The Prosper HealthTech Accelerator, strategically located in Birmingham, Alabama, is designed for founders and healthcare leaders to co-innovate. The program's mission is to identify and support audacious and disciplined healthcare founders by providing the resources and network necessary to reimagine the healthcare industry. It is tailored for early-stage companies tackling major healthcare challenges, with a process designed to partner with startups capable of delivering significant impact. The vision is to transform the healthcare system through innovative solutions, establishing Birmingham as a key center for healthcare innovation in the Southeast.
Program Structure and Format
- Duration: The program runs for 12 weeks.
- Location: The accelerator is an in-person program held in Birmingham, Alabama.
- Format: While some meetings with mentors and investors may be virtual, the core program is in-person from Monday to Friday, with no hybrid option available.
- Daily Focus: The program emphasizes building sustainable, profitable businesses. Founders are encouraged to spend the majority of their time on marketing, lead follow-up, and customer execution. Structured elements include one-on-one meetings, office hours, founder discussions, and networking events. The first month focuses heavily on network building, while the last month is dedicated to capital raising and preparing for the showcase.
Investment and Terms
- Investment: Startups receive an investment of $60,000, with the potential for up to $90,000 for high-growth digital health companies.
- Equity: In exchange for the investment, the program takes a 6% common stock equity stake in the company.
- Board Representation: The accelerator does not take a board seat but does receive information rights, such as financial statements and capitalization tables.
- Negotiability: The terms are fixed across all cohorts and are not negotiable.
Ideal Candidate Profile
The program seeks early-stage companies that demonstrate two or more of the following attributes:
- Innovative Technology: Possess unique technology or intellectual property that stands out.
- High Utilization: Offer products that customers use repeatedly.
- Impactful Solutions: Provide services that reduce costs or save lives.
- Market Potential: Exhibit strong branding potential and scalability.
- Clinical Validation: Have proven effectiveness in clinical settings.
- Industry Experience: The founding team has expertise within the healthcare industry.
- Team Composition: While solo founders are occasionally accepted, companies with a strong team of two or three founders have a significantly higher chance of acceptance.
Program Benefits and Perks
- Funding and Mentorship: Participants receive seed capital and three months of hands-on, go-to-market and fundraising consulting.
- Coaching: Twelve weeks of individualized coaching and mentorship from the gener8tor team through bi-weekly, one-on-one meetings.
- Networking: One-on-one meetings with over 100 connections, including serial entrepreneurs, industry experts, and investors.
- Office Space: Dedicated office space is provided within Prosper’s headquarters for the team.
- Curriculum: Weekly cohort programming covers topics such as understanding market size, choosing a revenue model, and pitching to investors.
- Showcase Event: An exclusive Premiere Night reception where companies pitch to an audience of entrepreneurs, mentors, investors, and community members.
- Community: Opportunity to build relationships with a cohort of five companies and the broader gener8tor alumni network.
- Deals and Perks: Access to over $1 million in deals and perks from vendors like IBM Cloud, Rackspace, Amazon, PayPal, Zendesk, Hubspot, and Microsoft.
Post-Program Support and Obligations
- Lifelong Support: The program offers support for the life of the company, acting as a key advisor for reviewing contracts, term sheets, and discussing key hires or other challenges.
- Fundraising Assistance: Post-program, most alumni companies raise a seed round between $250,000 and $1 million. The program guides founders in crafting their pitch, acquiring early customers, and mastering fundraising strategies, providing crucial introductions and investor events.
- Ongoing Obligations: The only formal obligation is a 5-minute monthly progress update. Founders are also encouraged to remain active members of the community to support and mentor other portfolio companies.
Application and Contact Information
- Intellectual Property: Applications are kept confidential within the PHTA-gener8tor team. Due to the high volume of similar ideas received, the program does not sign NDAs.
- Questions: For further inquiries, prospective applicants can sign up for office hours.
- Contact: Amanda Williams, Program Manager, can be reached at amanda.williams@gener8tor.com.
Situated within Alabama's robust tech and healthcare ecosystem, the Prosper HealthTech Accelerator offers a comprehensive platform for early-stage digital health startups. By leveraging Birmingham's status as a major healthcare cluster, with its extensive clinical trials and numerous healthcare companies, the program provides a unique opportunity for founders to access individualized coaching, a vast network of experts and investors, and the capital needed to scale their impactful solutions.