Partner - Digital Health Cleveland Clinic Ventures
Job DetailsThis opportunity, located in Cleveland, Ohio is responsible for leading and participating in a successful, investment return-focused program that actively manages the creation of start-up companies based on Cleveland Clinic inventions and technologies, particularly in the areas of healthcare information technology (HIT).
For more information about the Innovations department, please visit: https://innovations.clevelandclinic.org/
- Evaluates business opportunities related to Cleveland Clinic developed technologies by analyzing product development status, customer needs, market factors and resource requirements
- Assists and mentors Cleveland Clinic inventors in critical business formation decisions which will include sharing project planning and management skills in order to nurture internal teams involved with the development of potential new companies.
- Helps Cleveland Clinic startups raise funds to accelerate technology commercialization. The funds should be milestone driven that lead to an investment from a high performing Venture Capital firm.
- Assists in creating the initial business model, engaging the founders and/or management team and securing initial funding to accelerate the business formation process which will include connecting start-up projects to relevant resources both internal and external to Cleveland Clinic.
- Coordinates activities with all others in the Cleveland Clinic commercialization teams and participates in the ongoing development of Cleveland Clinic Ventures by fostering on-going external relationships with entrepreneurial and venture communities.
- Identifies and reports forward looking Key Performance Indicators for companies for stakeholders related to the CC startup entities.
- Works with the HIT Advisory Council to determine feasibility, success factors, and potential commercial pathways for potential spin-out companies.
- Manages a portfolio of existing HIT companies as a board member or observer to achieve the highest possible financial return.
- Prepares analytical reports on portfolio companies for internal/external stakeholders.
- Enforces Cleveland Clinic policies and procedures for Cleveland Clinic startup companies, and reviewing Cleveland Clinic startup corporate agreements for accuracy.
- Other duties as assigned.
- A Master’s degree in the biological, physical, engineering sciences, or business.
Complexity of Work:
- A proven track record in forming new enterprises to address an emerging market opportunity, raising early stage capital for portfolio companies, building teams in a startup environment, and successfully exiting through sale of company or assets.
- Experience negotiating term sheets, cap tables, employment agreements, and shareholder agreements.
- The candidate should have significant business formation and industry experience in markets related to HIT, preferably in an emerging startup environment.
- Excellent interpersonal, oral, and written communication skills.
- Considerable understanding of the policies, procedures and culture associated with working within a research organization.
- Excellent project management and product management skills and experience including understanding of software technology development stages including ideation, to 510K and other regulatory and reimbursement pathways.
- Established network of entrepreneurial and venture contacts.
- A minimum of 8 years of business formation experience with new product development in the HIT market, including a minimum of 5 years of demonstrated management experience.
- Previous Board of Director experience with start up companies is highly desirable.
- Commercial payer experience preferred.
- Experience negotiating term sheets valued more than $10 million with top Venture Capital firms and an understanding of the technology transfer licensing process to startup companies is a plus.
- Manual dexterity sufficient to operate office equipment.
- May require extended periods of sitting, standing and walking.
- Must be able to walk to attend meetings; must have normal or corrected vision to normal range.
- Ability to clearly communicate by phone and in person.
Personal Protective Equipment:
- Follows Standard Precautions using personal protective equipment as required for procedures.
Key Words: HIT, Start Ups, Healthcare Information Technology, New Product Development, Venture Capital, 510k, technology commercialization, commercial payer, strategic ventures