GE Healthcare, has launched its first healthcare accelerator, five.eight, which aims at improving healthcare outcomes for developing economies. The accelerator will target global health startups who have atleast received a Series A funding. The accelerator will be aligned with GE’s focus areas of mother and child care, cardiology, oncology, radiology, surgery and primary care.
Acumen, Aavishkaar-Intellecap Group, Unitus Seed Fund,Tricog and Villgro will be among the initial applicants for the first accelerator programme. Apart from these there will be at least 10 startups in its initial programme. The accelerator and each startup within itwill focus on commercially scaling healthcare innovations for emerging economies. In addition, potential funding of up to USD 5 Million per startup will be evaluated on a case-by-case basis.
John Flannery, president and CEO of GE Healthcare said in a statement:
“Globally, it’s estimated that more than 5.8 billion people in the world lack access to quality, affordable healthcare,Through five.eight, our goal is to fuel the greater global health ecosystem, partnering with social impact investors and global health startups, in order to maximise impact and outcomes for populations.”
Terri Bresenham, president and CEO of GE Healthcare’s Sustainable Healthcare Solutions, which develops the company’s affordable care portfolio, said in a statement:
“We would come in to partner with them (startups) to develop commercial strategy…just like we would do with our own products,…We have a large distribution system and these startups can go out and test ideas.”
The startups joining five.eight will have access to Innovation Network programming and resources as well as connectivity to other GE global innovation centres in Helsinki, Cardiff, Istanbul, Calgary, Johannesburg, and Dubai among others. The accelerator is also open to partnerships with global health startups directly, or other players within the global health ecosystem, including academia, NGOs or other healthcare providers.