Venture Associate, Innovation Center

A Brief Overview

UH Ventures (UHV)—the innovation and commercialization arm of University Hospitals (UH)—develops innovative new business models, products, solutions, and companies that leverage existing UH capabilities to benefit patients/consumers and develop new revenue for the hospital system. UHV is an entrepreneurial and intrapreneurial engine that guides the organization's effort to expand its care delivery enterprise through the optimization of high performing assets and through establishing novel and innovative growth channels. 

The Venture Associate at UH Ventures will primarily focus on supporting the vetting and shepherding of outside-in companies with potential to solve some of UH and healthcare's most pressing problems. Specifically, this individual will be part of a dedicated function/group within UHV focused on coordinating and supporting early-stage startup companies coming through the Creative Destruction Lab (CDL) Cleveland pipeline. The intent is to identify best-in-class and the most promising companies that could/should be piloted or engaged at UH with the larger vision, downstream, to potentially invest in a subset of companies. Work may also entail working with the inside-out function within UHV to determine if any UH-sourced companies are ripe for venture formation and development.

What You Will Do

• Innovation Operations
  • Managing pipeline of opportunities through a disciplined due diligence process, including the following key responsibilities. 
    • Initial intake process to assess viability of opportunities.
    • Assessment of market dynamics/analysis to determine if value-proposition is compelling and fulfills an unmet need within UH/healthcare 
    • Assessment of competitive analysis        
    • Managing relevant documents/documentation related to UHV “outside-in” work and projects (through UHV CRM solution).
    • Responsible for end-to-end management and support pipeline of companies
• Fostering stakeholder engagement and development/maintaining relationships with potential areas (e.g., clinical operations, IT, non-clinical/administrative) within UH.
  • Seeking out subject matter experts (SMEs), both internally and externally to validate if there’s potential with a technology or company. Cultivating relationship with potential internal “champions” to take on a startup for proof-of-concept (POC) validation or piloting within system.
  • Preparing project information for review, vetting, and final endorsement from UHV leadership.
  • Building investment memos (target audiences include UH senior executives, UH system board, UH Ventures Advisory Council).     
  • Tracking milestones and timelines.
  • Preparing meeting agendas and taking/distributing meeting minutes.
  • Supporting UHV core functions, including “outside in,” technology commercialization (“inside out”), and culture of innovation (innovation programming, events, etc.).
  • Fostering and maintaining relationship with existing and potential sponsors.
  • Well versed or willing to learn the “research enterprise” aspect of UH as some deals may initially be anchored to prove out a research hypothesis before engaging operations or a potential commercialization (co-development with equity stake, warrants for services, etc.) pathway.
• CDL-Cleveland 
  • Responsible for end-to-end management and support pipeline of CDL-Cleveland companies.
  • Supporting CDL-Cleveland Site Lead, CDL-Director(s) and other CDL-related supervisors. Working closely with/within UHV “outside-in” function and with other CDL-Cleveland peers (e.g., other UHV Venture Associates, UHV Program Lead for Event Planning and Operations). Individual must also collaborate with CDL-Cleveland extended team members part of the Weatherhead School of Management at Case Western Reserve University and JumpStart Inc.
  • Part of the core function/group responsible for sourcing dealflow, selection and analysis of companies (up to 400 companies interested in CDL-Cleveland per year), relationship-building with selected cohort per year (typically, 20-30 per year), and communicating/coordinating with other Venture Associate peers throughout the CDL global network (especially those with a health or healthcare stream/focus).
  • Responsible for supporting onboarding of CDL-Cleveland companies (typically begins annually in July and goes to October/November).
  • Advising inventors/entrepreneurs/founders on product development steps that will add intellectual value to the existing discovery and enhance its commercial potential.
  • Supporting the cultivation of CDL-Cleveland mentors.Ability to represent CDL-Cleveland at various venues (e.g., conferences, CDL events, etc.).
• External Partnerships & Ecosystem
  • Build relationship with UHV’s investor community and ecosystem relationships including VC’s, angel funds, HNW/family offices.
  • May be looped in to occasionally support other UH programs such as Creative Destruction Lab (CDL-Cleveland), the Veale Healthcare Transformation Institute, Haslam Sports Innovation Center, UH-NEOMED Artificial Intelligence & Digital Experience (AIDE), Cleveland Innovation District work.
• Other
  • Provide mentorship for potential interns with various aspects of investment work (e.g., investment memos, how to structure a deal with outside-in startup companies, etc.).

Additional Responsibilities

• Performs other duties as assigned.
• Complies with all policies and standards.
• For specific duties and responsibilities, refer to documentation provided by the department during orientation.
• Must abide by all requirements to safely and securely maintain Protected Health Information (PHI) for our patients. Annual training, the UH Code of Conduct and UH policies and procedures are in place to address appropriate use of PHI in the workplace.

Education

• Bachelor's Degree in life sciences, engineering, healthcare or related field (Required)

Work Experience

• 1 years experience working within an innovation or corporate venturing environment (may include internships) (Required)
• Healthcare, consulting or finance experience (Preferred)

Knowledge, Skills, & Abilities

• Be able to balance the innovators/inventors/entrepreneurs need to move fast while managing good governance and acknowledging the pace of health care (Required proficiency)
• Must be an optimistic, self-directed and self-confident performer (Required proficiency)
• Act with an entrepreneurial spirit (Required proficiency)
• Skilled in project and relationship management (Required proficiency)
• Analytical and detail orientation (Required proficiency)
• Superb writing and verbal communication skills (Required proficiency)
• Knowledge of marketing, financial analysis and budgeting (Required proficiency)
• High energy, be organizationally agile, and have the ability to transform concepts into action (Required proficiency)
• Be able to, and enjoy, work within a team (Required proficiency)
• Be able to work in a small, fast moving, and at times, intense environment (Required proficiency)
• Willingness to embrace and actively support the unique culture and values of UHV (Required proficiency)

Physical Demands

• Standing Occasionally
• Walking Occasionally
• Sitting Constantly
• Lifting Rarely up to 20 lbs
• Carrying Rarely up to 20 lbs
• Pushing Rarely up to 20 lbs
• Pulling Rarely up to 20 lbs
• Climbing Rarely up to 20 lbs
• Balancing Rarely
• Stooping Rarely
• Kneeling Rarely
• Crouching Rarely
• Crawling Rarely
• Reaching Rarely
• Handling Occasionally
• Grasping Occasionally
• Feeling Rarely
• Talking Constantly
• Hearing Constantly
• Repetitive Motions Frequently
• Eye/Hand/Foot Coordination Frequently

Travel Requirements

• 10%