Written by Akanksha Jayanthi
Not all innovation centers are alike, and not all innovation centers offer innovators and entrepreneurs the tools necessary for success. The Innovation Institute, a for-profit innovation center based in La Palma, Calif., is trying to remedy that.
The Innovation Institute launched in January 2013 with a $40 million investment from Irvine, Calif.-based St. Joseph Health system. Joe Randolph, formerly the COO and CFO of St. Joseph Health, headed the development of the innovation center and currently serves as president and CEO of The Innovation Institute.
The Innovation Institute is an incubator that helps foster the development of new innovations and ideas. What’s different about The Innovation Institute, though, is its business model. The center is a for-profit, limited liability company that is owned by nonprofit health systems.
Its business model has the capacity for seven health system members or investors — it currently has four: St. Joseph Health; Marriottsville, Md.-based Bon Secours Health System; Baton Rouge, La.-based Franciscan Missionaries of Our Lady Health System; and Children’s Hospital of Orange County in Orange, Calif. More…