Starting a health-related business is hard and entrepreneurs need all the help they can get. At Copenhagen Science City-partner, University of Copenhagen, Faculty of Health and Medical Sciences, SUND Hub helps students and health professionals with entrepreneurial dreams. The hub recently celebrated their first 50 start-up teams. By Jes Andersen.
Ideal location for health entrepreneurship
The hub is located at 41 Nørre Allé, directly across from the faculty headquarters Panum. This location is ideal for a number of reasons:
Easy access for students who wish to translate ideas for health innovation into practice and marketable solutions.
Health- and welfare-tech businesses have access to a state-of-the-art testing and developing environment at University College Copenhagen, House of Practice and Innovation.
University Hospital Rigshospitalet with 10.000 staff and 270.000 annual patients is just across the street.
High value-Low demands
Entrepreneurial teams in the hub get free office space, assistance with business development, mentoring and help with fundraising. Not everyone can join though. Teams have to work for improving human health or quality of life and at least one team member must be a student at the University of Copenhagen.
First round funding succesful
The new start-ups deal with anything from physiotherapy apps to offers for families with children suffering from anxiety. The 25 most successful teams have achieved DKK 37 million in external financing and borrowed DKK 6 million. Over the next year they expect to double the external financing. Total turnover is DKK 4 million, which they expect to quadruple over the next 12 months.
Facilities, feedback and fatherly advice
Members of the SUND Hub have access to office facilities day and night, feedback from doctors, nurses and other health professionals as well as team-coaching and business development guidance from Hub Manager Martin B. Justesen. Furthermore, they have plenty of opportunities to get inspiration and advice by talking to other students and entrepreneurs in the Hub.
One thing is learning how to start a business, but at the SUND Hub you also learn how to understand a problem and try to find a solution. It is a useful competence to have after you graduate as a doctor, veterinarian, pharmacist or dentist” says Martin B. Justesen, Hubmanager, SUND Hub, University of Copenhagen, Faculty of Health and Medical Sciences.