Health Incubator Helsinki is seeking new, innovative, early-stage health sector startups andteams from Finland and abroad to join its unique program. The fourth batch of Health Incubator Helsinki startups will begin their journey in the three-year program in April 2023.
The incubator, initiated by the City of Helsinki and the University of Helsinki, was established in 2020 to boost the commercialisation and growth of research innovations towards a successful business. The program provides long-term support, including customised mentoring and advice, broad network opportunities, and office and co-working space in the Meilahti hospital area. Apart from a small fee for the office space, the incubator services are free for the participants.
– For the new teams and startups joining the incubator program, we put emphasis on getting them up to speed with the basics of developing their product or service and getting the finance in place. After this initial period of two months, our support will be focused on advising each team individually, Christian Lardot, Incubator Leader at Health Incubator Helsinki, describes the design of the program.
A tailored service creates notable results
There are currently 24 teams developing their business operations in the incubator, located at Terkko Health Hub, in close proximity to HUS Helsinki University Hospital. The results the teams have achieved during three years have been impressive, the most noteworthy of them being successful funding rounds.
In 2022, the third batch of Health Incubator Helsinki startups secured a total of €11 million in financing. One of these teams is a Dutch medtech startup, Lapsi Health. The company has the goal of redefining sound in medicine and is developing solutions for screening, diagnosing, treating and monitoring through sound and auscultation. In 2022, Lapsi Health raised €700k in pre-seed funding, won the Eurostars development grant of €1M and, in January 2023, a seed round of funding of €3.7M was closed.
– The assistance from the team at Health Incubator Helsinki has been an integral part of our success since we joined the program. The mentorship, events, and environment at the Terkko Health Hub have provided a great platform in helping us build momentum, Séamus Holohan, COO for Lapsi Health, says.
Another team that has achieved significant milestones while attending the program is a Finnish organ-on-chip startup Finnadvance. In just two years, the startup has grown from a small team into a company of 15 employees with customers in 35 countries.
– Earlier in 2023, we achieved the ISO certification for quality management systems for the design, development, and manufacturing of organ-on-a-chip platforms, the only one in Finland for these non-animal methods, Prateek Singh, CEO and Founder of Finnadvance adds.
In search of innovative ideas and dedicated teams
The application period for the fourth incubator program is 20 February–19 March 2023. Finally approximately 10–12 startups will start in the incubator at the end of April.
– During the application process, we will assess whether there is a market for the company’s innovation, service or product. Is the company involved in creating something new or improving existing solutions? One of the key factors we are looking for is the skill set, dedication, passion and perseverance of the team members, says Mr. Lardot.