Detroit-based Henry Ford Health and Michigan State University Health Sciences have launched a joint initiative aimed at turning early-stage healthcare innovations into real-world solutions.
The new Innovation Hub is designed to accelerate the commercialization of medical technologies that aim to improve care delivery, expand access and enhance patient experiences, according to a July 23 news release.
The Innovation Hub includes three key components:
- Clinical expertise, which includes support for real-world evidence, data, and pilot or clinical trials.
- Entrepreneurial support, such as startup programming and access to healthcare entrepreneurs.
- Venture investment, with an initial $10 million fund backed by Henry Ford Health, Michigan State University and the MSU Research Foundation.
The fund will support early-stage companies working in digital health, artificial intelligence, diagnostics, medical devices and clinical workflow improvements. The organizations plan to invest about $2 million annually over the next five years.
The effort aims to launch and grow startups, support faculty and clinicians in bringing new ideas to market, and strengthen Michigan’s life sciences and innovation economy.
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