CLEVELAND – Cleveland Clinic and JumpStart Inc. have announced a three-year partnership with Silicon Valley-based Plug and Play to create an accelerator focused on digital health innovation and biotech in the Global Center for Health Innovation.
The three will work together to attract U.S. and international health care startups to Cleveland each year. The initiative is receiving support from The Ohio Third Frontier and other Cleveland-area institutions and corporations.
JumpStart helps develop community entrepreneurs, and Plug and Play connects startups to investors and corporations while also directly investing in more than 150 startups each year.
“We are excited to work together to attract large companies, small companies, entrepreneurs, investors and future employees to come together to advance health care innovation,” said Dr. Brian Donley, chief of staff at Cleveland Clinic, in a statement. “Bringing this activity to our region will help continue the growth of our health care-based economy, leading to new treatments for our patients and patients around the world.”
Beginning in Spring 2018, the Plug and Play Cleveland HealthTech Accelerator will operate two cohort programs each year. The HealthTech Accelerator team will evaluate hundreds of startups from across the globe, which will then be vetted down to cohorts of at least 10 companies every six months. Cleveland Clinic, JumpStart and all Ohio-based collaborators will also make every effort to encourage participating startups to stay in Cleveland post-graduation.
“We are thrilled to engage Cleveland’s robust health, industrial and investment community to attract the most innovative health startups worldwide to Cleveland,” said Saeed Amidi, CEO and founder of Plug and Play.
Cleveland Clinic will also collaborate with up to six Plug and Play cohort companies each year to pilot their new health care innovations, while JumpStart will help to select companies in each cohort as well as invest in many of the companies participating who have committed to stay in Ohio.
“This collaboration is an incredible example of Cleveland Clinic leveraging its resources and expertise to increase Cleveland’s already formidable reputation for health care innovation,” said Ray Leach, CEO of JumpStart, in a statement. “We are proud to join with Cleveland Clinic to attract more startups to Ohio, while also doing a better job of connecting these firms to local and global corporations who are looking for new innovations to increase their competitiveness.”