BioVentures LLC at UAMS has launched a new program in partnership with The Venture Center of Little Rock to support socially and economically disadvantaged innovators in health care and technology.
The ACTIVE Program aims to enhance health outcomes throughout Arkansas, creating an environment that fosters the growth of innovative ideas and entrepreneurs, The Venture Center said in a news release.
The year-long program will accept 25 participants annually, providing a range of services to early-stage companies with the potential to influence markets both locally and globally. Those services include:
- Entrepreneurship boot camps for essential business skills
- Assistance in business setup for a strong foundation
- Guidance on funding options, including loans and grants
- Networking opportunities with venture capitalists
- Personalized mentorship for tailored advice
- Legal support in healthcare compliance and intellectual property
Ideal candidates are dedicated to creating a significant impact in health care and developing scalable solutions. Applicants must complete an online form detailing their business concept, team background, and how their solution brings innovation to health care. The selection process includes reviews of applications and interviews for those shortlisted. Criteria for selection emphasize the uniqueness of the health care solution, viability of the business model and potential for societal impact.
Funding for the program comes from the Minority Business Development Agency’s Capital Readiness Program, with partnerships including the University of Arkansas at Pine Bluff and Philander Smith College.
“This initiative represents a significant step towards equality and inclusion,” Dr. Kevin Sexton, principal investigator, said in a news release. “This isn’t merely a financial boost; it’s a clarion call for innovation and inclusivity in Arkansas’ health tech domain. With the Capital Readiness Program’s trust, BioVentures and ACTIVE are embarking on an adventure where the talents of our socially and economically disadvantaged entrepreneurs will be the cornerstone of the next generation of health care solutions in the state.”
Applications are being accepted through April 15.
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