On October 9, 2019, the Opportunity Calgary Investment Fund (OCIF) announced funding for a new Health Technology Commercialization Hub (HaTCH) with up to one million dollars to support private innovation in healthcare. We’re proud to say that HaTCH will be powered and run by Brightsquid Secure Communications Corp.
For over a decade, Brightsquid has proven its communication software and security protocols can deliver much needed efficiencies to the healthcare system. Enhanced digital communication improves patient and provider experience while also enhancing health outcomes. HaTCH was born out of a need to accelerate innovation in healthcare and bring emerging health technology products to market much more quickly.
The funding from OCIF was matched by private investors from Calgary and beyond who recognize the need for health technology to innovate more quickly than the public sector can accomplish alone.
In an article in Forbes magazine, Dave Chase explained, “The common view is that 98% of digital health start-ups are the walking dead right now… There is no lack of elegant-looking software… The most common failure scenario we see is a founding team that is made up of smart technologists who are blind to or dismissive of the idiosyncrasies of healthcare.”
In a market where 98% of newcomers fail under healthcare's unique challenges (privacy regulations, patient consent, integrations into EMRs and EHRs, and extended procurement cycles), HaTCH will support the success of 20 new companies in the first 3 years. The program is designed to provide a foundation of compliance so that innovations can qualify for use in healthcare much sooner and with less financial investment.
Healthcare isn’t market-driven. Entrepreneurs and technologists tackling problems from outside the system (even those on the inside too) often lack the regulatory and specific technological expertise Brightsquid brings to the table. Further, HaTCH is connected to advisors within the system, both providers and patients, that will help steer emerging health tech toward more complete prototypes and products that are most useful.
The goal of the accelerator is to connect more public and private organizations to drive innovation in healthcare so patients get better more quickly with less burden on the system and less demand for tax payer dollars.