Joe Randolph launched The Innovation Institute in 2013 as a vehicle to advance innovation, be an incubator for medical device development, yet operate independently from hospital systems.
Medical device incubators and accelerators help innovators launch start-ups and bring devices to market. While at first glance The Innovation Institute appears to be just that, President and CEO Joe Randolph started the company with a slightly different approach.
Randolph knew from his background as COO and CFO at St. Joseph Health System that these institutions weren’t set up to offer technology transfer and often don’t have a culture for advancing innovation.
Technology transfer incubators are more common in academia, but funding is always a stumbling block when moving medical device development toward commercialization.
So Randolph came up with a new approach. More…