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Transforming Healthcare

2022 year in review

Evolving the ways we do business to stay ahead of a changing healthcare landscape.

WATCH: A message from CEO, Steven Collens

Global footprint

Our global network of healthcare innovators continued to grow in 2022. Over the course of the year, the MATTER community included:

member startups
corporate partners

Sector breakdown: Startups

Sector breakdown: Partners

2022 startup community highlights, by the numbers:

raised by member and alumni companies all time
in 2022 revenues for members
clinicians have used members' products
people employed by members in 2022

“MATTER’s partnership was critical for Pillar to expand our market from enabling white-labeled coaching programs for digital health companies to a value prop relevant for health systems. Since then, MATTER has accelerated our sales process with direct introductions to health systems and ongoing support throughout each process.”

Accelerating startup innovation

At MATTER, we ourselves have also been transforming to help the entrepreneurs and innovators who are part of our community realize their visions. Over the last year, we added capabilities for our startup members — expanding both our team and offerings.

Helping our members build their business

MATTER supports healthcare startups at all stages of growth. In 2022, we transformed how we support our companies to build and scale their businesses. We launched new programs like our Momentum accelerator, retooled existing offerings, including expanding our pool of MATTER mentors, adding additional CEO forums and relaunching our BRIDGE mentorship program for early stage founders of color.

We also expanded our support team at MATTER by bringing on two venture acceleration fellows and 10 entrepreneurs-in-residence who bring real-world expertise and the ability to better guide our members in building their businesses. These shifts enable MATTER to better support founders regardless of their stage or location.

Helping our members raise capital

As macroeconomic factors continue to challenge even the best startups’ fundraising goals, MATTER positioned itself in 2022 to better support its members.

In 2022, we established our Catalyst Network, a group of premier venture capital firms with a track record of investing in MATTER companies, and our Elevate Network, a group of accredited angel investors receiving first looks at cutting-edge, early stage MATTER portfolio companies. Both programs are designed to reduce the friction involved in raising capital for both investors and startups.

Enhancing our technology and ability to support startups around the globe

In 2022, we launched a new portal for MATTER members, featuring a community directory, professional services directory, digital curriculum and, soon, a knowledge library.

Our digital curriculum features more than 50 courses covering a wide array of topics, including the basics of building and financing your business, demystifying the FDA and building your healthcare business model.

These upgrades better enable us to meet our global membership, wherever they may reside, and support them along their entrepreneurial journey.

Seven MATTER startups were acquired in 2022.

Learn more about each acquisition below.

Pack Health was acquired by Quest Diagnostics

Healthy Interactions was acquired by VillageMD

TapCloud was acquired by WellSky

Clara Health was acquired by M&B Sciences

Optio3 was acquired by CoreStack

Adaptrack was acquired by AMS Management Group

Surgical Innovation Associates was acquired by Integra LifeSciences

2022 corporate partner programming, by the numbers:

corporate partner programs
large-scale innovation engagements
innovators engaged with MATTER challenges
countries represented by challenge applicants

“The MATTER team spent time with us to understand what truly drives decisions and ultimately, impact, for patients, policy makers, executives, entrepreneurs and investors, and then delivered across the board.”

Advancing strategic innovation

We partnered with industry-leading companies, consulates, universities, foundations and associations to identify and accelerate innovative solutions that will improve health and care.

Preparing startups to enter the U.S. market

Bringing a new product to market is a risky, not to mention daunting, venture. Doing so in a new country with a complex healthcare system can be especially challenging. MATTER is uniquely positioned to prepare healthcare startups for the nuances and intricacies of the U.S. healthcare system.

Canada-Chicago Mentoring Program (C2MP) and KOSME U.S. Market Entry Program returned in 2022 to bring Canadian and Korean healthcare companies to the U.S. market. Amazon Web Services (AWS) also engaged us to prepare startups based in Europe, the Middle East and Africa to enter the U.S. market through AWS Expand, which will continue in 2023 and grow to include startups from the Asia-Pacific region.

Innovating in women+’s health

51 percent of the population deserves more than 5 percent of the innovation investment, but that’s what has historically flowed into startups focused on women+’s health (Kaiser Family Foundation 2019, Rock Health 2017).

