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Maine’s health technology industry is about to boom.
The Rooks Institute, based at Northeastern University in Portland, is partnering with two of Maine’s major health care providers to bring 30 young health technology companies to the state over the next three years through a residency program.
The school is partnering with MaineHealth and Northern Light Health, operators of the state’s major hospital networks.
Teams selected to participate in the Healthcare Founder Residency Program will receive $50,000 in startup funding and spend a year building their company under the mentorship of health technology professionals and entrepreneurs, Northern Lights Health and Maine Health experts, resources and clinical settings. To test their ideas and free business, design and legal services.
MaineHealth, the parent organization of Maine Medical Center and seven other hospitals, will invest $500,000 in the program and in return receive equity stakes in successful businesses.
According to Maine Health’s Wednesday press release about the program, the program will allow participants to “develop, test and test innovative solutions to a complex problem facing Maine’s health care industry.”
According to the Rooks Institute, a graduate school of technology, engineering and computer science led by Northeastern University, the program will help accelerate the growth of Maine’s health care technology industry.
“Having the directors of partnerships, research and entrepreneurship in one place means we can solve problems and change lives,” said Ray Winslow, director of life sciences and medical research at the Rooks Institute, in a statement released by the school.
During the first three months of the program, residents build their advisory groups, familiarize themselves with available resources, and refine their ideas. They secure financing for the rest of the program and continue to build their companies. The entire program is part-time. Expected time limits are 15 to 20 hours for the first two weeks, six to eight hours for the next 10 weeks, and 1 to 2 hours per week for the nine-month phase.
Applications are open for the first year of the program, which is scheduled to begin in March.
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