Unity Stoakes, the firm’s president, told me that the idea is to put together a cohort of 10 to 20 startups all focused on tackling the highly infectious respiratory virus that has already infected 90,000 people across the globe.
“We are launching a call for innovation looking for startups and innovators who have solutions that can help speed up R&D process, or with tech around things like hygiene, home care, diagnostics, telehealth that can support public, health professionals or patients with COVID19,” Stoakes said.
For example, one of the companies in its portfolio, Cyclica, uses artificial intelligence to search databases of existing drugs to see if they can be used for COVID-19, helping to speed up the research and development process.
Those selected will be added to StartUp Health’s existing portfolio of more than 300 digital health startups worldwide and get lifetime access to resources and investments of $20,000 for early-stage companies up to $500,000 for later-stage ones.
Normally the firm takes 90 days to onboard clients, but the urgency facing the Bay Area and the world has prompted it to fast track that process in a week, Stoakes said.
StartUp Health put together a similar call during the height of the opioid epidemic, in which hundreds of entrepreneurs came out of the woodwork. And while it of course didn’t solve the problem, or really make any measurable dent in it, the companies were able to work together in a way that helped them grow faster.
Stoakes said many of the companies in his firm’s portfolio have been impacted by the coronavirus — disruptions in supply chains and travel restrictions — and such setbacks can cruch early-stage companies.
“On the flip side,” Stoakes told me, “moments like these offer significant opportunity for companies to serve the public and shine in new ways.”