OSF HealthCare launches 'Shark Tank'-style innovation incubator

Peoria, Ill.-based OSF HealthCare launched a healthcare innovation incubator modeled after ABC's hit show "Shark Tank," according to a Feb. 4 news release.

Four things to know:

  1. The incubator, called the OSF Innovation Studio, allows employees to share their ideas to improve care delivery. OSF Innovation Studio team members will act as "sharks," evaluating ideas employees submit and helping them consider practical matters such as development costs.

  2. Kip McCoy, the studio's vice president, said his team looks for ideas that have the potential to transform healthcare, are linked with OSF's areas of expertise or are aligned with the health system's innovation focus areas.

    "We're looking at things like what level of expertise we might have to bring, the size of the market if we’re looking at commercialization," Mr. McCoy said. "Can this be protected via a patent or otherwise that might bring additional value? Do we have the ability to have a partner who could help bring this to market for us?"

  3. OSF partnered with startup studio High Alpha Innovation, hoping to speed the development of new tech tools and companies. If the studio endorses an employee's idea, OSF and High Alpha will help launch a startup company that will be funded to scale the product and likely garner investors, according to Mr. McCoy.

  4. Ideas the studio has advanced include an app to improve surgical safety for patients with medical implants and a new type of heart stent.

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