Venture Challenge Winner Raises $150K in Capital

The healthcare startup
that won the 2018 Hofstra Digital Remedy Venture
Challenge and Healthcare Entrepreneurship Community
Challenge raised a $150,000 investment from a West Coast venture
capital firm that runs an accelerator program in San Francisco.

MedAux, created
by School of Education doctoral student Elnaz Sarabchian and Dr. Behzad
Jazayeri, MD, and Ali Alavi, PhD, received the investment from Village Global
Venture, a network backed by some of the world’s most successful
entrepreneurs, including Bill Gates, Jeff Bezos, Marissa Mayer, Magic Johnson,
Mike Bloomberg and Mark Zuckerberg.

As a result of
the investment, MedAux will join Village Global’s San Francisco-based Network
Catalyst Accelerator, which provides a combination of virtual and in-person
support.

MedAux helps
hospitals and surgical clinics to reduce late cancellations and no-shows while
improving post-operative follow-ups with patients. As a solution that is
compatible with electronic medical records, MedAux interacts with patients
through automated text-message, navigates them at different stages of care from
surgery preparation to post-discharge, and strives to provide real-time
clinical data and updates to the medical team.

The startup won
first place in the Hofstra-Digital Remedy Challenge, competing against 27
student entrepreneur teams from across the University.  First prize consisted of a $42,000 prize
package of cash and in-kind contributions from Digital Remedy, including
incubator space in its Manhattan offices and a digital marketing package.
MedAux will also maintain its space at Digital Remedy.   

 MedAux also won first place in the Healthcare
Entrepreneurship Community Challenge, a national entrepreneurship
training program funded by the U.S. Economic Development Agency with the goal
of improving healthcare in underserved communities in New York City, Long
Island, and the Hudson Valley Region. 

Both
competitions are administered by the Hofstra University Center for
Entrepreneurship.

 “The
Center for Entrepreneurship’s programming is filled with resources that
benefit founders and startups, including information
from the years of experience and skills that each mentor has amassed,” said
Elnaz Sarabchian, CEO and founder of MedAux. “It facilitates meetings
with mentors, feedback sessions, ‘demo day’ presentations, networking and
social activities at the ideaHUb business incubator. These resources allowed MedAux to accelerate our
growth. Instead of reinventing the wheel, founders can leverage years of
accumulated wisdom to launch startups in a more calculated, strategic way,
improving the potential for success.”

Digital Remedy CEO Mike Seiman, an alumnus and member
of Hofstra’s Board of Trustees, said “MedAux is a great example of the impact
of the Venture Challenge on Hofstra students.”

“When I founded the Hofstra-Digital Remedy
Venture Challenge in partnership with Hofstra University,” he said, “it was our
goal that students would not only develop an entrepreneurial mindset, but also
launch startup companies.”

The Hofstra-Digital Remedy
Venture Challenge Series encourages students with business ideas
to engage in business model generation and provides students with guidance
through a bootcamp program, individual mentoring sessions, and pitch
preparation with the Center’s Entrepreneurs-in-Residence. The goal of the
venture challenge is to inspire students to launch their own startup businesses
by leading them through the business model canvas and customer discovery
process and teaching them effective communication skills.

Category - Center for Entrepreneurship

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