Prinnovo has created a new Venture model that allows mid-sized health systems to Locate
the best potential partners, Negotiate
win-win deals and Accelerate
co-development and commercialization of the innovative solutions that address your greatest clinical innovation needs.
We establish, staff and manage, within your organization, a dedicated Health Venture Office
made up of experienced entrepreneurs who understand the needs of both the startups and health systems. Our Venture team becomes your team to build, manage and monetize a portfolio of innovation partnerships creating millions of dollars in return while addressing your most pressing innovation challenges. All this is accomplished without making equity investments in the entrepreneurial company businesses. We are leveling the playing field for the mid-sized health system seeking to launch new services and business models.
Learn more about how this approach transformed Cone Health here.
How do we do this? We combine the use of proprietary software, dedicated services, entrepreneurial experience, deep healthcare knowledge and a strong focus on execution to get the results you need.
What makes prinnovo unique? We are the only company that addresses all three phases of a venture relationship: Locate, Negotiate and Accelerate.
Phase 1 – Locate. Some people say that finding the best entrepreneurial partner for you is like looking for a needle in a haystack, or, even worse, a needle in a haystack of needles! We have a software platform and an approach that streamlines the process of locating your ideal innovation partner without wasting countless hours in never-ending “getting to know you” meetings. We help you identify your most pressing innovation needs and invite entrepreneurial companies from across the US who address that need to participate in a unique partner review process that identifies the most promising innovation partners.
Phase 2 – Negotiate. We all know the devil is in the details. We have learned that the key to creating true alignment between you and your innovation partner is how you structure the deal with the partner. We negotiate directly with the startup to capture a portion of the partner’s growth in enterprise value as their solution is validated and licensed within your health system. All parties are aligned to work together to achieve the desired clinical and financial returns.
Phase 3 – Accelerate. We accelerate the adoption of the partner’s solution within your health system and help them introduce the solution to other health systems, leveraging the success achieved in your system. This includes using our project management personnel to actively manage co-innovation and clinical solution development and our business development personnel to drive the partners’ growth in the market. As this growth occurs, the value of your innovation partnership portfolio increases.