Nov 6
NEOMED and Bounce Innovation Hub form joint venture to accelerate and commercialize health care innovations
New partnership leverages state-of-the-art facilities, medical commercialization expertise and critical networks
ROOTSTOWN OHIO – Northeast Ohio Medical University and Bounce Innovation Hub announced a new joint venture to support the commercialization and development of new medical technologies. The joint venture, called Kinetic, Health Care Innovation in Motion, will support ideation, research and translational concept generation; product and intellectual property development and protection; prototyping, testing and regulatory compliance; market analysis; go-to-market strategy; and the securing of venture capital for successful commercialization.
Serving as a hub for regional researchers, clinicians, educators, engineers and entrepreneurs who desire a collaborative approach, Kinetic will assist with identifying unmet medical needs and developing new solutions.
“With our collaborations among nationally ranked health systems, NEOMED has been able to accelerate positive change across medical education, practice and discovery. Yet many areas of the medical industry, like innovation and commercialization, are largely untapped,” NEOMED President John Langell, M.D., Ph.D., M.P.H., M.B.A., noted. “So, we asked ourselves, what if we scaled our resources and made it possible for startups throughout the region to access our state-of-the-art facilities and equipment? And what if we partnered with an organization that could serve as a gateway to those resources?
“We found our answer in Bounce as it not only had medical commercialization expertise and access to extensive networks, but it also had a CEO in Jessica Sublett who shared our goal of resourcing others to expedite their innovations and commercialization efforts to solve unmet medical needs.”
Kinetic will focus on supporting the development of new medical technologies and therapies focused on improving patient outcomes and advancing the field of practice. The primary goal is to accelerate the translation of research to clinical application.
Jessica Sublett, J.D., LLM, president and chief executive officer of Bounce Innovation Hub, says such resources weren’t widely available for startups in the region — at least not through a single organization.
“Northeast Ohio needed a comprehensive support infrastructure that aligns services, facilities and networks for health care startups,” Sublett said. “In NEOMED, we found a willing partner that also wanted to fuel the commercialization of new innovations to solve real world problems. Kinetic fills this current void, ensuring that innovators and their new technologies have the resources and expertise they need to not only survive, but thrive.”
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About NEOMED
Celebrating the 50th year since its founding, Northeast Ohio Medical University (NEOMED) harnesses diversity, innovation and collaboration to create transformative leaders and improve health through education, discovery and service. NEOMED’s mission is made possible through its network consisting of several nationally ranked health care systems. The University values leadership, excellence, advocacy, diversity, equity and respect. NEOMED has four Colleges — Medicine, Pharmacy, Graduate Studies and the Bitonte College of Dentistry. Its programs offer Doctor of Medicine (M.D.) and Doctor of Pharmacy (Pharm.D.) degrees, as well as master’s and doctoral degrees and research opportunities in other medical and life science areas. The dental program will begin offering a Doctor of Dental Surgery (D.D.S.) degree in 2025. In addition to the basic sciences at its Colleges, NEOMED conducts research to advance innovation and discovery in health care through seven research focus areas of excellence. NEOMED’s unique areas of service include Coordinating Centers of Excellence which disseminate best practices for treating mental illness; online didactics and onsite training through several programs; and patient services through its centers at NEOMED Health Care and its award-winning Student-Run Free Clinic.
About Bounce Innovation Hub
Bounce Innovation Hub was founded in January 2018 and serves northeast Ohio entrepreneurs, startups and small businesses. Located in downtown Akron, Bounce stands on the foundation of Akron’s first wave of innovation and industry in a former B.F. Goodrich tire plant. Bounce operates a 300,000 square foot facility that includes private offices and lab space, co-working, event and conference room space. With more than 60 organizations in the building, Bounce accounts for more than 300 people working and creating in a vibrant environment. Between 2018-2022, Bounce has supported its clients in creating 575 new jobs, raising over $59M in third party investments, generating over $220M in revenues and earning 89 non-provisional patents.
