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Innovation in the health sector is thriving in Canada, but many startups face significant hurdles when it comes to commercializing their solutions. Fortunately for Alberta-based startups, a new program has been launched to help them connect with early adopters and investors.
IDEATE: A Digital Platform Connecting Health Startups with Early Adopters
Alberta Innovates, the provincial innovation support agency, recently launched IDEATE (Innovative Digital Engagement and Tech Evaluation in Alberta), a digital platform designed to accelerate health tech startups. The program aims to help entrepreneurs gain insights into their target markets while reducing risks and securing early-stage investments. IDEATE primarily focuses on digital health technologies like mobile health apps and connected medical devices.
$4.25 Million in Funding to Drive Innovation
IDEATE is backed by $4.25 million in total funding, with $2.15 million provided by Alberta Innovates and $2.1 million contributed by PrairiesCan, the federal economic development agency for the Prairies. This funding will support startups in overcoming key technological, regulatory, and market entry challenges.
How Does It Work?
Interested founders can register on the IDEATE platform to submit their project for validation. Once approved, they can create a customized product page that investors and evaluators can review. Moreover, IDEATE allows the public to participate in product testing without collecting sensitive health data.
Wound3: One of the First Startups Engaged in IDEATE
Among the startups already benefiting from IDEATE is Edmonton-based Wound3, which is developing a 3D medical scanner for wound management. The program has helped them connect with testers and investors to further accelerate their product development.
Accelerating the Commercialization of Canadian Health Innovations
By linking entrepreneurs to their markets early in the development process, IDEATE is expected to foster solutions that better meet the needs of patients and healthcare professionals, positioning Alberta as a leader in health tech innovation.
