NEOMED and Bounce Innovation Hub announced a new joint venture to support the commercialization and development of new medical technologies. The joint venture, called Kinetic, Health Care Innovation in Motion, will support ideation, research and translational concept generation; product and intellectual property development and protection; prototyping, testing and regulatory compliance; market analysis; go-to-market strategy; and the securing of venture capital for successful commercialization.
Serving as a hub for regional researchers, clinicians, educators, engineers and entrepreneurs who desire a collaborative approach, Kinetic will assist with identifying unmet medical needs and developing new solutions.
“With our collaborations among nationally ranked health systems, NEOMED has been able to accelerate positive change across medical education, practice and discovery. Yet many areas of the medical industry, like innovation and commercialization, are largely untapped," President John Langell noted. “So, we asked ourselves, what if we scaled our resources and made it possible for startups throughout the region to access our state-of-the-art facilities and equipment? And what if we partnered with an organization that could serve as a gateway to those resources?
“We found our answer in Bounce as it not only had medical commercialization expertise and access to extensive networks, but it also had a CEO in Jessica Sublett who shared our goal of resourcing others to expedite their innovations and commercialization efforts to solve unmet medical needs.”
Kinetic will focus on supporting the development of new medical technologies and therapies focused on improving patient outcomes and advancing the field of practice. The primary goal is to accelerate the translation of research to clinical application.
Jessica Sublett, J.D., LLM, president and chief executive officer of Bounce Innovation Hub, says such resources weren’t widely available for startups in the region — at least not through a single organization.
“Northeast Ohio needed a comprehensive support infrastructure that aligns services, facilities and networks for health care startups,” Sublett said. “In NEOMED, we found a willing partner that also wanted to fuel the commercialization of new innovations to solve real world problems. Kinetic fills this current void, ensuring that innovators and their new technologies have the resources and expertise they need to not only survive, but thrive.”