iHive Prospectus - Startups
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Transcript of iHive Prospectus - Startups
We advance Health, Science & Tech Startups market entry through our FREE Accelerator with FREE Mentor support throughout and introductions to Investors.
Register Your Interest Now
Innovation Hive (iHive) is the #1 Health, Science & Tech Startup Support Programme
iHive Prospectus for Startups
1 Executive Summary 1
2 iHive Vision 2
3 What We Do 5
4 About Us 8
5 Partner Opportunity 13
6 Next Steps 15
1
EXEC
UTI
VE S
UM
MAR
Y
1.1 FOREWORDTHIS DOCUMENT
WHAT WE DO
This document is a prospectus for Innovation Hive (or iHive for short). iHive commercialises startups. We work in partnership with business schools (i.e. Aston Business School), universities and academia per se, to support spin outs. This largely takes the form of a mentor managed Accelerator Programme mentoring and support with commercialisation..
The document provides information to allow investors to decide if they wish to participate in our venture. It provides a description of what we do, how we do it and our values. It also explains the outcomes you can expect from participation and how to get involved.
iHive identifies appropriate Health, Science & Tech startup entrepreneurs seeking investment and rapidly provides those entrepreneurs with skills to enable them to present their business effectively to investors and grow sustainably. Our focus is to seek, support and so accelerate companies with products and/or services looking to meet community and care needs as a product of an increasing and aging population. We run an Accelerator involving a “cohort” of up to 25 startup companies and for up to four cohorts a year. A cohort remains together for around four months, from formation to pitch day.
Each cohort undergoes an intensive business growth programme. Our Accelerator includes mentoring, coaching, business skills and tailored business development support. We provide co-working space during the period to allow startups to work both separately and collaboratively. We offer year long Alumni support to each cohort, supporting business development.
Following each Accelerator, the members of the cohort attend a managed iHive Pitch Day designed to put investors and startups together in a meaningful way. Each cohort will typically have access to a ring-fenced investment pool of up to £3m. The iHive Pitch Day provides opportunities for startups to pitch to the investors who have in part, funded their programme. Moving forward, investors and startups reach their own agreements on funding and business development.
Uniquely, works in collaboration with academia BUT is directed and operated by business people. We will agree a small equity stake in each accelerated company. Investors, business partners and public funding underwrite the resources required to run each programme. The role of iHive is to identify and sift appropriate startups for investors, run Accelerators and bring startups and investors together in a forum that facilitates investment decisions.
A variety of options are available to investors to exclusively fund a cohort or to join with others.
To find out further information email Nicola Crossland on [email protected] or phone her on 07721 650265
More information is provided at our website www.ihive.co.uk.
2 OUR VISION
2
iHIV
E VI
SIO
N
Entrepreneurs are rushing to develop products that make healthcare and life longevity more efficient and help consumers improve their quality of life. For many, inventing a product is easy compared with the challenge of selling it or developing a scalable business model.
That’s where we come in. Our vision:
Brings startups and investors together in a way that meets their respective needs;
Provides advice and practical support on developing those businesses;
Provides organisational, clinical and financial quality assurance to innovations and inventions;
Provides advice on route to market and opportunities to pilot new ideas in clinical;
Provides business, finance and sector-specific coaches and mentors; and
Provides academic material to support the on-going development of startups. Builds an iHive alumni network of worldwide business contacts Innovation Hive as a Community Interest Company that is unique in the startup support business. iHive is entirely focused on supporting startups seeking to open up global opportunities (the US & Europe in particular) for those startups and our investors.
Theme:
Health Tech startups Apply
Online
Panel Members
Shortlist 50 Health Tech
startups
5 Panel Members Will
Shortlist 25 Health Tech
startups in 5 social enterprise
12 Week Intensive Accelerator
- Business Plan- Pitching- Finance - Marketing- Legal- HIVE Preparation
25 Mentors Support startups
HIVE
Alumni
1.3 D
ELIVERING
THE VISIO
NiH
ive was conceived to fulfil the vision set out
above. It is a not-for-profit business to reflect the com
mitm
ent to objectives relating to the social and developm
ental aspects of wealth
creation.
iHive off
ers a simple 4-part solution:
1 iHive Ecosystem
: The growth of a netw
ork enabling entrepreneurs to learn from
other health entrepreneurs and m
eet investors.
2 iHive Accelerator Program
me: The
development and evolution of the a m
entored business program
me delivered by academ
ics and business people w
ith clinicians in support.
3 iHive sym
posium: An orchestrated event
where the netw
ork of startups, investors, funders and key opinion leaders m
eet in order to take their businesses to the next level.
