Bethesda, Maryland (Issuewire.com) – Coinciding with DC Startup Week, the Center for Advancing Innovation (CAI) has launched the Global Health Innovation Challenge (GHIC). The launch of this challenge marks the second year of a three-year grant period for CAI from the U.S. Economic Development Administration (EDA) Build to Scale (B2S) Program. This challenge is also generously supported by Resonance Philanthropies of the Silicon Valley Community Foundation and Children’s National Hospital in Washington, DC. Building on the 2021-2022 Innovate Children’s Health Challenge (ICHC II), the GHIC will launch 15+ startups to advance innovative biotechnology, health security, and supply chain technologies with the potential to boost pandemic resiliency and children’s mental health globally.
The GHIC seeks to create knowledge-based jobs for all talent. To meet this goal, the GHIC will form new, multidisciplinary startups around entrepreneurial-minded people who enroll in the challenge alone or with teammates. Startups in the GHIC will commercialize vetted inventions, selected out of patents and patent applications from Children’s National and CAI’s other research partners by a committee of industry experts and potential investors. Along with new startups, formed during the GHIC, existing startups may enter the challenge with other global health-related inventions, including their own and/or others to which they have access.
Rosemarie Truman, Founder and CEO of CAI, said, “Participants in the Global Health Innovation Challenge will benefit from CAI’s award-winning challenge-accelerator platform, which has directly created 1300+ new jobs, trained 3500+ entrepreneurs, advanced 300+ inventions, and launched 350+ companies since 2014. Collectively these companies have raised over $1.3 billion in funding to date. 70% of CAI startups are minority- or woman-led. With continued support from our closest partners, especially Sheri Sobrato at Resonance Philanthropies, CAI is poised to scale our positive impact for years to come.”
GHIC partners are sourcing and evaluating teams and inventions for the challenge now. Anyone with an entrepreneurial spirit and interest in global health is encouraged to sign up for additional information at https://bit.ly/ghicsignup.
To compete in the GHIC, individuals or teams of at least two can begin enrolling in the challenge right away at https://form.jotform.com/CAIStartups/ghic. Entry is rolling. CAI will select the first group of challenge semifinalists in April 2023.
Global health experts interested in advising, mentoring, and/or evaluating entrepreneurial teams through the challenge can volunteer at https://form.jotform.com/CAIStartups/ghicadvocate.
Winning startups in the challenge will gain access to capital from CAI’s investor community through virtual demo days and in-person conferences, like CAI’s 2022 DMV Investor Forum at the Children’s National Research and Innovation Campus; this event will be held on September 23rd from 1:30-4:30pm Eastern Time.
Challenge spin-out companies will also have an opportunity to raise up to $5 million each from accredited and non-accredited investors through Regulation Crowdfunding on Ignite Social Impact, a funding portal created by the CAI team to make the GHIC sustainable.
The Center for Advancing Innovation (CAI) is a global public-private partnership, non-profit focused on creating a virtuous circle of innovation and driving growth breakthroughs through novel, creative paradigms, and models. CAI’s mission is to accelerate and increase the volume of technology commercialization to ignite entrepreneurship, bolster the global economy, and maximize the potential of promising inventions. CAI’s award-winning challenge-based accelerator, rigorous evidence-based due diligence, and capital-efficient lean management models serve to hyper-accelerate “gazelle” high-performing startups for outsized investor returns. For additional information about CAI, please visit https://www.thecenterforadvancinginnovation.org/.
Ignite Social Impact (“Ignite”) is a crowd equity funding portal for US-based technology companies with impact. Ignite was founded by a team of passionate entrepreneurs and scientists to showcase a wealth of innovative companies addressing the United Nations Sustainable Development Goals and to enable anyone to make a positive impact by investing as little as $100 in those companies. To learn more, visit https://www.ignitesocialimpact.com/, and follow Ignite on Facebook, Twitter, Instagram, and LinkedIn.