Tampa General Hospital launches new VC fund to drive tech advancements
Tampa General Hospital has launched TGH InnoVentures, a venture capital fund designed to help drive a "culture of innovation" at the large academic medical center.
WHY IT MATTERS
TGH InnoVentures will have three components:
- The TGH Innovation Lab will help with the creation and curation of ideas and tools to help physicians and other team members drive quality improvements and boost operational efficiencies enterprise-wide.
- The TGH Accelerator program will help nurture early-stage healthcare startups as they design new products, with Tampa General serving as a "living-learning laboratory" – offering expertise, resources, capital and more.
- Through TGH InnoVentures, the health system will also directly invest in new healthcare and companies.
Tampa General will be partnering with Embarc Collective – an area innovation hub and education organization – to help build out TGH InnoVentures.
"Together, as we leverage our collective expertise and resources, this will help accelerate Tampa Bay's position as a top location for emerging business, particularly in the field of health care and health tech," said Embarc Collective CEO Lakshmi Shenoy, in a statement. "Through this dynamic partnership, more than 50 early-stage startups at Embarc Collective will be able to meaningfully engage with TGH InnoVentures regularly."
As part of the effort – scheduled to launch in early 2021 – Tampa General has created the new role of vice president for innovation. Rachel Feinman, an intellectual property attorney who served as executive director of the Florida-Israel Business Accelerator, will take the new role in January.
"The establishment of TGH InnoVentures represents a watershed moment for both the organization and our community," she said in a statement. "Tampa General will cement its commitment to this type of innovation and problem-solving internally and expand its reach and impact as it supports the next generation of companies working to improve health care delivery and access."
THE LARGER TREND
TGH InnoVentures is the most recent example in a burgeoning trend of large health systems launching innovation labs and venture funds.
Ochsner Health, for instance, has achieved an array of successes through its innovationOchsner group.
Major enterprises such as Mount Sinai and UPMC have also continued to build their respective innovation labs into commercial profit centers.
ON THE RECORD
"TGH InnoVentures is a critical ingredient in our strategic vision to become the safest and most innovative academic health system in America," said Tampa General Hospital president and CEO John Couris in a statement.
"It has the potential to be a game-changer for both the organization and the healthcare industry. First and foremost, TGH InnoVentures will allow us to develop innovative solutions to improve the quality and access to care right here at Tampa General. At the same time, TGH InnoVentures will provide us a platform to invest both resources and funds into emerging companies and technology that will have the ability to significantly improve the delivery of health care within our region, state, and even nationally."
Leadership Fundamentals for Digital Transformation
This month, we’ll show how healthcare leaders are investing in this forward push, positioning themselves to capitalize on an array of innovations to enable a brighter future.