4 iHive Alum
ni: A natural progression within
the iHive H
ealth EcoSystem, w
here all players can continue to learn from
each other, seek advice and share inform
ation for the accelerated greater good.
The iHive Accelerator Program
me is a
cohort-based, modular, m
entor driven program
me designed to m
eet the needs of H
ealth Tech startups. Delivered by academ
ics, business people and investors this 8-part program
me over 8-12 w
eeks enables entrepreneurs to access first rate education across academ
ic and business disciplines. But it also enables them
to meet like-m
inded entrepreneurs in the sam
e sector to share best practice, stories of success and m
isfortune and progress. These skills should enable them
to drive their business, make
decisions and work w
ith their teams to best
prepare for applying investment to execute
growth.
Our approach is to:
Identify 150 H
ealth Tech1 entrepreneurs,
shortlist 90 via three cohorts of 30 per annum
capable of developing 90 successful Health Tech
companies;
Rapidly provide those 90 entrepreneurs w
ith skills that w
ill allow them
to present their business effectively to investors
2 we w
ill bring to a m
anaged investment event; and
Provide the 90 startups w
ith business and netw
orking support for a year to maxim
ise their potential success.
1.4 G
OVERN
AN
CE AN
D TH
E BOA
RD
Governance
iHive is a not-for-profit
organisation (a Company
Limited by G
uarantee) that receives and adm
inisters program
me funding. The
extent and scope of program
mes depend on
the funding secured.The iH
ive Board provides oversight of the way
programm
e funding is spent and for assuring governance, outcom
es and quality. An Advisory Panel com
prising sector specific academ
ics, technologists, medical advisors,
research and business representatives provides guidance to the m
ain iHive Board. A
Limited Com
pany, Innovation Hive Together,
is comm
issioned under a term contract to
deliver all cohort and programm
e-specific activity. The not-for-profit organisation part-ow
ns that Limited Com
pany.
A Board has been established along with
appropriate governance and reporting arrangem
ents including: The appointm
ent of Board mem
bers and required organisational actions; The appointm
ent of an accountant (Jamieson
Stone LLP) and bankers (Santander); Agreem
ent to source mem
bers for the Advisory Panel com
prising sector specific academ
ics, technologists, medical advisors,
research and business representatives providing guidance to the m
ain Innovation Hive Board;
iHive Academy, accelerate your
academic quali�cations.
The iHive Journey
www.ihive.co.uk
25
25
25Support & Care for an Aging, Increasing Population Worldwide
12 Week Intensive AcceleratorProgramme for 25 Startups
Startups pitch to 10 VC’s / Angels
for investment
Successful startups join the alumni
CrowdHive – access to crowd funding.
3
THE HEALTH ENVIRONMENT
iHIV
E VI
SIO
N1. Source: The World Bank, Health Expenditure 2010-2014, total (% of GDP): Total health expenditure being the sum of public and private health expenditure.
Fifty years ago, the UK National Health Service (NHS) consumed some 3% of gross domestic product (GDP). The latest World Bank figures indicate UK public spending on the NHS is more than 9% of GDP whilst the US tops the world charts at an astounding 18% of GDP.
Health spending is rising worldwide. Increasing population density, and an ageing increasingly IT savvy population both present issues and opportunities. This means that whilst there are budgetary pressures there are also increasing business opportunities. Historically, the key drivers of health and long-term care spending included an increase in the size of the population, growth in national wealth, increases in the costs of providing care, and developments in medical technology.
Reflecting projected cost pressures, in late 2014, the NHS published its “Five Year Forward View” mapping out a future health vision for UK health. The plan sets out the way the health services will change over the next five years to close the widening gaps in the health of the population, quality of care and the funding of services.
The plan identifies health issues that are common across the world. It describes various models of care that could be provided in the future and seeks to encourage all those involved in the delivery of health services to realise the potential benefits in areas such as “disease prevention; new, flexible models of service delivery tailored to local populations and needs; integration between services; and consistent leadership across the health and care system”.
There are particular issues that need to be addressed in the areas of an increasingly ageing population and in issues arising from increased urban density.
The Five Year Forward View is intended to change the focus of UK health services. It identifies, amongst other things, a need for integration between hospital and primary care providers, an increased need for innovation, new products and better service all designed to meet an annual funding gap of £30 billion by 2020/21. Globally, this adds up to a significant market opportunity for those able to offer innovative solutions.
4
FEATURES OF OUR BUSINESS
iHIV
E VI
SIO
N
Funding is derived from investors, business partners and public sources that, in combina-tion, provide the resources required to run each Accelerator. The benefit of this business model is three-fold:
We offer fledgling startups support regardless of their attitude to seeking work in partnership with SEE, that accelerates Social Enterprises Startups in the same way; We attract mentors that add the right value (rather than mentors with a vested interest); and We work with entrepreneurs to increase the value and investability of their company.
