Later this year, Techstars will open its third business accelerator in the Twin Cities, but this time with a focus on medical technology.
Structured after its previous accelerators, the new Techstars program is being backed by one of Minnesota’s largest corporations: UnitedHealthcare, a subsidiary of UnitedHealth Group.
Techstars’ entry into Minnesota came in 2016 when it opened a retail accelerator with Target as its partner. Its second accelerator arrived last year, called Farm to Fork, with Ecolab and Cargill signed on.
Partnering companies tend to host and offer mentorship to the select number of startups in the program as part of their commitment. Techstars’ accelerator with UnitedHealthcare will follow a similar format.
“Ten startups will be selected from applicants around the globe, and participating companies will gather in Minneapolis for an intensive three-month program of research, development, mentorship, and collaboration,” Techstars said in a release issued Friday.
The accelerator will culminate with a “Demo Day” where each of the ten startups will pitch their business to an audience of venture capitalists, corporate innovation leaders, and industry experts. In the past, Demo Day has directly led to investments in the participating startups.
“Our passion and drive for innovation matched with Techstars’ proven method of startup acceleration will create an environment to build and scale cutting-edge digital health and wellness technology,” said Joel Nelson, vice president of innovation at UnitedHealthcare.
Techstars and UnitedHealthcare are looking specifically for digital health and wellness solutions businesses to apply. The application deadline is February 18.
The program will officially launch in September this year and will be based in Minneapolis.