In recent months, startups and business projects that have presented innovations in the field of health have gained more prominence than ever due to the coronavirus. Its tools in fields such as remote assistance or monitoring patient values have been very useful during lockdowns.
In this regard, the EIT Health initiative has been particularly active since March. Its origin dates back to 2015 and can be defined as a community of innovation and knowledge of the European Institute of Innovation and Technology (EIT). This institute is made up of several communities of this type and the one in question focuses on innovation in fields such as health and aging. Supported by the European Union, EIT Health (also called the European Institute for Innovation and Technology in Health) has identified six challenges on which its activity oscillates, including the reform of care paths (from diagnosis to treatment), transforming and modernizing health systems, relying on the collection of real-world data to treat diseases, provide care to homes to release pressure on healthcare systems, ensure health in work environments and promote healthier lives. In Spain, EIT Health has partnered with the regions that have the largest entrepreneurial ecosystems: Madrid, Catalonia, the Valencian Community, the Basque Country and Andalusia, in order to establish links between companies, universities, hospitals and health providers to strengthen the triangle of innovation formed by research, education and business creation. Thus, for each of these autonomous communities, it has a center or CLC. In our country, EIT Health, in particular, is focusing on the prevention and promotion of active aging and the improvement of chronic patients.
How you can finance yourself through EIT Health
In May, EIT Health announced the Startup-Rescue Instrument in order to alleviate the economic impact of the pandemic on emerging companies. Each startup could request up to 500,000 euros in funding. It was an open contribution to co-investment in exchange for options. However, applications for this instrument ended in June. There is also the Headstart program, which is launched every year. This project offers support and funding of up to 50,000 euros for innovative companies that have just started up and, mainly, that focus on medical devices, biotechnology and digital health. They also align with the values of EIT Health, such as strengthening health systems, promoting a healthy life for citizens and contributing to a more sustainable health economy in Europe. Headstart is aimed at microSMEs and SMEs, spin-offs and startups that have a well-developed prototype and are ready to launch their product or service to the market. Its estimated valuation must be 1 million euros or lower. In the last edition, 16 Spanish startups were selected from a total of 89 European projects. In addition, companies that had presented tools or news related to COVID-19 were taken into account. The EIT Health Headstart program offers mentoring and funding so that these companies that have just started up can accelerate the development and time to market of their innovative products and services to improve the lives of European patients and citizens.
