Ignite Fund - applications open for funds to support innovative ideas

 *Sent on behalf of Susan Ahern, Vice President, Innovation**

Calling all MaineHealth care team members! Do you have an innovative idea that you want to take to the next level? Let us invest up to $20,000 in your unique insight to solve some of the problems you see everyday. Introducing the MaineHealth Ignite Innovation Fund, a new resource for early stage innovation projects throughout our healthcare system.

 

What: An investment of up to $20,000 to help bring an early solution to life. Use the funding to understand your users’ pain points, build a scrappy prototype, or scale an early idea further. Your innovation may include – but is certainly not limited to – a new care team model, a novel service, a new tool or technique, even a potential product or therapeutic. We care most about the quality of your idea and your commitment to it. All members of the MaineHealth community – regardless of rank or role – are encouraged to apply.

 

When: Today! Applications are open. Applications will close on October 15, 2020 – so don’t delay. 

 

How: Complete the online Ignite Fund application here: https://mhinnovationcenter.typeform.com/to/y01HJDdM This simple form is your chance to articulate how your idea will address an unmet need. Paper applications are available, but online applications are preferred.

 

Final candidates will be asked to present a snappy 15 minute pitch (5 minute pitch, with 10 minutes of Q+A) to a cross-sectional team from MaineHealth. This pitch should focus on the identified problem and unmet need, your proposed solution, progress to date, and if applicable, your proposed business model. Please hold the morning of October 22, 2020 for pitch day.

 

Criteria: Applications will be assessed based on three core criteria – desirability, feasibility, and viability:

·       Desirability: Do people want or need this idea? Your solution should focus on creating something that is truly user-centered and answers to your users’ underlying needs.

·       Feasibility: Can you muster the right resources to develop this idea? Your solution should focus on harnessing the appropriate technologies, people, and processes/systems to solve the problem.

·       Viability: Is there a working business model or an addressable market for this idea? Your solution should focus on generating revenue or cutting costs to demonstrate a clear return on the initial investment.

 

The Nitty Gritty: While the Ignite fund is designed as a grant-like investment to accelerate your solution, funding is expected to be repaid if your solution is a commercial success (specifically, repayment before distribution of any royalties). Investments are up to $20,000 each with an expectation that funds will be deployed over 12 months at most. Priority may be given to projects focused on MaineHealth strategic areas such as behavioral health, pediatrics, primary care, interprofessional training and education, etc.

 

Link to Application: https://mhinnovationcenter.typeform.com/to/y01HJDdM  

More Information: Looking for a little more information? We’re here for you! Join us on either September 30, 2020 from 7-7:30am or October 6, 2020 from 3-3:30pm for an overview session held on Zoom. We promise to leave plenty of time for Q+A. Contact the Innovation Center at innovation_center@mainehealth.org for more information or to RSVP.