New York City Economic Development Corporation pledges $1 million to piloting health projects
NEW YORK — New York City Economic Development Corporation and Health 2.0 last week announced the launch of the second annual Pilot Health Tech NYC, a program designed to dramatically increase innovation and collaboration within New York City’s health technology sector. Pilot Health Tech NYC helps pilot and advance new health technologies by partnering early-stage companies with key New York City healthcare service organizations and stakeholders - including hospitals, physician clinics, pharmaceutical companies, nursing associations, large employers and retailers.
The Pilot program will provide a total of $1 million to fund at least 10 innovative pilot projects in New York City. Each pilot project will address defined needs of the healthcare industry and test a technology prototype over a period of approximately four to nine months. The inaugural class of Pilot companies has raised approximately $20 million in private investment, including $4.5 million in the last six months. The cohort has also begun pilot projects set to enroll more than 1,000 New Yorkers in locations including Memorial Sloan Kettering Cancer Center, Weill Cornell Medical College and Montefiore Medical Center.
“The biotech sector in New York City has shown tremendous strength and growth, and Pilot Health Tech NYC is the next step in helping our life sciences ecosystem to thrive,” stated NYCEDC president Kyle Kimball. “This innovative program will advance new technologies that solve real medical issues, helping to make our city healthier and more diverse for years to come.”
In addition to an individual grant of up to $100,000, the program provides winners with exclusive pilot planning and implementation support services, informational workshops and promotion at major health events and conferences. In 2013, NYCEDC and Health 2.0 also facilitated more than 200 “matchmaking” sessions in order to partner the early-stage companies with key healthcare service organizations. This year’s matchmaking sessions are scheduled for March 11 and 12, 2014 and applications for the sessions are due on Feb. 17, 2014. Full proposals for the program are due by May 23, 2014.
The 10 winners of the inaugural Pilot Health Tech NYC competition were selected from a high caliber group of 41 applicants. Each winner received up to $100,000 and was featured in July as part of Pilot Day, a gathering of more than 300 leaders of the healthcare community. The winning teams were: AdhereTech and Weill Cornell Medical College; BioDigital and Memorial Sloan-Kettering Cancer Center; Bio-Signal Group and New York Methodist Hospital; eCaring and Pace University, working with Henry Street Settlement; Flatiron Health and Continuum Health Partners (now Mount Sinai Health System); Opticology and New York Eye & Ear Infirmary; Rip Road and VNSNY Choice SelectHealth; StarlingHealth and VillageCare; Sense Health and University Behavioral Associates (Montefiore Medical Center); and Vital Care Services and Pace University, working with numerous community-based health centers.
“Pilot Health Tech NYC allowed us to introduce our 3D human visualization platform at Memorial Sloan Kettering Cancer Center to improve physician-patient communications,” commented Frank Sculli, CEO of BioDigital, a winner of the 2013 Pilot Health Tech NYC competition. “This show of support by a major provider substantiated the value of our technology within another rapidly changing market."