early stage healthcare businesses
A collaborative workspace that stimulates knowledge sharing and innovation
$50,000 in seed capital
The program culminates with an Investor Day that gives entrepreneurs an opportunity to pitch to a targeted group of angel and venture investors.
“Given the dynamics of the industry, building a healthcare technology startup poses a lot of challenges,” said Sandbox Vice President Nina Nashif, who founded Healthbox, in a press release. “The market needs a platform that provides critical support for early-stage healthcare companies that are not typically ready for venture capital.”