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Northrop Grumman Joins DreamIt Ventures Healthcare Accelerator

Stocks in this article: NOC

BALTIMORE, Dec. 16, 2013 /PRNewswire/ -- Northrop Grumman Corporation (NYSE: NOC) has joined DreamIt Health Baltimore, a collaborative startup business accelerator program with the goal of identifying, validating and developing innovative solutions to healthcare challenges.

(Logo: http://photos.prnewswire.com/prnh/20121024/LA98563LOGO)

Northrop Grumman joins The Johns Hopkins University and BioHealth Innovation Inc. in the Baltimore-based accelerator, which was launched in September by DreamIt Ventures, a seed-stage accelerator based out of Philadelphia.

Startups selected for the four-month program receive $50,000 in seed funding; access to potential beta customers, pilot partners, data and systems; accounting and legal support; and expert guidance and mentoring from the accelerator and its partners.

"Advances in healthcare are particularly dependent on advances in information technology," said Amy Caro, vice president, health IT programs, Northrop Grumman Information Systems. "Northrop Grumman is focused on serving as a value-added provider of innovative, affordable, next-generation IT solutions to transform healthcare. DreamIt Health Baltimore provides us an extraordinary opportunity to introduce fresh thinking, new ways of doing business and, ultimately, superior systems, services and solutions."

DreamIt and the program partners will select as many as 10 startup companies from applications received worldwide. The selected companies will begin an entrepreneurial boot-camp in Baltimore Jan. 17, 2014, which runs through May 9, 2014.

"The most important thing we do for DreamIt companies is enable access to industry leaders who provide insight on the market's most pressing problems and who are open to partnering to give these startups access to key resources and opportunities otherwise out of their reach," said Elliot Menschik, M.D. PhD, managing partner for healthcare at DreamIt Ventures. "Northrop Grumman has exceptional public sector health IT experience. We're thrilled to have them join the program and look forward to the significant impact this partnership will have on the success of the DreamIt participants."

DreamIt Ventures completed a similar health IT program with 10 start-ups in Philadelphia in August in a partnership with Independence Blue Cross and Penn Medicine. Since 2008, DreamIt Ventures has helped launch 127 startup companies in accelerator programs run in Philadelphia, New York, Austin, Texas, and Tel-Aviv, Israel.

Northrop Grumman is a leading provider of health IT solutions and services, supporting the continuum of health and human services for federal civilian, military, state, local and international customers. Through the integration of health expertise and information technology, the company supports national health goals to enhance benefits systems solutions, increase the quality and efficiency of health care and improve the health of the population. Additional details are available at www.northropgrumman.com/healthit.

Northrop Grumman is a leading global security company providing innovative systems, products and solutions in unmanned systems, cyber, C4ISR, and logistics and modernization to government and commercial customers worldwide. Please visit www.northropgrumman.com for more information.

SOURCE Northrop Grumman Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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