The institute includes three units: the Innovation Lab, to work on inventions from the health systems’ staff; the Growth Fund, to invest in mid-stage emerging businesses; and the Enterprise Development Group, to generate revenue by providing services to member health systems, according to the report.
The Innovation Institute could support six additional health system members; the institute currently has letters of intent from two health systems, according to the report. “The member systems will also be able to contribute a best practice to the group in exchange for equity in the institute, which could then commercialize the best practice and sell it to other systems,” according to the report.
The Innovation Institute joined the Cleveland Clinic Innovation Alliance, a technology commercialization network.
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