We deliver iHive’s programme in the form of “cohorts” a term we use throughout this document. By “cohort” we mean up to 25 startup businesses undertaking a shared three-month Accelerator supported by mentoring and coaching. In each cohort, we include up to 20% of organisations that simply may not want immediate investment or may want invest-ment in ways other than via equity.
For investors, there are flexible packages available ranging from exclusive funding of a cohort to joint funding with other investors. For example, five investors may jointly fund a cohort. Each of the five would also pay their share of the Accelerator running costs. Participation as an investor comes with benefits too and in several forms:
Association with a CIC (Communiity Interest Company) Accelerator designed to enable companies to gain traction; The increased employment this often brings; and The benefits to the ecomony, healthcare and corporate social responsibility.
The iHive Pitch Day at the end of each Accelerator provides the opportunity for startups to pitch to Investors who part-funded the iHive Programme. Investors and startups reach their own agreements on funding and further business development.
Our role is to identify and sift appropriate startups for investors, and partners who fund each programme, to run the Accelerator and to bring startups and investors together in a forum that allows investment decisions to be made solely by investors and startups themselves.
5
3 OUR DELIVERABLES
WH
AT W
E D
O
iHive is a Community Interest Company (CIC) business, to reflect the commitment to our objectives of social development and equitable wealth creation. We recognise not all startups will want immediate investment or may want investment in ways other than equity. However, our Accelerator shares the same developmental pathway as those that do seek investment.
First, we Source, Sift and SelectWe find and sift UK Science, Health & Tech startups using criteria defined by partners and investors. This is significant as supporting sustainable companies makes for the best results. We adopt rigorous selection processes that mean our investors can be confident only the best will make it through. Targets for each cohort are agreed with investors and partners ranging from a focus on businesses that address a wide-range of health issues, population ageing, specific disease prevalence or emerging sectors. We attract startups largely partnering business schools, universities, our strategic partners and by way of inbound campaigns featuring social media, content marketing, events and referral marketing. We also have links with health bodies and academia, both a healthy source of startups. Applicant recruitment is targeted principally at Science, Health & Tech entrepreneurs.
Our typical targets are:
Entrepreneurs and organisations with ideas for delivering disruptive science, clinical and health solutions that may be combined with technology and/or device based medical-technical ideas; Businesses that have been established for no more than 2 years; Organisations with fewer than five principals; and With annual turnover typically not exceeding £250,000.
Successful applicants will demonstrate the potential and desire to create a healthcare and/or community market-improving product, commit to completing the 3-month Accelerator and attending the iHive Pitch Day to network and/or seek investment.
6
WH
AT W
E D
O
Then we Deliver AcceleratorsEach cohort will have its own outcomes unique to that cohort, but within iHive’s overall approach. All cohort members will be equipped with the skills and knowledge required to pitch effectively to investors. Key features of the programme are:
Shared learning and maximised networking opportunities, each cohort will undertake a highly focused 3-month programme to foster the skills and knowledge required to build and manage a sustainable business and to "sell" that business to investors; A multi-faceted business and personal development programme applying online, personal, group, one-to-one, master-class activities. There will be a heavy emphasis on mentoring, coaching and delivery of business development; and
Investor and partner participation throughout the programme focusing on business growth, routes to markets, opportunities to trial and test concepts, ensuring startup ideas are “investor-ready”. Content will be a balance between immersion in learning and providing opportunities to test out ideas with mentors bringing experience of science, clinical, business and technical networks that will be valuable to participants.
Finally, we hold an iHive Investor Pitch DayA managed day-long event where each startup will meet the investors, pitch for their slice of the £3m with funds available to each cohort and meet key health industry opinion leaders that could assist them take their business to the next level. Key features of this day are:
Each startup will be allocated “pitch space” at the iHive Pitch Day. Expert support will be provided on the production of appropriate material, AV, slide stack, pitch management etc. Potential investors will attend the Pitch Day having received advanced guidance on each cohort member’s present and having, where appropriate, provided mentor support during the 3-month programme;
The day’s programme and interactions will be tightly choreographed to maximise time utilisation of investors and allow startups to demonstrate the skills and knowledge learned during the cohort programme, never more needed as each startup pitches to investors; and
As part of the Pitch Day, iHive engineers participation of iHive Strategic Partners although not in a way that will distract the core function of startup/investor interfacing. Their participation will provide supporting external interest to startups and investors and Partners typically include public and private sector health bodies and networks, government and research bodies and health-related academic institutions.
