MIT SLOAN HEALTHCARE INNOVATIONS PRIZE (SHIP) 2025

From Innovation to Impact: The Changing Face of Healthcare

If you have an innovative solution to a problem in healthcare, apply now to compete in the 2025 Sloan Healthcare Innovations Prize! 

Application deadline: January 10, 2025 at 11:59pm EST

Please email ship2025@mit.edu with any questions.

ABout SHIP

The Sloan Healthcare Innovations Prize (SHIP) is a pitch competition open to entrepreneurs innovating in the healthcare space. SHIP's mission is to support early-stage healthcare startups by offering invaluable feedback and networking opportunities with experienced industry professionals and VC’s. Past winners include Kano Therapeutics (2021), SanaHeal (2022), Zeph (2023), and Third Coast Dynamics (2024). Join SHIP to embark on your innovation journey in healthcare and compete for prizes of up to $30,000!

Timeline

  • Virtual Presentation: Navigating Healthcare Entrepreneurship with Vic Lanio of Flare Capital Partners: December 3rd, 3-4pm EST (open to all interested applicants - Register here!)

  • Application deadline: January 10, 2025 at 11:59pm EST

  • Semifinals: February 5, 6, and 11, 2025 (7-9pm EST, virtual)

  • Finals: February 27, 2025 (7-10pm EST, in-person)

  • Winner will present at Sloan Healthcare and Bioinnovations Conference: February 28, 2024 (MIT Media Lab)

Why SHIP?

  • Cash prizes up to $30,000

    • First Place, Second Place, and Audience Choice Award

  • Feedback & Coaching:

    • Real-time Q&A with experienced judges from prominent venture capital firms and biotech/pharma companies. Prior year judges came from Flagship Pioneering, Flare Capital, General Catalyst, CVS Health, Takeda, and more! 

    • Free dedicated office hours with MIT’s Venture Mentoring Service for all finalists

  • Networking & Exposure: 

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

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

    • Winning team presents on the day of Sloan Healthcare BioInnovations Conference (SHBC) in front of industry experts and students from pharma/biotech/medtech companies, payors, providers, and other healthcare-related fields

Application Eligibility Requirements

  1. At least one member of the team is a current student or recent graduate (graduated within the past three years) in an undergraduate, Masters, or PhD program.

  2. Team has not received more than $250K in funding thus far.

  3. At least one team member is available to pitch at the virtual semifinals on the evening of February 5, 6, OR 11, and at least one team member is available for the in-person finals at the MIT Media Lab on the evening of February 27.

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?

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

    • Why is now the right time for this solution?

  • Market

    • How big is the market opportunity?

    • Is there a good product-market fit?

    • How does the startup differentiate itself from the competition and does it have a defensible competitive advantage?

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

    • Is the market opportunity validated through existing data, trends, or early customer engagement?

  • Technology & Feasibility

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

    • Are the development, customer acquisition, and scaling capital needs understood, and/or are they prohibitively high?

    • How easily can the technology or solution be integrated into existing systems or workflows (e.g., EHRs, hospitals, insurers)

    • Is it challenging for other companies to copy the company's ideas and technology?

    • Are IP rights clear?

  • Team

    • Does the team demonstrate a deep understanding of the problem through experience, research, or partnerships?

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

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

    • Is the team open to feedback and capable of pivoting if necessary?

    • Does the team have strong advisory support or access to key networks?

  • Traction

    • Has the team shown progress in product or customer development? 

    • Are there customer acquisition costs to consider? 

    • Have there been early indicators of market demand, such as LOIs, preorders, or pilot customers?"

    • Is the business model scalable?

    • Is there a good understanding and prediction of future cash flows of the business?

*Criteria are subject to 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 more than $250,000 in 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.

Q: Is this competition only open to students?

A: At least one member of the team must be a current student or recent graduate (graduated within the past three years).