MATTER

What MATTER does

MATTER is a Chicago-based healthcare innovation incubator and community hub founded in 2015 by Jeff Aronin and led by CEO Steven Collens. The organization mobilizes a community of more than 60,000 healthcare entrepreneurs, executives, investors, and experts, and has incubated over 1,000 healthcare and life sciences startups, with 700+ currently active in its collaborative. MATTER does not develop proprietary technology products; instead, it operates a physical innovation hub at Chicago's Merchandise Mart and a programmatic platform structured around three pillars: Egg (startup incubation), Nexus (community programming and facility), and Corporate Innovation (engagement services for healthcare enterprises).

The organization's revenue model combines three streams: (1) recurring startup membership fees through Flex and Select tiers; (2) corporate innovation partnerships where health systems, payers, pharma companies, and foundations pay for curated challenges, accelerators, and co-development programs; and (3) managed accelerator and challenge programs, including the Paratus Digital Health Accelerator as part of the BARDA Accelerator Network, SMILE Health with CareQuest Innovation Partners, 51 Labs with BayCare and others, the VSP Vision Innovation Challenge, the AGA Digestive Disease Incubator, and the AbbVie Foundation Health Equity Accelerator. Distribution is anchored by the Chicago facility, direct enterprise sales to healthcare corporations, and a digital member portal providing access to third-party research (e.g., KLAS).

MATTER serves three primary customer segments: early-stage and growth-stage healthcare startups seeking mentorship, validation, and corporate access; healthcare corporations seeking external innovation pipelines and co-development opportunities; and healthcare-focused investors seeking curated deal flow. The organization is governed by a Board co-chaired by founder Jeff Aronin and Timothy Walbert, and functions as a partnership-supported nonprofit accelerator rather than a venture-backed entity, with no disclosed equity funding rounds beyond a $4.4M raise in November 2014.

Name

MATTER

Legal name

MATTER

Website

https://matter.health

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

MATTER is a Chicago-based nonprofit healthcare incubator and innovation hub that runs startup incubation, community programming, and corporate innovation partnerships for healthcare startups, health systems, payers, and pharma since 2015.

Ownership category

akta.pro rank

Product category

Healthcare Incubator and Innovation Services

NAICS

Scientific Research and Development Services (5417)

SIC

Services-Health Services (8000)

akta.pro primary industry

Accelerators & Incubators (Investor-Operated) (FSANAAAM)

akta.pro secondary industry

Health Access & Social Care Innovations (Community Health, Telehealth for Underserved) (BPAGALAG)

Keywords

• Healthcare incubator
• Startup accelerator
• Innovation hub
• Corporate innovation services
• Digital health programs

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Startup Membership Programs: MATTER offers membership tiers (Flex, Select) for startups at different stages, providing access to facilities, mentorship, and the innovation community. Membership fees support the incubator's operations and startup support services.
2. Corporate Innovation Partnerships: Forward-thinking organizations partner with MATTER to source and co-develop solutions, harness emerging technologies, and build innovation capacity. Corporations pay for access to startup innovation, curated challenges, and program facilitation.
3. Accelerator and Challenge Programs: MATTER runs various accelerator programs in partnership with healthcare organizations (e.g., Paratus Digital Health Accelerator with BARDA, SMILE Health with CareQuest). These programs may receive funding from partners to support startups while generating revenue through program management.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

MATTER operates a healthcare incubator and innovation hub that mobilizes a community of healthcare innovators through startup incubation programs (Egg), community collaboration (Nexus), and corporate innovation services. The organization equips healthcare entrepreneurs with knowledge, tools, network access, mentorship, and accelerator/competition programs while helping corporations source, co-develop, and validate emerging healthcare solutions. It serves as an infrastructure layer connecting startups, industry executives, investors, and health systems across the healthcare innovation ecosystem.

Product overview

MATTER is a Chicago-based healthcare incubator and innovation hub offering a platform-plus-programs model. The core offerings include Egg (startup incubation), Nexus (community nexus), and Corporate Innovation services. These are complemented by specialized accelerator programs including the Paratus Digital Health Accelerator (BARDA Accelerator Network), 51 Labs (maternal health), SMILE Health (oral health), VSP Vision Innovation Challenge (eye care), Beyond Barriers (diabetes), Healthy Mom and Baby (maternal/child health), AGA Digestive Disease Incubator (gastroenterology), and AbbVie Foundation Health Equity Accelerator. MATTER also offers Flex and Select membership tiers for startups, along with an Investor Network connecting entrepreneurs with funding opportunities. The organization has supported over 1,000 healthcare and life sciences startups since 2015.

