Tata Trusts-PATH Impact Lab launch a new nationwide search for innovators and entrepreneurs in healthcare in India
Science and technology innovations have the potential to create enormous new possibilities and opportunities for solving affordability, accessibility and quality challenges in healthcare delivery. But most healthcare innovations don't move beyond the concept or prototype stage due to lack of support to develop and introduce them into market for widespread health impact. This is where this new challenge, a first of its kind in India, launched by Social Alpha, Tata Trusts and PATH hopes to make a difference.
The Social Alpha Quest for Healthcare Innovations will focus on identifying healthcare innovators and entrepreneurs in India and help them with scaling of their innovative products in order to accelerate their development, positively impact public health outcomes and achieve global product standards. This will be achieved through funding to conduct clinical validation studies along with intensive mentoring and support in business models, regulation, global technologies and market dynamics. Startups that have developed product prototypes and are now seeking expertise and financial support for clinical testing and validation will particularly benefit from this program.
The selectees will be supported by Tata Trusts-PATH Impact Lab and their network of mentors for a period of up to 15 months and will receive the following offerings:
- Funding up to INR 2.5 million for clinical validation.
- Mentorship support in refining business model, navigating the regulatory landscape, and in understanding national & global market dynamics.
- Support in product design through access to Social Alpha and Tata Trusts-PATH Impact Lab’s product shop in New Delhi located at the prestigious Indian Institute of Technology-Delhi.
- Access to PATH’s expertise in design and clinical validation and facilitate access to primary health centres and hospitals.
- A 2-3-day Barrel for the founder(s) of selected startups to intensively focus on business strategy and growth.
- Facilitating engineering and technical support.
- Additional grant of up to INR 2.5 million for Design for Manufacturing and Assembly (DFMA) and achieving international product standards.
- Opportunities for global exposure visits for advanced training, networking, research support etc.
- Opportunity for dilutive investments by Social Alpha and eligibility to receive support in raising the next round of funding post meeting eligibility and diligence requirements.
To apply, please log onto: www.socialalphachallenge.org. Last date to submit applications is August 23rd, 2018.
The Tata Trusts–PATH Impact Lab was launched in January 2018, a first in India to support and bring to market innovations for affordable and high quality public health solutions to benefit vulnerable populations with limited resources and provide comprehensive support to selected innovators through product design, clinical validation, commercialization and market development.