7
WH
AT W
E D
O
Ultimately, we provide the iHive Alumni A year of support within a network that enables entrepreneurs to learn from other, meet investors and interact with existing startup ecosystems and businesses. The iHive Alumni also provides a pathway to acquire accelerated qualifications, through the iHive Academy, in a learning environment designed to encourage intensive and productive exchange of knowledge. Key features are: Following the iHive Pitch Day, all cohort members completing the programme and the iHive Pitch Day will join our network that enables entrepreneurs to learn from each other, meet investors and interact with the existing startup ecosystems and businesses. Each cohort will add to an interconnected network that produces a multitude of productive relationships and connections within the cohort and beyond; and Options for startups to participate in further facilitated peer learning which is used throughout the programme and creates a strong basis of trust between members.
3
THE HEALTH ENVIRONMENT
iHIV
E VI
SIO
N
1. Source: The World Bank, Health Expenditure 2010-2014, total (% of GDP): Total health expenditure being the sum of public and private health expenditure.
Fifty years ago, the UK National Health Service (NHS) consumed some 3% of gross domestic product (GDP). The latest World Bank figures indicate UK public spending on the NHS is more than 9% of GDP whilst the US tops the world charts at an astounding 18% of GDP.
Health spending is rising worldwide. This means that whilst there are budgetary pressures there are also increasing business opportunities. Historically, the key drivers of health and long-term care spending included an increase in the size of the population, growth in national wealth, increases in the costs of providing care, and developments in medical technology. The ageing of the population and lifestyle issues are also other key factors.
Reflecting projected cost pressures, in late 2014, the NHS published its “Five Year Forward View” mapping out a future health vision for UK health. The plan sets out the way the health services will change over the next five years to close the widening gaps in the health of the population, quality of care and the funding of services.
The plan identifies health issues that are common across the world. It describes various models of care that could be provided in the future and seeks to encourage all those involved in the delivery of health services to realise the potential benefits in areas such as “disease prevention; new, flexible models of service delivery tailored to local populations and needs; integration between services; and consistent leadership across the health and care system”.
The Five Year Forward View is intended to change the focus of UK health services. It identifies, amongst other things, a need for integration between hospital and primary care providers, an increased need for innovation, new products and better service all designed to meet an annual funding gap of £30 billion by 2020/21. Globally, this adds up to a significant market opportunity for those able to offer innovative solutions.
8
4 OUR COMPANY STRUCTURE AND BOARD
ABO
UT
US
iHive is a Community Interest Company that receives and administers programme funding. The extent and scope of programmes depend on the funding secured. Our Board comprises individuals with knowledge, experience and understanding of:
Managing investment processes and growing successful businesses; Managing improvement programmes that deliver to required outcomes; Health and clinical environments including commissioning, procurement and service delivery; Scrutiny of business startup plans and supporting growth; Delivery of business leadership and technical skills training including involvement of a leading UK Business Schools; and Delivering public services with private sector context; An understanding of and the ability to support startups looking to access the USA (the biggest healthcare market) and Europe.
Our Board provides oversight of the way the programme funding is spent and for assures governance, outcomes and quality.
We have an Advisory Panel comprising sector specific academics, technologists and medical advisors together with an Operating Board responsible for finance and operational issues.
All Board and Advisory Panel members are UK-resident and all companies are registered in England.
3
THE HEALTH ENVIRONMENT
iHIV
E VI
SIO
N
1. Source: The World Bank, Health Expenditure 2010-2014, total (% of GDP): Total health expenditure being the sum of public and private health expenditure.
Fifty years ago, the UK National Health Service (NHS) consumed some 3% of gross domestic product (GDP). The latest World Bank figures indicate UK public spending on the NHS is more than 9% of GDP whilst the US tops the world charts at an astounding 18% of GDP.
Health spending is rising worldwide. This means that whilst there are budgetary pressures there are also increasing business opportunities. Historically, the key drivers of health and long-term care spending included an increase in the size of the population, growth in national wealth, increases in the costs of providing care, and developments in medical technology. The ageing of the population and lifestyle issues are also other key factors.
Reflecting projected cost pressures, in late 2014, the NHS published its “Five Year Forward View” mapping out a future health vision for UK health. The plan sets out the way the health services will change over the next five years to close the widening gaps in the health of the population, quality of care and the funding of services.
The plan identifies health issues that are common across the world. It describes various models of care that could be provided in the future and seeks to encourage all those involved in the delivery of health services to realise the potential benefits in areas such as “disease prevention; new, flexible models of service delivery tailored to local populations and needs; integration between services; and consistent leadership across the health and care system”.
