"At the Crossroads of Health and Innovation: Nashville's Soaring Startup Scene Takes Flight with Health-Tech Pioneers"
As the sun-soaked skies framed his journey from Fort Lauderdale to Nashville, 36-year-old Robin Shah, CEO of health-tech startup Thyme Care, found more than a scenic view outside his airplane window. Clad in a purple Thyme Care sticker, Shah became a beacon of recognition for a fellow passenger, a venture capitalist attuned to the city's burgeoning health-tech landscape. In a recent interview with CNBC, Shah recounted the increasing familiarity he experiences, a testament to the rising allure of Nashville's health-care and technology scene.
Beyond its reputation as a haven for country music and the vibrant energy of Broadway's entertainment district, Nashville emerges as a titan in the health-care industry. With over 900 health-care companies generating a staggering $97 billion in annual revenue, the city is not merely a cultural hub but a thriving ecosystem for innovation and disruption. For founders like Shah, drawn by the city's Southern charm and small-town vibe, Nashville offers a unique confluence of tradition and cutting-edge health-tech opportunities.
In conversations with CNBC, a diverse group of founders, investors, and executives highlighted Nashville's tight-knit health-tech community, characterized by support and collaboration. As Shah noted, "Great companies are being born here," reflecting the city's evolution into a dynamic hub for health-tech pioneers seeking to redefine the patient experience.
Nicknamed "Music City," Nashville resonates with the twang of guitars and the allure of live performances. Yet, beneath the surface, it houses a vibrant network of health systems, startups, and investment firms. The city's health-care prominence traces back to 1968 when HCA Healthcare, a trailblazing for-profit hospital company, was founded. With over 180 hospitals across 20 states and facilitating more than 37 million patient encounters annually, HCA set the stage for Nashville's rise as a health-care powerhouse.
As entrepreneurs and investors flock to explore the city's burgeoning opportunities, Nashville's startup scene takes flight, weaving together the harmonies of tradition and innovation against the backdrop of its storied health-care legacy.
"Nashville's Health-Tech Symphony: Attracting Talent and Innovation in the Healthcare Capital"
In the rhythmic pulse of Nashville's health-tech landscape, companies like Thyme Care serve as orchestrators, drawing a symphony of health-care professionals to the city. A domino effect ensues, with major organizations, including Community Health Systems, Brookdale Senior Living, and Acadia Healthcare, establishing their headquarters in the health-care-rich environs of greater Nashville. The city's educational heartbeat, marked by institutions like Vanderbilt University, Belmont University, and Meharry Medical College, further amplifies its claim to being the "health-care capital of the world."
According to Kyle Cooksey, Chief Experience Officer at Monogram Health, a digital health company based in a Nashville suburb, the city's startup ecosystem exudes a rare combination of support and mission-driven determination. Describing the landscape as "incredibly supportive," Cooksey emphasized that health-care companies are omnipresent in Nashville, with a vibrant community that's both hard to miss and impossible to ignore.
Monogram Health's success, underscored by a $375 million growth funding round in January and the leadership of former Senate Majority Leader Bill Frist as Chairman of the Board, epitomizes the flourishing health-tech scene. The city's allure lies not just in its business-friendly environment but in the pervasive health-care expertise that permeates every block.
For John Bass, CEO of venture studio Hashed Health, Nashville's charm is deeply embedded in its highly concentrated pool of health-care professionals. Bass, a Nashville native, founded Hashed Health in 2016 with the aim of de-risking and spinning out health-care startups. Despite the occasional temptation of the Rocky Mountains in Colorado, Bass finds the unique concentration of talent in Nashville irresistible. He highlighted the pragmatic and conservative approach of local VCs, aligning with the nuanced challenges of an industry traditionally averse to rapid technological shifts.
Navigating the intricacies of health-care innovation in Nashville requires not just an understanding of regulations and constraints but also a recognition of the city's distinct character. While other cities may beckon with novelty, Nashville's concentrated talent pool, coupled with its balanced growth, keeps pioneers like Bass rooted in the city's health-tech symphony. As he aptly noted, "It still feels like it's the right size, it hasn't grown so big that it's too diluted." In this bustling Southern metropolis, the health-tech melody plays on, harmonizing innovation, talent, and tradition.
