The University City Science Center has received a $50,000 grant from the U.S. Small Business Administration (SBA) Growth Accelerator Fund for its Digital Health Accelerator (DHA). Launched in 2014, the DHA supports early-stage digital health companies with funding, office space, professional mentorship and introductions to key healthcare stakeholders in the Greater Philadelphia region. Funding from the SBA will enable the second class of the DHA to continue to focus on minority and women-led businesses.
The Science Center is among 80 winners selected by the SBA from a pool of 400 applications for the second annual Growth Accelerator Fund Competition. Applications were judged by more than 40 experts with entrepreneurial, investment, startup, economic development, capital formation and academic backgrounds from both the public and private sector.
“We’re honored to be recognized by the SBA Growth Accelerator Fund,” says Science Center President and CEO Stephen S. Tang, Ph.D., MBA. “Digital health is an area of strength for the Greater Philadelphia region. As we work to develop strategies to increase diversity in the tech sector, it is important that we engage more women and minorities in this growing area.”
The first class of DHA companies was selected from a pool of 69 applicants via a multi-stage process. The seven companies in the inaugural DHA class have gone from prototype to commercialization, generating revenues and now attracting major investment. In just one year, they’ve created 53 new jobs, generated $600,000 in sales and have raised almost $4 million in follow-on investment. The Science Center did not take equity from DHA participants.
The application period for the second class of the Digital Health Accelerator will open in the fall of 2015, with the program beginning in early 2016.
The DHA has also received support from the Commonwealth of Pennsylvania’s Department of Community and Economic Development.
About the Science Center
The University City Science Center is a dynamic hub for innovation, and entrepreneurship and technology development in the Greater Philadelphia region. It provides business incubation, programming, lab and office facilities, and support services for entrepreneurs, start-ups, and growing and established companies. The Science Center was the first, and remains the largest, urban research park in the United States. Since it was founded in 1963, graduate organizations and current residents of the University City Science Center’s Port business incubators have created more than 15,000 jobs that remain in the Greater Philadelphia region today and contribute more than $9 billion to the regional economy annually.