The Five Year Forward View is intended to change the focus of UK health services. It identifies, amongst other things, a need for integration between hospital and primary care providers, an increased need for innovation, new products and better service all designed to meet an annual funding gap of £30 billion by 2020/21. Globally, this adds up to a significant market opportunity for those able to offer innovative solutions.
9
ABO
UT
US
BOARD MEMBERS
Mike Boseley – Chairman Extensive experience in the management of market-leading health, communication and IT businesses including corporate financial reporting with City Institutions and advice to investors in startups and acquisitions. Mike advises US health and technology companies seeking presence in Europe.
Nicola Crossland– Communications DirectorNicola is a business growth specialist working with high growth business leaders and startups.A 25 years communications professional for health, pharmacy and information technology companies. Selected by Goldman Sachs in 2012 to join the 10K Small Business Programme and part of international Goldman Sachs’ Alumni.
Mike Gill– Operations Director
Mike is a business growth specialist and change consultant.An experienced project manger with an extensive track record of delivering change programmes across the UK public and private sector. Subject matter expertise include NHS, police services, local and central government and projects have covered performance improvement, procurement and transformational change.
Martin has been involved in numerous fundraising transactions in the past 15 years and was an investment banker with Merrill Lynch, Lehman Brothers and Salomon Smith Barney. He was recruited by Compaq Computers in the mid 90’s and led that company’s new ventures team. In recent years, Martin has been involved in seeking funding for startups and SMEs.
Martin Stockman– Investor Advisor
3
THE HEALTH ENVIRONMENT
iHIV
E VI
SIO
N
1. Source: The World Bank, Health Expenditure 2010-2014, total (% of GDP): Total health expenditure being the sum of public and private health expenditure.
Fifty years ago, the UK National Health Service (NHS) consumed some 3% of gross domestic product (GDP). The latest World Bank figures indicate UK public spending on the NHS is more than 9% of GDP whilst the US tops the world charts at an astounding 18% of GDP.
Health spending is rising worldwide. This means that whilst there are budgetary pressures there are also increasing business opportunities. Historically, the key drivers of health and long-term care spending included an increase in the size of the population, growth in national wealth, increases in the costs of providing care, and developments in medical technology. The ageing of the population and lifestyle issues are also other key factors.
Reflecting projected cost pressures, in late 2014, the NHS published its “Five Year Forward View” mapping out a future health vision for UK health. The plan sets out the way the health services will change over the next five years to close the widening gaps in the health of the population, quality of care and the funding of services.
The plan identifies health issues that are common across the world. It describes various models of care that could be provided in the future and seeks to encourage all those involved in the delivery of health services to realise the potential benefits in areas such as “disease prevention; new, flexible models of service delivery tailored to local populations and needs; integration between services; and consistent leadership across the health and care system”.
The Five Year Forward View is intended to change the focus of UK health services. It identifies, amongst other things, a need for integration between hospital and primary care providers, an increased need for innovation, new products and better service all designed to meet an annual funding gap of £30 billion by 2020/21. Globally, this adds up to a significant market opportunity for those able to offer innovative solutions.
10
ABO
UT
US
BOARD OF ADVISORS
Professor Mark Hart – Academic Advisory Chair Professor at Aston Business School and Deputy Director of UK National Enterprise Research Centre focusing on small business growth. Mark has worked and published extensively in the areas of entrepreneurship, enterprise and small business development and policy and manages the Global Entrepreneurship Monitor (GEM) project in the UK, advising UK Government Departments on enterprise issues. His work on High-Growth Firms (HGFs) has been influential in shaping policy discussions and actions in the UK and Mark is currently working with NESTA and the OECD on a range of follow-up projects.
Nick Rogers– Commercial AdvisorAn investment banker (head of corporate finance with Evolution Securities - formerly Beeson Gregory), experienced non-executive director and chairman of Oxford BioMedica plc a leading gene based biopharmaceutical company, Nick has advised on over 100 acquisitions or disposals, some 40 IPOs and in excess of 20 takeovers.
David Adams– CSR AdvisorA highly commercial corporate lawyer, David is currently a partner in a corporate finance and advisory firm. His expertise are in venture capital, corporate law, corporate finance, mergers and acquisitions, IPO, corporate governance and funding. David’s particular interest is in corporate social responsibility.
Dr.Christine Fiddler– Social Funding AdvisorA business development specialist with significant experience of supporting and evaluating startups, SME’s and community regeneration initiatives. Christine was a Cabinet Office advisor on SME issues and has worked on multi £m funding projects for Government Office, Sport England, Big Lottery, Coalfields Regeneration Trust and New Deal.
3
THE HEALTH ENVIRONMENT
iHIV
E VI
SIO
N
1. Source: The World Bank, Health Expenditure 2010-2014, total (% of GDP): Total health expenditure being the sum of public and private health expenditure.
