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Cleveland Clinic joins new partnership to launch healthtech accelerator

By Jesse Schwartz
Published: November 1st, 2017

The Cleveland Clinic and JumpStart, an organization that supports entrepreneurship and economic development, have partnered with acclaimed Silicon Valley incubator Plug and Play to launch an accelerator program for biotech and digital health startups.

The Plug and Play Cleveland HeathTech Accelerator is intended to attract start-ups, large companies, investors and other players in the innovation realm in the U.S. and overseas to come to Cleveland with the goal of advancing healthcare technologies.

The program will evaluate hundreds of start-ups and filter them into cohorts of at least 10 companies every six months. The accelerator will provide training and other resources to help get the start-ups off the ground, while encouraging them to stay in Cleveland once they complete the program.

 “We are thrilled to engage Cleveland’s robust health, industrial and investment community to attract the most innovative health start-ups worldwide to Cleveland,” says Plug and Play CEO and founder Saeed Amidi. “We believe our efforts will accelerate the growth of Cleveland’s entrepreneurial economy through the connections we make between corporations, start-ups and investors.”

Plug and Play has strong ties to 200 major VCs in Silicon Valley, who are likely to pay close attention to start-ups in the Cleveland accelerator. In addition, the program on its own will invest between $25,000 and $500,000 into more than 150 companies each year.

Cleveland Clinic and JumpStart will provide initial funding for the Plug and Play Cleveland HealthTech Accelerator, with support from the Ohio Third Frontier program.

 “Bringing this activity to our region will help continue the growth of our healthcare-based economy, leading to new treatments for our patients and patients around the world,” says Brian Donley, chief of staff at Cleveland Clinic.

 “We are proud to join with Cleveland Clinic to attract more start-ups to Ohio while also doing a better job of connecting these firms to local and global corporations who are looking for new innovations to increase their competitiveness,” says CEO of JumpStart Ray Leach.

Source: Markets Insider

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