Story excerpt provided by Crain’s Cleveland Business.
Written by Chuck Soder.
There’s now an enormous hole in the “soft ceiling” that prevented Cleveland Clinic Innovations from making big investments.
The Clinic’s business development team just spent several hundred thousand dollars to turn a doctor’s idea into a full-fledged product.
That’s huge change: In the past, the Innovations team rarely spent more than $50,000 on any given technology. And it won’t be the last time that the Innovations team spends a significant amount of money to shepherd technologies and startups created by the Clinic through the so-called valley of death — a stage where they need a significant amount of capital but aren’t yet mature enough to get it from the average venture capital fund.
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Originally published February 28, 2016.