Fifty years ago, the UK National Health Service (NHS) consumed some 3% of gross domestic product (GDP). The latest World Bank figures indicate UK public spending on the NHS is more than 9% of GDP whilst the US tops the world charts at an astounding 18% of GDP.
Health spending is rising worldwide. This means that whilst there are budgetary pressures there are also increasing business opportunities. Historically, the key drivers of health and long-term care spending included an increase in the size of the population, growth in national wealth, increases in the costs of providing care, and developments in medical technology. The ageing of the population and lifestyle issues are also other key factors.
Reflecting projected cost pressures, in late 2014, the NHS published its “Five Year Forward View” mapping out a future health vision for UK health. The plan sets out the way the health services will change over the next five years to close the widening gaps in the health of the population, quality of care and the funding of services.
The plan identifies health issues that are common across the world. It describes various models of care that could be provided in the future and seeks to encourage all those involved in the delivery of health services to realise the potential benefits in areas such as “disease prevention; new, flexible models of service delivery tailored to local populations and needs; integration between services; and consistent leadership across the health and care system”.
The Five Year Forward View is intended to change the focus of UK health services. It identifies, amongst other things, a need for integration between hospital and primary care providers, an increased need for innovation, new products and better service all designed to meet an annual funding gap of £30 billion by 2020/21. Globally, this adds up to a significant market opportunity for those able to offer innovative solutions.
11
ABO
UT
US
OPERATING BOARD
Ken MacNeill – Accelerator Delivery & Finance
Mo Hussain– Technology & Media
Rachel Edwards– Cohort Leader
Mike Boseley – Chairman
Nicola Crossland– Communications Director
Mike Gill– Operations Director
12
ABO
UT
US
MENTORS
The mentors are drawn from a range of disciplines and backgrounds including science, clinicians, financial and operational experts, technologists, academics, technicians, entrepreneurs, and investors all with track records in personal and sustainable business development.
We maintain a pool of some 50 mentors who we use regularly to support cohorts. Each startup will have a lead mentor who will be able to draw on the experiences of others within our pool to provide further specific expertise.
We also maintain an additional pool of 20-30 subject matter experts we draw upon as required. Their experiences and skills are of a specific or particular nature such as health, technical or commercial disciplines.
We have a number of Strategic Partners who support the delivery of iHive Programme in a variety of ways. Partners are not investors but provide support to in the Accelerator. Some contribute mentors to cohorts, provide options and test-beds for routes to market or offer opportunities for startups to network with existing services that will help develop their business. Some Partners provide direct cohort funding and support iHive in the delivery of Accelerators.
The latest pool of mentors and our Partners are all detailed on our website www.ihive.co.uk/mentors; www.ihive.co.uk/partners
PARTNERS
13
STARTUP OPPORTUNITY
STAR
TUPS
OPP
ORT
UN
ITY
This section provides an overview of the opportunity presented by iHive to Science and HealthTech Startups.
By applying to be part of the iHive Programme and through participation in the three-month mentor driven iHive Accelerator, you will:
Develop an effective business model;
Develop your business skills and knowledge;
Identify routes to market and opportunities for testing and piloting your ideas in an appropriate health setting;
Offer a stronger product and clearer value proposition to investors;
Have an opportunity to directly pitch for investment to the investors who part-funded your cohort, with each cohort typically having a ring-fenced investment pool of £3m and anticipated average investment of £150,000 per startup; and
Participate as part of the iHive Alumni for 12 months after your cohort’s Symposium
Science and HealthTech startup is a broad term covering great many ideas and new companies. Your idea may have not yet have been fully developed. Or you may have acquired some traction but without major clients. You may be working on something new, looking to deliver disruptive technology and/or device based science/health/clinical/ medical-technical products.
We are flexible on our definition and our criteria but generally, we would expect you to be:
A business founder, most probably with good technical skills and exercising direct control over your business;
The owner of your company, which will likely be no more than 2 years old;
Seeking investment in order to provide a basis for future business growth; and
An organisation likely to have less than five principals and turnover not exceeding £250,000.
If you don’t exactly fall into these descriptions, contact us as we are seeking innovative ideas and talented entrepreneurs. We are not constricted by our own rules if it means we miss opportunities.
Successful applicants must be prepared to demonstrate the potential and desire to create a health market-improving product. We welcome applications from organisations that may not want immediate investment or may want investment in ways other than equity.
