MIT Sloan Healthcare Innovations Prize 2022

 
 

Apply by January 17, 2022!

If you have an innovative solution to a problem in healthcare, register now to compete in the 2022 Sloan Healthcare Innovations Prize! Apply here by January 17: https://bit.ly/MITSHIP2022

Please email sloanhealthcareinnovationprize@gmail.com with any questions.

ABout SHIP

The Sloan Healthcare Innovations Prize (SHIP) is a pitch competition open to entrepreneurs innovating in the healthcare space taking place on March 8&9 (semifinals) and March 31 (finals) . The mission of SHIP is to support early stage healthcare startups by providing feedback from, and opportunity to network with, experienced industry professionals. Past winners include Calla Health Foundation (2020) and Kano Therapeutics (2021). Board the SHIP to start your innovation journey in healthcare and for a chance to win $20,000!

Details

Semifinals: March 8&9, 2022 (virtual)

Finals: March 31, 2022 (MIT Wong Auditorium)

Conference/Winner presentation: April 1, 2022

Why SHIP?

  • Cash prize:

    • First Prize: $20,000

    • Second Prize: $4,000

    • Audience Choice: $1,000 

  • Feedback & coaching: 

    • Onsite Q&A with experienced judges from healthcare industry

    • Dedicated VC office hours for all finalists

  • Networking & exposure: 

    • Winning teams to present on the day of Sloan Healthcare BioInnovations Conference in front of industry experts and students from pharma/biotech/medtech companies, payors, providers and other healthcare-related fields

    • Networking hour with other teams and judges prior to final competition

    • Finalists present before large audience of industry experts, judges, and students

Application Evaluation Criteria*

  • Impact

    • Is this nice-to-have or need-to-have?

    • How big is the problem being solved?

    • Does the solution save lives? Does it save money?

  • Novelty

    • Is this a new idea or are there many companies building the same product?

    • Are IP rights clear?

  • Market

    • How big is the market opportunity?

    • Does the team have a clear go-to-market structure?

    • Is there a good product-market fit?

  • Feasibility

    • Does the team have the experience/expertise to execute? 

    • Does the team have a clear roll-out and implementation plan? 

    • Are there major/prohibitive technical and/or regulatory hurdles to overcome? 

    • Are the capital needs understood, and/or are they prohibitively high?

  • Traction

    • Has the team shown product or customer development progress? 

    • Are there customer acquisition costs to consider? 

    • Is the business model scalable?

*Criteria is subject to slight change based on further discussion with judges

FAQ

Q: What stages of company can pitch?

A:  We encourage only startups who have not yet received/raised Series A rounds  (i.e., with no Series A funding) to join our pitch competition. However, you need to have a solid idea in the healthcare space in order to get into the semifinals.

Q: How long should my pitch be?

A:  You should plan a short version and a long version of your pitch. The short version should be less than 90 seconds, and the long version should be less than 4 min. 

Q: Can I use visual aids for my pitch?

A: Your team may use PowerPoint slides to illustrate your idea.  However, you are not required to use slides – this is up to your team.

Q: Do I need to pay to participate in the competition or to watch the finals?

A: There is no participation fee for teams or entry fee for the audience.

Past Judges