Healthy, Wealthy & Wise: 5 Reasons You Should Move Your Digital Health Startup to Massachusetts
New York City is the financial capital of the world and when you think Los Angeles, you can practically see the Hollywood sign in your head. What those cities are to money and movies, respectively, Massachusetts is to healthcare and innovation.
As a hotbed of higher education on the cutting-edge of medical research, Massachusetts is already home to many brilliant minds, but it’s also the obvious choice for medical and healthcare industry startups from other corners of the world looking to plant their flag.
With its heralded universities and hospitals, Boston has established itself as the powerhouse in the digital health space, with The Fenway increasingly at the center of the action. The sheer volume of potentially world-changing solutions and ideas—from telehealth to data management—is astounding. And with the rise of startup-friendly, health-centric accelerators like PULSE@MassChallenge (who just opened their new facility at Hatch Fenway), there’s no sign of things slowing down.
And we’re not just talking Boston here, folks—the whole Commonwealth’s got a seat at the table. While the Greater Boston area is certainly the focal point of entrepreneurship, from Bay State in Springfield (which has its own innovation center, TechSpring) to UMass Medical in Worcester, the rest of Massachusetts is gaining ground.
And innovators worldwide have taken notice.
These are the five core attributes that make Massachusetts so attractive to tech startups in the healthcare and medical fields.
- A hospital on every corner
Well not exactly, but boy are there a bunch. From Brigham and Women’s to Bay State, every corner of the Commonwealth is equipped with hospitals that provide exceptional patient care and crank out innovative thought. And thanks to the Mass Pike (who’d have thought anyone would ever say such a thing) you’re never far from a world-class hospital.
- Networking that pays off
The number of research hospitals and universities in Massachusetts is oft cited as a reason for its position atop the medtech industry, but there are a slew of other factors at play. The engaged network of healthcare experts, payors, corporations and nonprofit institutions serve as an unparalleled suite of resources for young startups.
- Enough funding to go around
In 2016, the total number of digital health industry investors in Massachusetts increased by 42%. Funding for digital health startups reached a whopping $7.9 billion spread among almost 160 different startups. If that doesn’t sound like a boom, I don’t know what does.
- State and local government have your back
Massachusetts understands that the digital health industry has the potential to create jobs and improve healthcare. In 2016, governor Charlie Baker announced #MassDigitalHealth, a statewide initiative aimed at providing promotion and support to startups across the state. With more than 30 active digital health venture capital firms and 350 digital health startups in the Bay State to date, we’d say it’s working!
Some numbers for you: PULSE had an inaugural cohort of 31 healthcare startups. 30% of MassChallenge’s 2016 cohort and 7% of TechStars’ were comprised of healthcare startups. Massachusetts is uniquely positioned to provide budding startups in the field with unrivaled mentorship and resources, including but limited to: state-of-the-art working spaces, mentorship, and, of course, funding.
Sold on getting your healthcare startup off the ground in the Bay State? Well, PULSE, the most startup-friendly digital health lab on earth, can help you make it happen.
Apply to participate in MassChallenge, a Boston-based accelerator that has helped fledgling companies from around the world raise more than $1.8 billion in funding, but hurry: Applications close March 28th.
To learn more about PULSE, visit their website, and keep an eye out for their events series in this month and throughout the year.