"Nashville's Health-Tech Resonance: Bridging Business and Innovation in the Heart of Healthcare"
Ellen Herlacher, a partner at LRVHealth, a health-care VC firm, recognizes the unique pulse of Nashville, a city that not only resides in her roots but also serves as the epicenter of health-care business. Although Boston thrives in academic and clinical health-care innovation, Herlacher emphasizes that Nashville holds the reins when it comes to the health-care industry. Frequenting the city every six to eight weeks, and sometimes two weeks in a row, she attests to the magnetic pull that draws her back to meet with portfolio companies and co-investors.
For Luke Benda, co-founder and CEO of Healing Innovations, a medical robotics company based in Nashville, the city offers an invaluable proximity to the "heavy hitters" of hospital operations. Access to these influencers, often challenging to reach or hire elsewhere, positions Nashville as a prime locale for health-tech pioneers. However, Benda notes the need for traditional technologists, such as software developers and engineers, which can be scarce in the city. Despite recent improvements in the broader tech talent pool with the establishment of hubs by giants like Amazon and Oracle, John Bass, CEO of Hashed Health, acknowledges the ongoing challenge of finding true technologists in Nashville.
The city's health-tech landscape has not only thrived due to the efforts of local organizers and government officials but has also garnered substantial investments. The Greater Nashville Venture Capital Association (GNVCA), launched in November, stands as a testament to this commitment. A membership-based organization, GNVCA aims to broaden access to capital and talent in the region by attracting new VCs, organizing networking events, and sourcing investment opportunities. Vanderbilt's grant support for GNVCA's initial operations underscores the collaborative efforts that fuel Nashville's health-tech vibrancy. Marcus Whitney, a board member of GNVCA and co-founder of Jumpstart Health Investors, notes that the organization's launch is made possible by the critical mass of VC firms that have found a home in Nashville. As the city continues to bridge the gap between innovation and business, its health-tech symphony resounds, drawing talent, investments, and collaborative endeavors into its vibrant sphere.
"Nashville's Evolution: A Thriving Ecosystem for Innovation and Community in Health-Tech"
Marcus Whitney, a Nashville resident for over two decades, has witnessed a transformative shift in the city's VC and startup landscape over the past five years. In an interview with CNBC, he noted the influx of new residents from business hubs on both coasts, including founders, VCs, and investment bankers. The city, once renowned for its musical legacy, now paints a different picture—one that resembles a burgeoning tech and innovation hub.
Central to this evolution is the Nashville Entrepreneur Center, a pivotal player connecting startups with essential resources and support. Established in 2010, the center has become a cornerstone for entrepreneurship in the city, collaborating with over 10,000 entrepreneurs since its inception. Luke Benda, CEO of Healing Innovations, praised the center as an "amazing hub," teeming with mentors eager to guide founders, even those navigating uncharted territories.
The entrepreneurial spirit is further fostered through organizations like the Greater Nashville Technology Council and the Nashville Health Care Council, offering eligible entrepreneurs valuable memberships. The Nashville Health Care Council, comprising over 300 companies, including health-care giant HCA Healthcare, provides networking opportunities and educational events, enriching the city's health-tech ecosystem.
Landon Gibbs, Managing Partner at Altitude Ventures, hailed the Entrepreneur Center as the "front door" for entrepreneurship in Nashville, emphasizing the robust support from the community. Raelyn Wilson, Co-founder and CEO of Peer Supply, attested to the vibrant social scene for startups, where casual events facilitate industry discussions and knowledge sharing. Peer Supply, Wilson's first venture, focuses on enhancing health-care supply chains.
Beyond its business advantages, Nashville draws health-tech pioneers with its vibrant lifestyle. The city, synonymous with live music, offers a dynamic cultural experience. Tennessee's absence of state income tax adds to its allure, attracting residents seeking a balance between professional success and an enjoyable family life. Marcus Whitney, instrumental in bringing professional soccer to Nashville, pointed out the city's sports scene, hosting professional football, hockey, and basketball teams. In this dynamic blend of innovation, community support, and quality of life, Nashville emerges not just as a health-tech hub but a place where entrepreneurship thrives and life is lived to the fullest.
"Nashville's Unique Charisma: A Growing Hub with Community at its Core"
Marcus Whitney, a seasoned Nashville resident, describes the city as possessing all the desirable attributes one would seek, enriched by a unique sense of community often absent in more assertive tier-one cities. He acknowledges the city's strengths while emphasizing the ongoing need for improvements, particularly in the education system, where Tennessee currently ranks 33rd in the U.S.
