The Journey Venture Studio announced the recruitment of its second Founder-In-Residence cohort, focused on matching diverse aspiring entrepreneurs with healthcare startup concepts. Through its “Founder-in-Residence” program, The Journey offers culturally competent leadership development and venture building acumen to empower diverse founders to build new ventures that sit at the forefront of healthcare innovation.
Applications are now open for the studio’s fall recruiting cycle. To be eligible to participate, entrepreneurs must be prepared to move to Phoenix for the eight-month program; $110,000 of direct and in-kind financial support is provided to relocate to Phoenix and prototype and test venture concepts.
For its second cohort, The Journey seeks aspiring entrepreneurs interested in business opportunities in one of the following healthcare focus areas: Mental Health; Sports Medicine; Women’s Health; Aging & Elder Care; Chronic Disease Management; and Packaging & Supply Chain.
During the program, founders will receive hands-on support, investment, mentorship, and programming from The Journey, allowing them to develop, prototype, and scale their startups. At the end of the eight-month residence program, founders will pitch their new venture concept in front of The Journey Board to determine which concepts will receive additional funding to go to market.
“Our culturally-competent programming and curriculum are designed to address the barriers that prevent women and minority founders from excelling in the venture world,” said Mark Moeremans, Managing Director of The Journey and former Senior Vice President of entrepreneurship and venture development for the Arizona Commerce Authority. “We endeavor
to show the market that by betting on underrepresented founders you can build game-changing companies that address disparities in health outcomes all while delivering outsized returns.”
Healthcare entrepreneur and investor, Justin Bayless, who exited his family company to a Fortune 25 healthcare company in 2020, partnered with Moeremans to bring his network and expertise to aspiring diverse entrepreneurs as the president of The Journey.
“When exiting my company to a Fortune 25, I realized the lack of diversity that existed within this field,” said Bayless who serves as President of The Journey Venture Studio. “Being a diverse healthcare entrepreneur myself, I know first-hand the struggles these entrepreneurs face when it comes to funding and launching healthcare companies in the market. This is why Moeremans and I created The Journey; to identify, inspire, educate, and empower diverse entrepreneurs through our tailored eight-month venture program to increase their odds of success and give them a real chance to make a difference.”
The Founder-In-Residence program also provides opportunities for investors and philanthropists to get involved. For investors, the studio offers a new source of high-quality deal flow in the healthcare space. As a 501c3 not-for-profit, the studio offers a unique opportunity for philanthropists and donors to support a mission-driven organization at the cross section of racial justice, health equity, and leadership development and education while simultaneously offering early visibility into portfolio companies for potential investment.
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