Innovations is the Cleveland Clinic's corporate venturing arm and was recently ranked among the top five healthcare corporate venturing organizations in the world by Global Corporate Venturing magazine. Cleveland Clinic Innovations (CCI) turns the breakthroughs of Clinic employee into patient-benefiting medical products, creates new business opportunities to deliver the Clinic's unique capabilities to the commercial market, and aids economic growth in Northeast Ohio and the Clinic's other home regions.
CCI creates a unique entrepreneurial environment where invention is fostered as an activity in which everyone can participate - physicians, nurses, researchers, administrators - not just a few select individuals. Its comprehensive approach includes sophisticated deal teams, domain experts, investment funds, executives-in-residence, allied investors, seed and technology validation funds, incubation, preclinical facilities and prototype facilities - all poised to create companies and commercially deploy new medical technology.
Innovations has enjoyed real success over the years in creating new companies based on Clinic technology. Starting a company is complex, high-risk, and resource-intensive. There have been 55 Cleveland Clinic spin-offs in the last decade and nearly three quarters of them have received equity investment - more than $650 million to date. Moreover, CCI has transacted nearly 450 licenses and built a community of collaborators that advances innovation in nearly every aspect of Cleveland Clinic.
CCI has recently added an Integrated Business Solutions team to expand the Clinic's business development capabilities. And now CCI is helping other healthcare systems accelerate medical innovation. The Healthcare Innovation Alliance strives to develop a national network that benefits patients everywhere through joint efforts in research, clinical investigation, technology development, and commercialization.