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NEWS
New Initiative To Bring Health Innovations To Market Launched
February 6, 2019

Virginia Commonwealth University (VCU) has launched a three-year, $7 million initiative to support the development of new innovations in health care, VCU President Michael Rao, Ph.D., announced recently in his State of the University Address.

The Health Innovation Consortium will leverage VCU faculty research, talented students and VCU Health in partnership with Richmond’s entrepreneurial ecosystem to support innovations that solve vexing problems in health care, thereby improving health and helping to put Richmond on the map as a hub for health care innovation.

“This consortium will allow students or faculty who have an idea to innovate health care to move seamlessly from concept to commercial viability to mature startup,” Rao said. “This can only happen at VCU, because we are the only comprehensive public research university with a nationally prominent medical center, an institution-wide commitment to human health, a remarkably entrepreneurial student body, and a history of innovation at every level. We also have the benefit of being in a city with a strong, collaborative innovation ecosystem.”

In support of the initiative, VCU Health will invest $2.5 million per year over the next three years. That investment will fund operations, as well as support a pre-seed fund and a seed fund that will help bring the innovations to market and potentially launch startup companies.

The consortium will be administered by the Office of the Vice President for Research and Innovation with consortium members to include the da Vinci Center, a collaboration of VCU’s schools of the Arts and Business, and colleges of Engineering and Humanities and Sciences that advances student innovation and entrepreneurship through cross-disciplinary collaboration; VCU Ventures, an office that supports faculty and staff startup companies; and the VCU School of Medicine.


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