Differentiator

Problem solved

Functional benefit

Brands

• Paratus: Digital Health Accelerator, part of the BARDA Accelerator Network, providing non-dilutive funding for digital health startups addressing health security threats.
• MATTER Community

Products and services

• Egg (Startup Incubation) MATTER's core startup incubation program that equips healthcare entrepreneurs with the knowledge, tools, expansive network, and dynamic community they need to succeed. For early-stage and growth-stage healthcare technology ventures including digital health, medical device, diagnostics, and biotechnology companies.
• Nexus (Community Nexus) MATTER's community program and facility that brings together industry executives, entrepreneurs, and investors to learn and collaborate. For healthcare startups, executives, and investors seeking network and partnership opportunities.
• Corporate Innovation Services Service helping forward-thinking healthcare organizations source and co-develop solutions, harness emerging technologies, and build innovation capacity. For health systems, life sciences companies, payers, and foundations seeking external innovation pipelines.
• Paratus Digital Health Accelerator Part of the BARDA Accelerator Network, Paratus is the digital health arm providing non-dilutive funding, mentorship, and strategic support for startups addressing health security threats. Third cohort of 13 startups announced May 2026.
• 51 Labs Accelerator Innovation accelerator addressing the maternal mortality crisis in the U.S. by supporting women's health startups with clinical expertise and investment opportunities. For women's health startups and healthcare providers focused on maternal care.
• SMILE Health Accelerator Accelerator program at the intersection of oral health and health equity, in partnership with CareQuest Innovation Partners. Seeks startups focused on Simple, Minimally Invasive, Integrated, Low-barrier, and Equitable oral health solutions. Now in its fourth year with expanded support including new Startup Data Hub.
• VSP Vision Innovation Challenge Global competition to source and advance solutions enhancing the eye care experience. Co-hosted with VSP Vision and supported by Topcon Healthcare's THINC Ventures. Finalists considered for investment opportunities.
• Beyond Barriers Innovation Accelerator Accelerator in partnership with Beyond Type 1 supporting organizations improving early detection, care access, and outcomes for people living with diabetes. Partners commit up to $300,000 in grants (up to $50,000 per organization) along with mentorship and strategic support through November 2026.
• Healthy Mom and Baby Innovation Competition Competition in partnership with Parkview Health focused on improving access to care for mothers and children, addressing infant mortality and maternal health outcomes. Multiple cohorts including Healthy Mom and Baby 3.0.
• AGA Digestive Disease Incubator First-of-its-kind incubator in partnership with the American Gastroenterological Association focused on transforming patient experience, advancing diagnostics, and accelerating therapies for digestive diseases.
• AbbVie Foundation Health Equity Accelerator Accelerator supporting nonprofit organizations advancing innovative solutions that expand access to care across communities in the United States. Second cohort announced in 2026 with $10,000 stipends per organization and $50,000 grand prize.
• Investor Network MATTER's network connecting startups with healthcare-focused investors for funding opportunities. Provides investors with curated deal flow and portfolio support while offering startups access to capital.

Quantifiable outcome

• 1,000+ healthcare and life sciences startups incubated since 2015
• +2 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

19 partnerships are on record, tiered core and flagship.

