Novant Health has a new way to help startups break into the health care industry.
The Winston-Salem-based health system launched the Innovation Nexus program through the Novant Health Innovation Lab. The yearlong, paid membership program offers collaboration, mentorship, coaching and networking opportunities with Novant’s internal stakeholders and external partners with the goal of launching a pilot at Novant.
The membership fee will be determined by complexity of the pilot, with an average cost of $10,000 per company per year.
The Innovation Nexus program will guide startups through complex processes in the health care industry and at Novant, including data, integration, funding and sourcing. Membership will also provide access to capital opportunities through quarterly pitch events and round table discussions and other member events.
Startups will also be matched with clinical, technical and business experts at Novant.
“Since opening the Novant Health Innovation Lab doors a year ago, our team has met dozens of startups looking to enter the health care industry. The common thread we’ve seen with many of them is that they often aren’t fully aware of the layered process that lies ahead,” said Paula Kranz, vice president of innovation enablement at Novant. “We’ve seen the incredible potential is some of these companies and believe we can help them ignite their businesses by providing valuable coaching. We are excited to leverage our expertise and provide access to our powerful ecosystem while helping to bring to life pilot programs and realize possible benefits for our patients and team members.”
Launched in 2022, the Novant Health Innovation Lab explores and accelerates technical integrations and strategic enterprise innovation designed to resolve team member challenges, improve patient outcomes, increase return on investments and foster community engagement.
Last year, the health system also launched Novant Health Enterprises, an independent business division designed to innovate and support scalable advances in health care.
With an overall focus on health equity and access, Innovation Nexus projects may concentrate in a number of health care specialties, such as differentiating artificial intelligence; ambulatory care expansion; virtual care; remote patient monitoring; mental health; robotic process automation; and mixed virtual and augmented reality.
Applications are accepted on a rolling basis.
