Dream boot camp for health-tech start-ups

DreamIt Health Philadelphia - a boot camp for health start-ups - celebrated its third year Monday, saying that 21 firms had gone through the program and that 10 more were poised to participate.

Powered by a collaboration among DreamIt Ventures, Independence Blue Cross, and Penn Medicine, the 16-week program's goal is to provide the support that takes a health-care idea to market.

"We wanted to reach out into the entrepreneurial world and find passionate innovators who can help us reimagine health care," said Tom Olenzak, director of innovation for IBC. "We're trying to figure out what the future of health care looks like."

The newest class started Monday for 10 more companies from across the nation (more information at www.dreamit.com).

Among their successes, DreamIt officials cited Biomeme, a local firm that transforms a smartphone into a mobile lab for DNA analysis. CEO Max Perelman is scheduled to take part in Start-Up City, a forum at the Kimmel Center on Tuesday sponsored by The Inquirer.

Although the total contributions by the three sponsors were not disclosed, Steve Barsh, managing director of DreamIt Health, said a participating start-up could receive up to $50,000.

"We think of it like a stipend," he said. "It gives them some level of cushion to survive" during the 16-week training.

IBC and Penn Medicine are equal investors, with DreamIt Ventures footing a greater share, he said. In return, DreamIt gets some equity in the start-ups with the potential to invest in the companies later.

Accelerator programs for health-tech start-ups are not uncommon.

But, Barsh said, DreamIt Health Philadelphia is "the first one that really had a major health plan and major health system to give both perspectives."

Olenzak said: "Our hope is that they are able to build something that is a value to all of us."