The Rise of the MedTech Industry: A Spotlight on Social Entrepreneurship
With a market size standing at 430 billion U.S. dollars, the global medical technology industry is thriving. Key players in this MedTech landscape include the United States and Western Europe. These regions are home to 27,000 medical technology companies, many based in Germany. However, it’s in Spain where the Boehringer Ingelheim program with Ashoka has launched a groundbreaking initiative. This initiative promotes entrepreneurial thinking and propels social entrepreneurs to innovate in health.
Whether it’s reducing emergency response times or promoting active aging for the elderly, young entrepreneurs have introduced groundbreaking ideas through this competition. One of the program’s standout features is the opportunity for finalists to be mentored by Boehringer Ingelheim employees. This component has posed coordination challenges in the past.
Elevating the Making More Health Program with Bridge for Billions
To overcome these challenges and improve the program, Boehringer Ingelheim and Ashoka Spain sought a results-oriented platform. They needed a solution that could streamline project management and boost engagement among participants. This search led them to Bridge for Billions, whose digital program and proven entrepreneurship methodology were the perfect fit.
Bridge for Billions enabled 12 Boehringer Ingelheim mentors to seamlessly connect with entrepreneurial projects in the pharmaceutical and health sectors. They leveraged their expertise to support the entrepreneurs’ endeavors. The platform’s built-in Admin Panel allowed program managers to conduct a smooth matching process between mentors and entrepreneurs. It also helped monitor progress, set custom deadlines, and provide feedback when needed.
A Personalized Approach for Digital Natives
This hands-on, personalized approach was particularly impactful for digital-native entrepreneurs. Their support through the online incubation platform kept them motivated and focused. This was crucial as they navigated the different stages of developing their business ideas.
“Apart from the seed capital, it’s really important for us to know that we have mentors – professionals from the sector – that can support our projects … and to get to know other young people that are becoming entrepreneurs and trying to break into this world too.”
— Eider Etxebarria, co-founder, Bizipoz, Forbes 30 under 30, Spain 2018
For three consecutive years, the Making More Health program selected half a dozen finalist projects annually. They awarded seed capital of 500 Euros and four months of incubation support through the Bridge for Billions platform. During this period, entrepreneurs learned how to maximize the potential of their innovative ideas for the health sector. These entrepreneurs have since become part of a global movement of young changemakers committed to improving their world.
Building a Community of Changemakers
The selected projects have joined the community of 46 health-based social entrepreneurship initiatives. These initiatives are supported by Ashoka and Boehringer Ingelheim since 2013. Meanwhile, the 18 mentors involved found that the platform provided the structure and guidance needed to enhance their mentorship skills. It also facilitated remote collaboration, significantly improving communication and logistics.
“I saw project presentations from young entrepreneurs… and the question is always ‘Why hasn’t anyone had this idea before?’ They’re great ideas, with a ton of energy behind them, because these entrepreneurs are 100% dedicated to the idea and they bring a freshness and positive energy to it.”
— Holger J. Gellermann, Senior VP Medicine, I+D de Boehringer Ingelheim Spain
Learn More and Get Involved
The impact of the Making More Health program extends far beyond the initial incubation period. To discover more about the innovative projects and the transformative work being done, we invite you to explore our detailed business cases. These documents provide in-depth insights into the successes and challenges faced by our entrepreneurs. Learn how they overcame them with the support of their mentors and the Bridge for Billions platform.
Download the business cases now and join a growing community of changemakers dedicated to improving global health through entrepreneurship. Access the case studies here.
