x marks the spot
The Texas Medical Center has once again received national acclaim — this time, for its innovation.
Seed Accelerator Rankings Project selected TMCx for a "Silver" distinction in its 2018 awards. SARP evaluated accelerators' success and selected 25 honorees in four categories — Platinum Plus, Platinum, Gold, and Silver. The distinction is aimed to help startups navigate accelerators and find the ones of quality.
SARP objectively measures the impact of these accelerator programs, says Erik Halvorsen, director of the TMC Innovation Institute. There simply isn't non-biased information about accelerators out there. Most startups are forced to rely on marketing materials from the programs.
"One of the things I say often is, 'If you see one accelerator, you've seen one accelerator,' meaning they are all different," Halvorsen says. "There are so many out there, and it can be confusing for startups who think they are all the same."
Now in its fifth year, SARP collected sensitive information, such as fundraising and valuations, and evaluated each accelerator to select the top 25.
The TMCx accelerator program has two cohorts a year, alternating between digital health and medical device focuses. Currently, TMCx has 23 medical device companies participating in the accelerator. Halvorsen says what sets TMCx apart is its focus on medicine, but also the fact that the accelerator doesn't take equity of its companies. Other programs require anywhere from 3 to 7 percent equity in the company in exchange for participation.
"I think this is a major reason we've been able to attract companies that are more advanced — still startups, just further down the path. Those are the kinds of companies who would never consider an accelerator program that asks them to give up equity."
This is the first year TMCx has made it on to the SARP listing, but Halvorsen says it won't be the last.
"I love the fact that there's still a couple levels above where we're ranked, so we definitely have something to shoot for as we grow and improve our program," he says. "For us, we're kind of competing with ourselves to be as good as we possibly can be."
TMCx's fall cohort participants showcase their work in a final presentation called Demo Day, which is on November 14.