Just shy of one year since opening, the Novant Health Innovation Lab is launching a membership program for health tech startups and entrepreneurs.
The program, called Innovation Nexus, is a yearlong, paid membership that will give startups the opportunity for collaboration, mentorship, coaching and networking opportunities with Novant's internal stakeholders and external partners.
Novant opened its 1,400-square-foot Innovation Lab in uptown Charlotte's Third Ward last spring as part of the larger headquarters for product launch company Enventys Partners. The lab aims to drive and accelerate technical innovation, and engage and educate team members about emerging technology. It's also used as a community space, bringing in STEM groups, college students, vendor partners and company executives.
Matthew Floyd, director of Innovation Nexus and regional director of Innovation Lab, said the formalized programming will give startups even better access and results.
"It’s this idea that we can provide individualized consulting and access that we typically wouldn’t be able to pull together without this formalized pipeline and resource dedication," he said. "The program provides not only that access to subject matter experts inside Novant, but also ... brings together resources from corporate and community partners, VC networks, stakeholders inside and outside Novant."
Paula Kranz, executive director of Novant Health Innovation Lab, said Novant has worked for years alongside startups to create health tech solutions. The health-care system is looking to bring in local entrepreneurs, as well as those who are based nationally and internationally.
"What we’re creating is a more methodical way and a better experience for our team members and the startup companies to get a pathway to pilot," she said. "For those that are not from the U.S., there is a really steep learning curve to get into U.S. health-care, and this is a way of making sure they’re educated when they get here and getting them to pilot faster."
Floyd said applications are accepted on a rolling basis. Applicants undergo a stringent review and selection process that he said includes screening each startup to make sure their priorities align with those of Novant, determine the complexity of the startup's solution and understand the benefit to both the startup and to Novant.
Then, a pilot intake committee does its own review and makes an assessment on which startups should move forward, based on the health system's priorities. Floyd said the program's inaugural group will join the lab in April.
The Innovation Nexus membership application is available on the Novant Health Innovation Lab website. Membership fees are determined by the complexity of implementation.