ORGANISATIONAL ELIGIBILITY
5. SO YOU'RE A STARTUP?
14
WHAT STARTUPS WILL RECEIVE
STAR
TUPS
OPP
ORT
UN
ITY
1 Mentor Support - mentor support throughout your own iHive Accelerator. Your mentor will liaise with you directly enabling you to hone your idea, test your idea and draft your Business Plan. iHive mentors include healthcare executives, entrepreneurs, clinicians and investors all committed to startup success. iHive works to align your needs with a lead mentor who can support you deliver your outcomes. That matching will be a product of what you want to achieve, where you are on your journey and the investment you may need.
2 A Modular Accelerator - held over 3-month delivered by academics, healthcare professionals, entrepreneurs, business organisations and inspirational individuals able to provide genuine support startup, enabling you to best prepare for investment In addition to the programme, access to webinars, the iHive intranet and topic specific workshops.
3 Free Co-working Space - available to individuals attending each cohort throughout the day of each event. Additional space will be available on a first-come-first-serve basis, throughout the programme.
4 Build Your Network - the opportunity to mix with more up to 25 other like-minded entrepreneurs in the same sector and share ideas.
5 Commercialise Your Idea - a better understanding of the commercialisation of your idea and the development of your own business traction and/or growth plan.
6 Pitch to Investors at iHive Symposium - at which you will meet investors and maximise your chances of securing investment, network with health sector opinion leaders, SMEs and other startups. (Free POD stand with graphics, monitor, electrics and furniture, 3 x passes for you and colleagues affording you access to this one day event including plenary and the exhibition throughout.)
7 iHive Ecosystem, Alumni and iHive Academy - be part of the iHive Ecosystem and continue to network with entrepreneurs, academics, businesses, associations and investors in the iHive Alumni for 12 months following the iHive Symposium including the opportunity to accelerate your academic qualifications in the iHive Academy.
The success of any startup is a product of the leadership. The chemistry and balance of personalities in a given cohort is very important to the success of that cohort. Therefore our application process is suitably rigorous, designed to help us determine whether or not you'll be a good fit, both for our mentor and classroom culture and our methodology.
Additionally, cohorts are capped at 25 persons per city. As each enrolment deadline passes, the competitive nature of admissions becomes more pronounced, so we encourage people to get in touch earlier rather than later.
Successful applicants must be prepared to demonstrate the potential and desire to create a health market-improving product. They must also be prepared to making a commitment of time to attend seminars, workshops, meet with their Mentor and complete their Business Plan. This investment of time is significant, and you will be assessed throughout the iHive Programme to ensure your investment is consistent.
We would generally expect startups to be looking for investment however, we welcome applications from organisations that may not want immediate investment or may want investment in ways other than in return for equity.
THE APPLICATION PROCESS
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THE HEALTH ENVIRONMENT
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1. Source: The World Bank, Health Expenditure 2010-2014, total (% of GDP): Total health expenditure being the sum of public and private health expenditure.
Fifty years ago, the UK National Health Service (NHS) consumed some 3% of gross domestic product (GDP). The latest World Bank figures indicate UK public spending on the NHS is more than 9% of GDP whilst the US tops the world charts at an astounding 18% of GDP.
Health spending is rising worldwide. This means that whilst there are budgetary pressures there are also increasing business opportunities. Historically, the key drivers of health and long-term care spending included an increase in the size of the population, growth in national wealth, increases in the costs of providing care, and developments in medical technology. The ageing of the population and lifestyle issues are also other key factors.
Reflecting projected cost pressures, in late 2014, the NHS published its “Five Year Forward View” mapping out a future health vision for UK health. The plan sets out the way the health services will change over the next five years to close the widening gaps in the health of the population, quality of care and the funding of services.
The plan identifies health issues that are common across the world. It describes various models of care that could be provided in the future and seeks to encourage all those involved in the delivery of health services to realise the potential benefits in areas such as “disease prevention; new, flexible models of service delivery tailored to local populations and needs; integration between services; and consistent leadership across the health and care system”.
The Five Year Forward View is intended to change the focus of UK health services. It identifies, amongst other things, a need for integration between hospital and primary care providers, an increased need for innovation, new products and better service all designed to meet an annual funding gap of £30 billion by 2020/21. Globally, this adds up to a significant market opportunity for those able to offer innovative solutions.
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STEP 1
Up until a Cohort is announced, you can register your interest in iHive online via the website www.ihive/application.co.uk,
Each cohort opportunity, once live, will be advertised on the iHive website, though our Strategic Partners and extensively through social media. If you have already registered your interest, you will be notified and sent an Application link prior to publication to a wider audience.
Your team, your company and your idea will be assessed but typically, only one participant will be drawn from each startup (two in exceptional cases) and one place awarded on the programme per organisation. That said, up to 4 members of your team will qualify to join the iHive Pitch Day.
