(Photo courtesy of Montgomery County Innovation Network)
In partnership with Montgomery County’s Department of Economic Development and ProductSavvy, the nonprofit is bringing a product development-centered accelerator to the local health tech industry.
All the partners involved in the accelerator program will be investing a total $1 million in the program, including $500,000 from BioHealth and the county, according to the Washington Post.
In exchange for an 8 percent equity stake, the eight participating companies will receive up to $50,000 to complete the five-month program.
The program will be run by ProductSavvy, a Rockville-based company that specializes in product development, and will he held in the Rockville Innovation Center. It will also include access to strategic partners and industry mentors in BioHealth’s network.
“This new accelerator will allow us to foster leadership teams in these companies, enabling them to interact with the rich health resources and talent located in Central Maryland,” BioHealth Innovation CEO Richard Bendis said in a release.
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