MATTER launched 51 Labs in 2022, an accelerator platform focused on women+’s health. For our first cohort, we partnered with Astellas, Walgreens, BayCare, Parkview Health, UChicago Medicine and Capita3 to accelerate development of technologies to support women+ entering and going through menopause. We also continued our collaboration with Parkview Health and ran the third annual Healthy Mom & Baby Innovation Competition which resulted in Parkview running a pilot with Neurobell, the competition winner, and purchasing a product from Rockfield Medical Devices, another finalist.

Empowering healthy aging

The speed with which today’s population is aging may outpace the ability of our healthcare system to meet the evolving needs of older adults. In 2022, we launched Accelerating Innovation in Aging with support from RRF Foundation for Aging. The inaugural program focused on empowering human connections among older adults to reduce social isolation and loneliness. Three winners walked away with $75,000.

We also partnered with the Alzheimer’s Association to launch their first-ever pitch competition, sourcing innovations that improve early diagnosis of dementia in primary care settings. Neurotrack won first place and $15,000; ALZpath won second place and $5,000 and AROMA Sensory & Diagnostics won the audience choice award.

Addressing health equity

2022 was our first year partnering with CareQuest Innovation Partners to build SMILE Health, — a program designed to improve health by improving oral health, especially in underserved populations. Five oral health startups ran validation studies with key partners such as Colgate and Cigna, and Lenny Kravitz made a guest appearance at demo day to share the importance of making oral health more accessible, equitable and integrated with overall health.

We collaborated with Loyola University Chicago on the Loyola Chicago Health Equity Quest, focusing on the intersection of health equity and climate change. Parcel Health’s fully recyclable and compostable medication packaging won the grand prize of $35,000.

MATTER hosted 11 large-scale innovation challenges.

Canada-Chicago Mentoring Program (C2MP)
Mentoring and guiding Canadian startups with U.S. market entry and growth

KOSME U.S. Market Entry Program
Helping Korean small- and medium-sized enterprises with U.S. market entry and growth

AWS Expand

Preparing EMEA-based startups for U.S. entry and growth

51 Labs: A women+’s health accelerator
Empowering and supporting women+ in their menopausal transition

Healthy Mom & Baby Innovation Competition 3.0
Improving access to care for underrepresented mothers and children

Accelerating Innovation in Aging
Empowering human connections among older adults to help reduce social isolation and loneliness

Alzheimer’s Association Pitch Competition
Increasing cognitive assessment, early detection and diagnosis of dementia within primary care settings

SMILE Health
Providing accessible, equitable and integrated oral healthcare

Loyola Chicago Health Equity Quest
Addressing the intersection of health disparities and climate change

2022 University Hackathon
Advancing home dialysis for end-stage kidney disease patients and improving clinic operations

Oncology to Optometry Innovation Accelerator

Minimizing the burden of eye care for people with cancer

2022 MATTER community engagement, by the numbers:

podcast downloads reached
people engaged with MATTER events
MATTER programs held in 2022
mentorship hours provided

“It’s energizing to work with bold founders, and it’s tremendously rewarding to help them along their path to changing the world in their unique ways.”

Top event takeaways of 2022

Take a look at some key moments from our events in 2022 where innovators discussed topics from entrepreneurship and integrated healthcare to women’s health and health equity.

Tales from the Trenches™
— Dr. Iman Abuzeid, Co-founder and CEO, Incredible Health
SMILE Health Demo Day
— Lenny Kravitz, Chief Creative Officer, Twice and Founder, Let Love Rule Foundation
Hot Talk: A Conversation on Menopause and Innovation
— Marni Allen, Senior Director of Consumer Healthcare Futures, Walgreens Boots Alliance
Numbers Don't Lie: Harnessing Data to Improve Health Equity
— Nelson Dunlap, JD, Chief of Staff, Satcher Health Leadership Institute at Morehouse School of Medicine

Listen and learn

The MATTER podcast continued to grow in 2022, covering our most iconic series, Tales from the Trenches™ and Healthcare 2040, along with other provocative topics. Subscribe today and get access to new content launching soon.

Thank you!

We’re inspired by the dynamic, optimistic, passionate innovators working to improve health and healthcare for all. Your energy drives us and our mission — to accelerate the pace of change of healthcare. We look forward to working with our community in 2023 and beyond.

Join the MATTER community in 2023!