• Beyond Type 1coreStrategic or Co-development Partner · 19 May 2026Beyond Barriers Innovation Accelerator supporting organizations improving diabetes care. Partners commit up to $300,000 in grants (up to $50,000 per organization) along with mentorship and strategic support through November 2026.
• KLAS ResearchcoreStrategic or Co-development Partner · 4 April 2024Strategic partnership providing MATTER members access to KLAS's library of healthcare technology research, validation insights, and feedback on solutions. Members can access reports through the MATTER member portal and engage with KLAS for custom services at discounted rates.
• CareQuest Innovation PartnersflagshipStrategic or Co-development Partner · 14 March 2022SMILE Health accelerator program at the intersection of oral health and health equity. CareQuest provides funding, industry expertise, and access to their oral health ecosystem while MATTER provides incubator infrastructure, mentorship, and program delivery. Now in its fourth year with expanded support including new Startup Data Hub.
• Parkview HealthflagshipStrategic or Co-development PartnerLong-standing partnership on multiple innovation competitions including Healthy Mom and Baby Competition (2020, 2022, 2023) addressing maternal and infant health. Parkview provides clinical expertise, pilot opportunities, and funding while MATTER sources and accelerates startups.
• Loyola University ChicagocoreStrategic or Co-development Partner2022 Loyola Chicago Health Equity Quest addressing health disparities and climate change. Partnership leverages Loyola's academic resources and MATTER's innovation infrastructure with up to $75,000 in prize funding.
• VSP VisioncoreStrategic or Co-development PartnerVSP Vision Innovation Challenge sourcing solutions enhancing eye care. VSP provides access to their innovation ecosystem and investment consideration through THINC Ventures while MATTER provides program delivery and startup acceleration.
• American Gastroenterological AssociationcoreStrategic or Co-development PartnerFirst-of-its-kind digestive disease incubator launched in 2025 supporting startups transforming patient experience, advancing diagnostics, and accelerating therapies for digestive diseases.
• AbbVie FoundationcoreStrategic or Co-development PartnerAbbVie Foundation Health Equity Accelerator supporting nonprofit organizations advancing health equity solutions. Second cohort announced in 2026 with $10,000 stipends per organization and $50,000 grand prize.
• BayCarecoreStrategic or Co-development Partner51 Labs accelerator addressing maternal mortality crisis in the U.S. BayCare provides clinical expertise and support as part of a multi-partner consortium including Health Care Service Corporation, Laerdal Million Lives Fund, and others.
• AstellascoreStrategic or Co-development Partner51 Labs partner in Accelerating Innovation in Aging initiative, addressing health equity for older adults through innovation programs.
• Blue Cross and Blue Shield of IllinoiscoreStrategic or Co-development PartnerHealth Equity Innovation Challenge addressing health disparities in Illinois communities through innovation.
• YWCA of Metropolitan ChicagocoreStrategic or Co-development PartnerHealth Equity Innovation Accelerator addressing health inequities in Chicago through community-centered innovation.
• RRF Foundation for AgingcoreStrategic or Co-development PartnerAccelerating Innovation in Aging partnership supporting solutions for older adults.
• KOSME (Korea SMEs and Startups Agency)coreStrategic or Co-development PartnerU.S. Market Expansion Program preparing Korean healthcare companies for U.S. market success, with validation studies and market entry support.
• BARDA Accelerator NetworkflagshipStrategic or Co-development PartnerParatus Digital Health Accelerator, the digital health arm of BARDA, providing non-dilutive funding for digital health startups addressing health security threats.
• Alzheimer's AssociationcoreStrategic or Co-development PartnerAnnual pitch competition focused on solutions increasing access to quality, person-centered care for people living with Alzheimer's in underserved communities.
• American Medical AssociationcoreStrategic or Co-development PartnerCommunity partner and collaboration on healthcare innovation initiatives including physician-focused programs.
• OSF HealthcarecoreStrategic or Co-development PartnerCommunity partner health system collaborating on healthcare innovation initiatives.
• AbbViecoreStrategic or Co-development PartnerCorporate partner engaged in healthcare innovation programs and community initiatives.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Healthbox: Healthbox was a Chicago-originated healthcare innovation studio and accelerator. Directly comparable as a healthcare-focused incubator running accelerator programs and corporate innovation partnerships for health systems.
• 1871: Chicago's flagship digital startup hub, originally created by MATTER CEO Steven Collens while at Pritzker Group. Highly comparable as a multi-tenant innovation hub offering programming, mentorship, and community for early-stage ventures, though not healthcare-specific.
• Plug and Play Tech Center: Global innovation platform with a dedicated Health vertical running corporate-sponsored accelerator programs. Comparable in running multi-vertical, corporate-partnered accelerator cohorts and community-driven deal flow.
• Startup Health: Digital health-focused investor and accelerator running cohort-based programs with corporate and health system partners. Directly comparable as a healthcare-specialized accelerator with community and corporate partnership revenue models.
• IndieBio: Biotech and healthtech accelerator offering cohort programming, mentorship, and lab infrastructure. Comparable as a science- and health-focused accelerator serving early-stage ventures with cohort-driven programs.
• Newlab: Innovation hub operating vertical-specific programs including health, with corporate partnerships and venture studio activities. Comparable as a hub-plus-programs model serving health startups and corporate innovation teams.
• Bayer Co.Lab: Bayer's life sciences incubator network offering startups lab space, mentorship, and partnership access. Comparable as a pharma-backed health innovation incubator running cohort programs with corporate sponsorship.

Broad incumbents

• Johnson & Johnson Innovation – JLABS: Global network of life sciences and healthcare incubators operated by J&J. Comparable as a pharma-backed health innovation hub offering residency, mentorship, and corporate-partnered programming at scale.
• Cambridge Innovation Center (CIC): Large operator of innovation campuses and shared workspaces hosting startups, corporates, and accelerators. Comparable as a multi-tenant innovation hub operator, though broader than healthcare.
• MaRS Discovery District: Toronto-based innovation hub running health-focused programming and corporate venture services. Comparable as a large innovation district operator with health accelerator programs and enterprise partnerships.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/MATTERHealth
• LinkedInlinkedin.com/company/matter-chicago
• Facebookfacebook.com/409178175894906

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MATTER