A health technology accelerator is receiving up to $1 million over three years from the Opportunity Calgary Investment Fund.
HATCH-YYC is intended to provide companies a platform to accelerate market access and improve patient care. It’s the first health technology accelerator in Alberta.
It will provide companies access to a privacy-compliant communication platform as well as system integration with industry leaders in health care, plus collaboration opportunities with target patients and service providers.
“Our goal is to improve patient health and save lives by improving access to patient information for doctors, medical professionals and their patients,” said Rohit Joshi, co-founder and CEO of Brightsquid Secure Communications Corp., the Calgary company that’s launching HATCH-YYC. “We want to bring the most promising health technology companies to Calgary to commercialize their products into the system and bring innovation to health care much more quickly than can happen otherwise.”
The Opportunity Calgary Investment Fund was launched by the City of Calgary in April 2018 to support investments that spur growth and create jobs in strategic sectors identified in the report Economic Strategy Calgary in the New Economy.
“HATCH-YYC is an initiative led by Calgary entrepreneurs who are passionate about helping digital health-care-focused companies fast-track time to market and reduce their costs to meet more and more stringent security and privacy laws,” said Barry Munro, chairman of the Opportunity Calgary board of directors. “This investment is intended to create a foundation for Calgary to become a global centre for health tech innovation.”
HATCH-YYC forecasts it will incubate at least 55 health-tech companies over five years and be a catalyst to expand Calgary’s health-tech cluster. It’s expected those companies will create in excess of 300 jobs in digital health over five years.
It said it will be a collaborative workspace where health technology companies have access to a secure medical network to significantly reduce costs and development times and enable startups to commercialize their offering much faster. In addition to local early-stage health tech companies, HATCH-YYC will draw in leading health-care innovators from Canada and globally.
Mario Toneguzzi is a Troy Media business reporter based in Calgary.