Typical information sought in the application process includes entrepreneur ambition for the business, the potential value/benefit to the business of the iHive programme, the nature and opportunity for the product and service and the entrepreneur’s view of risk and desire to secure investment.
In terms of eligibility we are flexible but generally, we would expect you to be: A business founder, most probably with good technical skills and exercising direct control over your business; The owner of your company, which will likely be no more than 2 years old; Seeking investment in order to provide a basis for future business growth; and An organisation likely to have less than five principals and turnover not exceeding £250,000.
If you don’t exactly fall into these descriptions, contact us as we are seeking innovative ideas and talented entrepreneurs. We are not constricted by our own rules if it means we miss opportunities.
STEP 2
An Expert Panel of academics, sector experts and investors will undertake post assessment of all online applications. The Expert Panel aims to identify appropriate startups for each iHive Accelerator cohort.
STEP 3
Post Expert Panel review, entrepreneurs and their companies will be short-listed. These individuals will be interviewed either by phone, Google Hangout, or Skype (your preference), and the most appropriate Mentor/s will be allocated.
STEP 4
From the short-list, companies will be invited to meet Mentors and discuss their proposition. These organisations will be notified of their Cohort place further to and within 2 weeks of this meeting.
Register Your Interest HereTo find out further information Email Nicola Crossland on [email protected]
3
THE HEALTH ENVIRONMENT
iHIV
E VI
SIO
N
1. Source: The World Bank, Health Expenditure 2010-2014, total (% of GDP): Total health expenditure being the sum of public and private health expenditure.
Fifty years ago, the UK National Health Service (NHS) consumed some 3% of gross domestic product (GDP). The latest World Bank figures indicate UK public spending on the NHS is more than 9% of GDP whilst the US tops the world charts at an astounding 18% of GDP.
Health spending is rising worldwide. This means that whilst there are budgetary pressures there are also increasing business opportunities. Historically, the key drivers of health and long-term care spending included an increase in the size of the population, growth in national wealth, increases in the costs of providing care, and developments in medical technology. The ageing of the population and lifestyle issues are also other key factors.
Reflecting projected cost pressures, in late 2014, the NHS published its “Five Year Forward View” mapping out a future health vision for UK health. The plan sets out the way the health services will change over the next five years to close the widening gaps in the health of the population, quality of care and the funding of services.
The plan identifies health issues that are common across the world. It describes various models of care that could be provided in the future and seeks to encourage all those involved in the delivery of health services to realise the potential benefits in areas such as “disease prevention; new, flexible models of service delivery tailored to local populations and needs; integration between services; and consistent leadership across the health and care system”.
The Five Year Forward View is intended to change the focus of UK health services. It identifies, amongst other things, a need for integration between hospital and primary care providers, an increased need for innovation, new products and better service all designed to meet an annual funding gap of £30 billion by 2020/21. Globally, this adds up to a significant market opportunity for those able to offer innovative solutions.
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To find out further information, and to discuss taking part in iHive, please contact us on the following:
Nicola CrosslandCommunicationsm: +44 (0) 77 2165 0265p: +44 (0) 1564 840005e: [email protected]: www.ihive.co.uk
Follow us:
3
THE HEALTH ENVIRONMENT
iHIV
E VI
SIO
N
1. Source: The World Bank, Health Expenditure 2010-2014, total (% of GDP): Total health expenditure being the sum of public and private health expenditure.
Fifty years ago, the UK National Health Service (NHS) consumed some 3% of gross domestic product (GDP). The latest World Bank figures indicate UK public spending on the NHS is more than 9% of GDP whilst the US tops the world charts at an astounding 18% of GDP.
Health spending is rising worldwide. This means that whilst there are budgetary pressures there are also increasing business opportunities. Historically, the key drivers of health and long-term care spending included an increase in the size of the population, growth in national wealth, increases in the costs of providing care, and developments in medical technology. The ageing of the population and lifestyle issues are also other key factors.
Reflecting projected cost pressures, in late 2014, the NHS published its “Five Year Forward View” mapping out a future health vision for UK health. The plan sets out the way the health services will change over the next five years to close the widening gaps in the health of the population, quality of care and the funding of services.
The plan identifies health issues that are common across the world. It describes various models of care that could be provided in the future and seeks to encourage all those involved in the delivery of health services to realise the potential benefits in areas such as “disease prevention; new, flexible models of service delivery tailored to local populations and needs; integration between services; and consistent leadership across the health and care system”.
The Five Year Forward View is intended to change the focus of UK health services. It identifies, amongst other things, a need for integration between hospital and primary care providers, an increased need for innovation, new products and better service all designed to meet an annual funding gap of £30 billion by 2020/21. Globally, this adds up to a significant market opportunity for those able to offer innovative solutions.