As Nashville experiences dynamic growth, Marcus Whitney recognizes the necessity for infrastructure development to keep pace, noting the emerging challenge of increased traffic. Ellen Herlacher of LRVHealth, however, sees Nashville as relatively accessible and navigable, offering a refreshing departure from the congestion witnessed in cities like Boston and San Francisco. She paints a picture of a city where leaving work, enjoying a brief social outing, and returning home for dinner by 6:30 p.m. is not an arduous task.
Despite the evident evolution and transformation in Nashville, Ellen Herlacher notes the ongoing challenge of diversity, particularly in the representation of women in entrepreneurship. Rachel Soper Sanders, co-founder and CEO of Rootine, echoes this sentiment, observing the rarity of female founders, especially those backed by venture capital. However, she remains optimistic, highlighting the burgeoning and supportive startup ecosystem in Nashville, which continues to thrive amidst its growth.
Thyme Care's Robin Shah, a transplant from New York, emphasizes the city's welcoming atmosphere for newcomers. Shah found immediate acceptance within the health-tech community, seamlessly integrating into the vibrant network. His experience reflects the city's openness, where opportunities for learning and collaboration abound.
John Bass of Hashed Health lauds the "strong community feel" among entrepreneurs and VCs in Nashville, emphasizing the close-knit nature of interactions that extend beyond professional settings. Whether at restaurants, cafes, or back-to-school nights, the interconnectedness fosters an environment where relationships are cultivated, ideas are exchanged, and community bonds grow stronger.
In the midst of Nashville's transformation, it emerges not just as a city but as a connected hub pulsating with a distinct energy—a place where innovation, community, and opportunity converge to create a unique and welcoming landscape.
"Nashville's Daily Tapestry: Health-Tech, Community, and Southern Hospitality"
John Bass, immersed in the pulse of Nashville, describes a routine where a visit to the local coffee shop is not just about coffee but a social encounter with familiar faces—neighbors deeply ingrained in the city's health-care, tech, and venture capital fabric. This sense of community, where connections are made almost daily, is a testament to the interconnected nature of Nashville's health-tech ecosystem.
Chase Spurlock, co-founder and CEO of Decode Health, sheds light on a unique aspect of Nashville's supportive culture—the "Nashville no." This phenomenon, characterized by indefinite responses like "maybe," reflects the city's Southern roots and a desire to avoid being overly negative. Decode Health, a data platform with a focus on advancing pharmaceutical, diagnostic, and technology innovation, has thrived in this nurturing environment. Spurlock, a Tennessee native, founded the company in Nashville in 2019 and takes pride in the genuine support prevalent in the community. He describes a commitment to paying it forward, emphasizing that in Nashville, asking for help invariably results in a supportive response.
As Nashville's health-tech community thrives, Spurlock's sentiment echoes a sentiment shared by many in the city—that the collaborative spirit is what truly sets Nashville apart. In this symbiotic relationship between entrepreneurs, technology, and the community, Nashville emerges not just as a hub for innovation but as a place where success is woven into the very fabric of daily life.
In conclusion, Nashville stands at the crossroads of a transformative journey, evolving from its musical roots into a vibrant health-tech hub that embraces innovation, community, and a unique Southern charm. The city's dynamic growth, fueled by a supportive ecosystem and a commitment to collaboration, has attracted a diverse array of talents, from founders to venture capitalists and beyond.
While Nashville's health-tech scene basks in its successes, challenges such as the need for enhanced education and infrastructure persist. The city's identity is in flux, balancing the preservation of its warm, close-knit community spirit with the demands of a burgeoning tech and innovation landscape.
The stories of entrepreneurs like Chase Spurlock, who proudly anchors his company, Decode Health, in the area, and the reflections of long-time residents like John Bass, underscore the city's unique blend of familiarity and progress. The "Nashville no," a phenomenon reflecting a desire to avoid undue negativity, is emblematic of the city's ethos, where genuine support and a commitment to helping one another prevail.
As Nashville continues to redefine itself, its health-tech symphony resounds not just in its achievements but in the interconnected relationships that weave through its neighborhoods, coffee shops, and entrepreneurial endeavors. This city, with its rich tapestry of culture, innovation, and hospitality, showcases a distinct model for success—a model that extends beyond business into the daily interactions that make Nashville not just a destination, but a community where the spirit of collaboration fuels a shared journey toward progress.