Cleveland Clinic creates venture arm to maximize results of spinoff companies
Cleveland Clinic has created a new entity to collaborate with Cleveland Clinic Innovations to help build its pipeline of startups into successful, sustainable companies.
Cleveland Clinic Innovations helps turn medical breakthrough inventions into products and companies. Since it was created in 2000, CCI has issued over 850 patents and executed more than 500 licenses on medical devices and techniques. The new department within CCI, Cleveland Clinic Ventures, will help raise funds to get innovative ideas to market and to maximize the performance of spinoff companies.
Brian Donley, MD, Cleveland Clinic's chief of staff, told Becker's CCV will assist the spinoff companies with funding strategies, business model development and technology road maps.
"This new structure will position us to have an even more robust, streamlined commercialization impact and successfully fulfill our potential as a world-class destination for healthcare commercialization," says Dr. Donley. "Cleveland Clinic Innovations and Cleveland Clinic Ventures work together seamlessly, sharing expertise, with a relentless focus on advancing technologies to improve patient care for Cleveland Clinic patients, and other patients locally, nationally and internationally."
Cleveland Clinic recently appointed new leaders for both entities. Peter O'Neill was named executive director of Cleveland Clinic Innovations and Jack Miner was appointed managing director of Cleveland Clinic Ventures.
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