A pot of European Union money and a cool schedule could give ten startups a big opportunity. The Trinity Validator is a two month-long programme aimed at helping digital health companies confirm product/market fit in Ireland and elsewhere in Europe.
Participants get some cash, mentors, and a tour of multiple European markets for free.
The only catch is that the deadline is coming up on Sunday, the 15th of April. Already several startups from across the continent and from Ireland have applied.
While Trinity College Dublin is hosting the programme, it’s open to any digital health startup in Europe. EIT, the European Institute for Innovation and Technology, helps fund the programme.
What kind of startups are they looking for?
Organisers say they want early stage startups focused on improving healthcare efficiency: preventative care, aftercare, assistance for an ageing population, and much more.
The programme is focused on products and systems that use technology to reduce the weight on health systems. That’s instead of specific treatments or medical technologies that require clinical validation.
Globally, Deloitte estimates we’ll spend $8.7 trillion on healthcare by 2020. That’s more than $1,200 for each human on the planet. Organisers of the Validator say if a business can shave a penny off of the healthcare costs per person, that’s a multimillion dollar opportunity.
One organiser said potential startups could be an academic with research behind their idea who needs commercialisation help. It could also be a startup looking to validate their business model.
What do participants get?
Each of the 10 teams get €5,000 upfront, plus office space, and organised mentorships. The main goal is to craft businesses out of ideas and validate the startup’s concepts with the market.
After six weeks in Dublin, the 10 teams will travel to four other health tech hubs in Britain, the Netherlands, and France for more market validation. Most startups don’t get a similar opportunity to see proof of international scalability so quickly.
Organisers believe those entrepreneurs will be able to see the details about how well their startup can adapt to other country’s regulations and cultures.
This incubator programme evolved from a similar concept in the Dutch city of Delft. Organisers chose Trinity College as the host after the firm Pitchbook ranked it as the best university in Europe for producing entrepreneurs.
If you’re interested in the Validator, check it out here. The deadline is 15 April and the programme begins 18 June.