The University City Science Center will prioritize raising and deploying capital as part of an effort to address health outcome disparities in underserved communities.
The Science Center said Wednesday that it will raise its own funds to get early-stage capital to startups focused on health inequities in underserved communities, with a particular emphasis on ventures from diverse founders.
Heath Naquin, head of the Science Center's new capital vertical, declined to share how much money the nonprofit seeks to raise as it embarks on its capital campaign. The Science Center won’t broker deals between companies and investors, but it will instead raise capital to give to startups as an active, participating investor, he said.
Naquin said the Covid-19 pandemic further exposed longstanding health inequities both locally and nationally. The Science Center seeks to support companies finding solutions to address those inequities and diverse founders working in that space, he said.
“That’s the mission-driven component of all of this for us,” Naquin said. “Ultimately we are a nonprofit, and that’s our mission alignment. That’s why we’re expressly tying those things in with the capital strategy.”
Naquin joined the organization last month as vice president of government and capital engagement. He also serves as managing partner and cofounder of boutique consultancy firm International Innovation Associates – which focuses on health care innovation, angel and venture capital funds, economic advisory, and diversity, equity and inclusion programming – and has held jobs with Massachusetts-based tech pipeline VentureWell and the National Science Foundation.
While there is a lot of later-stage capital in the area that allows well-established companies to grow, the Science Center saw an opportunity to address funding gaps in Philadelphia and nationally for early-stage companies, Naquin said.
"I'm really excited to join the Science Center, be part of the Philly ecosystem, and also try and create a new model for how groups like the Science Center can play in the capital space while having an impact on the community in a positive, social need sort of way," he said.
The nonprofit will be seeking funding from a mix of groups in the corporate world, high-net-worth individuals and other investors from not only Philadelphia, but national groups as well, he said.
The move to put an increased focus on funding is one of CEO Tiffany Wilson’s first large projects at the helm of the Science Center since she started last October. The Science Center will add the new investment component to its existing three pillars: commercialization of tech, cultivating STEM talent and convening people "to inspire action."
"We’re committed to mobilizing capital in Greater Philadelphia and doing our part to close the gap in health inequities for underserved populations," Wilson said in a statement. "Heath’s expertise, paired with our robust commercialization activity will position the region as a leader in healthcare innovation."
