Innovative clinicians and leaders invent promising solutions to healthcare challenges. A large health care system sought Ohio Third Frontier funding to support a $1 million fund designed to advance new products and ideas originating from within the health system. Historically, without a formal process or institutional champions to drive these new solutions into clinical use, innovators receive inconsistent levels of support with varying results. Sometimes, new technologies are shelved. Other times, technologies are licensed to third parties, inside or outside Ohio, impacting the long-term benefit to the health system, its patients, and Ohio. Most often, the health system allocates resources to technology commercialization on an ad hoc basis, a resource intensive approach lacking clear strategic vision.
LNE Group was contacted, just a few weeks prior to the grant submission deadline to scope, manage and write the grant application. The health system desired to launch a pool of funds to create an internal channel through which health system innovators could present their ideas, validate the technology, improve business plans, and identify the mechanisms and secure the resources necessary for commercial success. A primary goal was to help ensure technologies matured in Ohio so they are beneficial to health system’s patients.
Approach
LNE Group streamlined the client’s program concept, identified project collaborators, and created a project plan. Within a condensed timeline, LNE Group managed all iterations of the grant application and coordinated feedback from a variety of client stakeholders. Simultaneously, LNE Group secured necessary collaborator commitments and appropriate documentation. LNE Group helped the client outline a vision to use funds for technology validation activities, including prototype development and scale-up, expansion of business plans, elucidation of regulatory pathway, product development, and identification of start-ups to whom to license the technology.
Result
The client secured $500,000 in grant funding, to be matched with $500,000 from the health system, to create a $1 million technology venture fund. The health system anticipates receiving 25–30 proposed technologies for funding consideration and expects 8-10 projects will receive seed funding investment. Three to five new companies will form as a result of the technology venture fund, and at least seven technologies will be licensed.
ExpertiseProposal Development & Grant Writing Healthcare Sector Consulting
