The four month incubator DRIVE has come to an end. A program jam-packed with themes such as business development, market analysis and strategy. A new chapter awaits for Thermaiscan, and for someone else, the story is just about to begin.
In essence, the Swedish Karolinska Institutet Innovations DRIVE program supports health technology startups with individual coaching and access to mentors and experts, entrepreneurial education, partnering opportunities, business network, financing and much more.
Imagine how happy we were, when we received a wonderful email in May 2022, revealing we were accepted into the DRIVE program! Karolinska Institutet is a Swedish state owned medical university, conducting the majority of the academic research and has most medical education programs in Sweden. It is also one of Europe’s biggest medical universities. We knew from the start that being part of their Innovation DRIVE program would be valuable. Having now finished the DRIVE module Catalyzer, we are equipped for the next steps for Thermaiscan.
Since the very beginning of Thermaiscan, the team has had a goal to grow the ecosystem and community in Sweden. Even though our starting markets are in Armenia, India and Singapore. The barriers for both healthcare and patients to access mammogram screenings varies in different countries. As is the need for implementation of new solutions.
The Catalyzer Program focuses on Life Science Business development. And if you are lucky enough to be a part of DRIVE, be prepared for hard work, development and new insights, this incubator is not for the lazy one! The four month long incubator program is packed with sessions at least once a week. We worked as a team to improve the business and find solutions to the avalanche of challenges a medical startup can have.
There have been many interesting learning moments during these months. Contributing to this, was of course to learn from the other great health technology concepts that were in our cohort.
So what do you learn at DRIVE? This is some of the topics from the incubator:
- Sustainable business development, team and organization
- Market analysis, market access and health economics
- Customers, business models and sales
- Marketing and communications strategy
- Action plan, budget and economics
- Investor Perspective, pitch training and regulatory frameworks
- Funding, Investments and due diligence
- IP strategy, agreements and IT security
- Pitch for investor panel
Our experience of being part of KI Innovations DRIVE as a deep tech startup is very positive. We have received grants, gained exposure during events and introductions to a valuable network within our field. A well balanced mix, allowing us to move forward. Additionally, it has been nice to meet physically in the KI Innovation offices. We are, and will always be, very thankful to Mats Ferm, Elin Almstedt, Christian Krog-Jensen, Christina Ho and the full KI team, and of course our external KI coach Dag Westerberg.
The program ended in January where all graduating businesses were invited to a Dragon’s Den Pitch Day. Experienced health tech investors came to KI, and businesses pitched and directly received valuable feedback.
To conclude, the culture and environment in KI has been very warm and welcoming. If you are a health tech startup in Sweden, we really recommend the KI Innovations DRIVE and their co-working space AWL Labs. You do not need to be from academia to be part of DRIVE. Thermaiscan is originally developed by technology- and business devotees, and then involving researchers along the way. We promise you that you will be amazed by all the innovation happening by startups and researchers within the walls of Karolinska Institutet Innovations.
