Northrop Grumman has thrown its support behind DreamIt Health Baltimore, the accelerator for health IT startups that begins its first, four-month program for 10 early-stage companies Jan. 17.
“They’re a significant financial partner,” said Elliot Menschik, the Philadelphia-based healthcare entrepreneur who oversees DreamIt Health.
For now, Northrop Grumman’s funds will go toward day-to-day operations at DreamIt Health, which will be based out of Bond Street Wharf in Fells Point. This is different from some of the other DreamIt Health partners, who will take 8 percent equity stakes in startups in exchange for up to $50,000 in stipend money.
Although Menschik said Northrop’s arrangement could change if “they see a company that is of interest to them longer term.”
“Northrop Grumman has a very large health IT business … [and it’s] interested in partnering with DreamIt companies and possibly bringing some of these solutions to market at scale,” he said.
Leading the new accelerator is gb.tc executive director Jason Hardebeck, as Technical.ly Baltimore reported in November.
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