When there’s a density of like-minded startups, it’s usually the result of two things intersecting – a problem and opportunity. For example, if a lot of people or businesses are experiencing the same challenge or inconvenience, it’s likely that there are a number of startups working to try and solve it.
This year, in order to spur innovation within its industry, the American Diabetes Association of Illinois is highlighting the problem, the fact that over 4,600 Americans are diagnosed with diabetes every day, and the opportunity, the realization that the disease will “cost the U.S. $671 million in the next 24 hours,” through its Venture to Stop Diabetes Challenge.
The campaign, which launched in January, is a call to innovators and entrepreneurs to “develop new strategies and technology that address the problems facing the diabetes community.”
The ADA encouraged participants to tackle this challenge from a variety of perspectives, including from patients, caregivers, healthcare providers, and more, and the initiative received hundreds of submissions. Finalists were chosen based on the following criteria – Relevance, Creativity and Innovation, Feasibility and Sustainability, Organization and Clarity.
The finalists will be presenting their pitch to a panel of judges at the American Diabetes Association EXPO on Saturday, April 9th, and they will be competing for a grand prize of $10,000.
The six finalists were announced this week and they include:
4D Healthware: This Chicago-based startup uses health data from wearables to help people with chronic conditions monitor their health more effectively. For people with diabetes, 4D Healthware works with their activity tracker and Bluetooth-enabled glucometers and wireless blood pressure monitors to keep patients informed in real-time on their condition.
Admetsys: This Boston-based company has developed the first artificial pancreas system specifically for the needs of hospital and surgical care. This system measures and monitors blood glucose concentration in real time and delivers insulin to raise and support falling levels.
Benecure: This Chicago-based startup has built a platform that uses smart devices and gamification to help users manage their chronic conditions.
HabitNu: Formerely Prana Diabetes, HabitNu is a smartphone and tablet-based 16-week program that’s focused on diabetes management and prevention. The startup is Chicago-based and is a graduate of the Impact Engine accelerator.
POPS! Diabetes Care: Based in Hugo, Minnesota, POPS! makes an integrated blood glucose meter that fits on the back of a smartphone, a mobile app to enhance self-management, and a web app to enhance supported-management.
Vital Simulations: A Minneapolis health care education company, Vital Simulations is the maker of SiMCare Diabetes, an online interactive learning tool that’s focused on diabetes management.
(Image via the ADA)