What is the approximate stakeholder breakdown of your ecosystem?
MATTER is a healthcare incubation and innovation hub located in Chicago but global in reach. Our mission is to accelerate the pace of change of healthcare. We operate as a non-profit and view collaboration as the key to advancement.
We run an incubator for healthcare startups and have supported more than 1,000 companies from around the world that have gone on to raise more than $5.3 billion dollars to fuel their growth. We take no equity in these companies but charge a membership fee. We also run 6 to 8 accelerators per year — in partnership with large, established organizations. And we work with large enterprises to help them build their innovation capabilities, with a suite of education, training and insights services that help them make sense of emerging technologies and figure out how to harness them. You can learn about some of our most recent work in our annual report.
Part of our success has been in developing and connecting a strong network: we work with health systems, pharmaceutical and device companies, insurance payers and associations. In the complex US healthcare system being able to tap on all these perspectives is essential for innovation and collaboration. The startups we work with benefit from these perspectives. The established organizations benefit from the agile, innovative solutions.
Who are the top 3 champions from your Ecosystem?
Just 3?! It is simplifying things a bit but we look at startups, established companies and associations (those include the network partners previously mentioned) and the US government.
MATTER works with the Biomedical Advanced Research and Development Authority (BARDA) as the Digital Health Accelerator for the BARDA Accelerator Network Hub for Digital Health. BARDA, a part of the U.S. Department of Health and Human Services’ Administration for Strategic Preparedness and Response, is responsible for ensuring the nation has emergency medical countermeasures necessary to respond to health security threats.
The Digital Health Accelerator, called Paratus — the Latin word meaning “ready for anything” — focuses on developing and validating innovative digital health solutions to empower the nation to prepare for and respond to health security threats and improve the continuum of clinical care. Each year we will facilitate two accelerators and offer non-dilutive funding for projects. Entry into the accelerators and selection for funding opportunities will be by application only.
What EU funding/collaboration are you involved with, or you would like to be part of?
While based in the US, many of our established partners in the life sciences and device space are international companies and operate in the EU and across the globe.
We have startups from all over the world, and are always looking for relevant solutions. Likewise, we are always interested in promoting programs from our partners.
What are the key priorities and themes for your ecosystem?
- Incubation and Acceleration. Healthcare is not easy, it’s complex and deeply personal. We believe that by working with innovators to find new solutions and help them address key business and technical questions, we improve care for everyone. This means working with startups, but also working with large organizations to look within their walls for new opportunities.
- Validation. We operate a number of programs that are intended to advance solutions through discreet, focused projects. We are in our fourth year of an oral health accelerator called SMILE Health that we run with CareQuest Innovation Partners, that pairs startups with industry organizations to test a key hypothesis in the footprint of the program. Additionally, we work with several consulates and international business associations to facilitate programs for healthcare companies to prepare for US market entry, including validation studies with health systems and other partners. Our Paratus program provides non-dilutive funding for project for companies that are aligned to the BARDA mission areas to advance their solutions.
- Connection. We host about 40 events a year both virtually and in-person, most are free and open to the public. We are always looking for interesting topics and programming partners. Please reach out with ideas or topics. We also have a physical space in the landmark Merchandise Mart in Chicago, and welcome our ECH Alliance partners to visit or use our space.
Could you highlight some services, solutions or champions from your ecosystem that target the following areas either: 1) Women’s Health 2) Healthy Ageing 3) Mental Health or 4) Cancer?
MATTER runs a women’s health accelerator called 51 Labs, which has tackled both menopause and maternal mortality. Past partners have included: Walgreens/Boots Alliance, Astellas US, Stryker, Organon, Laerdal Million Lives Fund, HCSC and health system partners UChicago Medicine, Parkview Health and BayCare. Program planning for 2025 is in progress.
MATTER is also pleased to work with a number of non-profits in the older adult space RRF Foundation for Aging, Samuel’s Foundation and Next 50 for our annual Accelerating Innovation in Aging program. We also work with the Alzheimer’s Association and are in planning for our 2025 program.
Mental Health and Cancer solutions are represented in our portfolio.
To keep up-to-date on programs we run across disease states and technology types, sign up for our weekly newsletter.
What is your primary strength as an ecosystem?
The breadth and diversity of the organizations that we work with is our strength. We work across disease states, technology types, and organizations to advance meaningful and compelling innovation.
Chicago is located in the middle of the US and a major airport hub, making it an ideal centralized meeting point. Unlike major cities on the East and West Coasts of the US, the cost of living is more moderate. It is one of the key financial centers in the US with a strong and vibrant investment community. It is also home to best-in-class academic institutions. Come visit us!
