The Innovation Institute Shares Models For Innovation At SoCal HIMSS IT Conference

On March 4, at the Southern California Chapter of HIMSS (SoCal HIMSS) IT Conference at the California Endowment Center in Los Angeles, Calif., Larry Stofko, executive vice president of The Innovation Institute, moderated a panel to discuss which models for innovation are most effective. Ryan Kelly, PhD, senior commercialization officer, Cleveland Clinic Innovations, an alliance partner of The Innovation Institute, participate in the panel along with Casie Kellly, PhD, senior licensing officer, Life Sciences, UC, Irvine; Bran Heise, senior managing director, Summation Health Ventures; and Katherine Steinberg, director of programs, Institute for Innovation in Health. SoCal HIMS is part of the largest health care information systems professional organization in the nation.

Stofko facilitated a panel on the various models for innovation, including A) community based, grassroots; B) externally based, tapping the world; and C) fund based, investing in companies, taking equity.

He explained how the The Innovation Institute, a for profit LLC, is structured to provide new revenue centers for health systems through participation and ownership in subsidiary companies, including an Innovation Lab, a Growth Fund, and a portfolio of health care service companies.

Stofko says, “The Innovation Lab is at the heart of The Innovation Institute. It’s where we collect and cultivate medical product ideas from physicians and employees across the health care systems we work with” He added, “While these new medical products go through the commercialization process, the other subsidiary companies support the Lab and generate revenues for our member owners.”

About The Innovation Institute
The Innovation Institute is an independent, for-profit LLC structured to cultivate innovative solutions to transform healthcare delivery. The Innovation Institute is owned by non-profit health systems. This collaborative taps into physicians, employees, and industry business partners to incubate and commercialize new medical products and ideas. Comprised of three distinct elements – an innovation lab, an investment fund, and a shared services group (Enterprise Development Group), The Institute strives to “do more, with less, for more people.” For more information, visit www.ii4change.com.