Once we launched the OSF Innovation Studio, the aim was to quickly advance progressive concepts from exploration to commercialization. And we’re off to an incredible begin.
Our staff has partnered with many Mission Companions to show their concepts into options which were deployed inside OSF HealthCare and, in a couple of circumstances, offered to different organizations. What we’ve discovered is that bringing concepts to market and launching new companies to commercialize services and products takes time and sources which are briefly provide.
Because the evolution of well being care creates much more alternatives for answer improvement, how can we domesticate, validate and launch new concepts at a quicker tempo, delivering extra worth to the Ministry? We consider the reply lies in a brand new kind of partnership.
We’re excited to work with a longtime startup studio with years of expertise constructing corporations round new software program concepts and merchandise. The thought is to study from their experience, speed up the event of latest corporations and create worth not only for our Ministry and the folks we serve, however for well being care organizations across the nation.
How will this partnership work?
First, an OSF steering committee identifies focus areas with the potential to unravel a necessity for the Ministry in addition to different well being care establishments. Members of the OSF Innovation Studio and the startup studio then interact with our material consultants to generate a whole lot of concepts over the course of six weeks.
In the course of the exploration section, the startup studio leverages its sources and expertise constructing corporations to whittle down these concepts significantly. That is achieved by conducting market analysis, reviewing the aggressive panorama, assessing income alternatives and drafting enterprise mannequin canvases.
Concepts from this spherical are introduced again to the OSF steering committee for additional overview. The committee will then choose the highest three ideas to maneuver on to Dash Week. It’s necessary to notice that ideas that don’t transfer ahead may nonetheless be fed again into the OSF Innovation ecosystem for additional improvement.
Throughout Dash Week, the OSF Innovation Studio and the startup studio will design a sensible prototype. They can even create a go-to-market technique, monetary mannequin and a pitch deck that may be introduced to the steering committee for every of the highest ideas.
OSF leaders will then resolve whether or not to ascertain a brand new firm round and spend money on any of the highest options. From there, the startup studio has the construction in place to arrange the enterprise and entice an working staff and exterior capital.
All of this work takes place within the span of 12 weeks.
Advantages of partnering with a startup studio
The largest good thing about partnering with a startup studio is the power to behave on progressive concepts that handle our essential wants rapidly and successfully. It offers us the chance to seize worth by way of fairness possession.
It permits us to achieve expertise in constructing startup corporations that can convey these concepts to market. We additionally get entry to a community of operators and co-investors who can accomplice with us as we proceed to provide options in well being care.
Extra importantly, we will likely be producing concepts and firms that can convey worth to our Ministry, our Mission Companions and well being care establishments all over the place.