AUSTIN, TX – At the IBM SmartCamp, which puts start-up firms together with venture capitalists and industry leaders to provide coaching and support, three of the five finalists are focused on empowering patient-driven healthcare.
That stands to reason, says Drew Clark, director of strategy for IBM Venture Capital Group. While empowering patients to take control of their own health improvement is a "trend we're starting to see from the top down" from the Obama administration, he says, the "mandate for innovation" when it comes to driving patient-centric care has also been seized by "a real explosion of bright young companies."
[See also: Venture capitalists see healthcare IT as good bet.]
As such, Clark says he's seeing "a lot of bottom-up interest from VCs and investors" who see "the combination of ubiquitous Internet access, availability of broadband, and the explosion of portable mobile devices" are fueling "a lot of very innovative things that are being done under the radar."
The Austin SmartCamp – there are others around the world – is part of the IBM Global Entrepreneur initiative, which aims to bring new technologies to market faster by helping pair those small but innovative companies, that might "need a little help in the mentoring and nurturing process," with the sort of venture funding that might not otherwise find them.
The SmartCamps judge the best start-up company in different cities, from Boston to Bangalore, rewarding winners with access to industry experts and deeper partnership opportunities from IBM. The winners are invited to the SmartCamp World Finals to square off against other winners for the title of “IBM Global Entrepreneur of the Year.”
In Austin, says Clark, three of the finalists, all based in the Austin area, all focused on healthcare, feature another thing in common: "a heavy dose of business analytics."
- DxUpClose developed a bacterial diagnostic system that uses electronic sensors to help patients quickly screen for a specific infection by counting bacteria and performing a rapid antimicrobial sensitivity test. Results of the screening and treatment recommendations can then be sent to healthcare workers' smartphones within an hour.
- Tactical Information Systems developed a platform for low-cost, easy-to-use, biometrics that matches fingerprints, palm prints, iris and face images in the cloud. Its flagship product, WanderID, helps patients who are unable to reliably speak for themselves communicate with their caregivers in case of emergency. It's specifically designed for people with Alzheimer’s disease or cognitive disorders, such as autism or Down syndrome.
- Waldo Health developed a tablet-based patient monitoring service that delivers a solution to patients' homes via telephone and mobile devices. Designed specifically for individuals with chronic disease, it connects patients to healthcare providers wirelessly, allowing quick and easy access without the time and cost of an office visit.
With luck, says Clark, "IBM would provide the analytics platform and these companies would build their unique value capability on top of that. Together we would perhaps go to market."
[See also: IBM, Nuance to apply 'Watson' analytics to healthcare.]
“Everyone wants to improve healthcare," said Jim Corgel, general manager, IBM Developer Relations. "These companies are developing technologies that can make a difference to people’s personal health. These three entrepreneurs have the potential to help transform healthcare if IBM can help them get their technology to market quickly.”
Watch the online pitches and vote for a favorite as part of the IBM SmartCamp People’s Vote Award at asmarterplanet.com.
