US tech firm Optum ties up with IIIT-Hyderabad to set up startup studio
The Optum Startup Studio identifies innovative ideas and startups that can help accelerate value delivery by seeking solutions to some of healthcare’s hardest problems.
Optum, the technology services arm of the United Health Group, an insurance services provider in the United States, has launched a startup studio in India in with the International Institute of Information Technology, Hyderabad (IIIT-H). The company has similar programmes in the US and Ireland.
The Optum Startup Studio aims to identify innovative ideas and startups that can help accelerate value delivery by seeking solutions to healthcare’s hardest problems. “At Optum, we are developing the technology of the future to help modernise, streamline, and simplify the health system. We will get there by collaborating and connecting people and information through the technology of the future. The evolving startup ecosystem in India presents a great opportunity for collaboration to develop numerous innovations in the health technology sector. We are planning to support this through our Optum Startup Studio programme,” Phil Mckoy, Chief Information Officer, Optum said.
The first objective of the Optum Startup Studio programme is to function as a startup accelerator that aims to unleash the full potential of India’s health tech startups by mentoring them to rapid maturity as measured against international standards across respective products and services portfolios. The second aim is to support fast-track pilots with relatively mature startups that already have market-ready solutions.
The company says ideas submitted by participating teams will be independently evaluated by industry and functional experts from Optum and IIITH for further discussion and potential funding. Optum executives will also be available to mentor across all spheres, including technology, business strategy, design, and product development. Concurrently, IIITH will leverage its deep-tech research capabilities and vast experience, in incubating startups, to provide research and business mentorship to selected startups.
An innovation partner, IIITH will also conduct research on specific challenges in the healthcare sector, with a focus on applying learnings and distinct capabilities to provide people with an opportunity to live healthier lives. “As a top research university in India, we are excited to be collaborating with Optum as both organisations share a commitment to further building and supporting India’s health tech ecosystem”, said PJ Narayanan, director, IIITH. The partnership agreement has been signed by Optum Global Solutions (India) Private Limited and IITH, the company said.