Venture Associate, Innovation Center

A Brief Overview

UH Ventures (UHV)—the innovation and commercialization arm of University Hospitals (UH)—develops innovative new business models, products, solutions, and companies that leverage existing UH capabilities to benefit patients/consumers and develop new revenue for the hospital system. UHV is an entrepreneurial and intrapreneurial engine that guides the organization's effort to expand its care delivery enterprise through the optimization of high performing assets and through establishing novel and innovative growth channels. 

The Venture Associate at UH Ventures will primarily focus on supporting the vetting and shepherding of outside-in companies with potential to solve some of UH and healthcare's most pressing problems. Specifically, this individual will be part of a dedicated function/group within UHV focused on coordinating and supporting early-stage startup companies coming through the Creative Destruction Lab (CDL) Cleveland pipeline. The intent is to identify best-in-class and the most promising companies that could/should be piloted or engaged at UH with the larger vision, downstream, to potentially invest in a subset of companies. Work may also entail working with the inside-out function within UHV to determine if any UH-sourced companies are ripe for venture formation and development.

What You Will Do

• Innovation Operations
  • Managing pipeline of opportunities through a disciplined due diligence process, including the following key responsibilities. 
    • Initial intake process to assess viability of opportunities.
    • Assessment of market dynamics/analysis to determine if value-proposition is compelling and fulfills an unmet need within UH/healthcare 
    • Assessment of competitive analysis        
    • Managing relevant documents/documentation related to UHV “outside-in” work and projects (through UHV CRM solution).
    • Responsible for end-to-end management and support pipeline of companies
• Fostering stakeholder engagement and development/maintaining relationships with potential areas (e.g., clinical operations, IT, non-clinical/administrative) within UH.
  • Seeking out subject matter experts (SMEs), both internally and externally to validate if there’s potential with a technology or company. Cultivating relationship with potential internal “champions” to take on a startup for proof-of-concept (POC) validation or piloting within system.
  • Preparing project information for review, vetting, and final endorsement from UHV leadership.
  • Building investment memos (target audiences include UH senior executives, UH system board, UH Ventures Advisory Council).     
  • Tracking milestones and timelines.
  • Preparing meeting agendas and taking/distributing meeting minutes.
  • Supporting UHV core functions, including “outside in,” technology commercialization (“inside out”), and culture of innovation (innovation programming, events, etc.).
  • Fostering and maintaining relationship with existing and potential sponsors.
  • Well versed or willing to learn the “research enterprise” aspect of UH as some deals may initially be anchored to prove out a research hypothesis before engaging operations or a potential commercialization (co-development with equity stake, warrants for services, etc.) pathway.
• CDL-Cleveland