CCF Innovations was established in 2000 to promote innovation and expand treatment options for the sick.
“These inventions reflect the most creative thoughts of the most creative people in the system. The technology that we are working on has the ability to change people’s lives,” says Christopher M. Coburn, executive director of CCF Innovations.
To foster a creative environment, CCF hosts a Medical Innovation Summit. The third annual summit is in Cleveland this October, and in the previous two years, two-thirds of the CEOs of the top 20 medical product companies, as well as top venture capitalists and clinical entrepreneurs, attended the summit.
CCF is also implementing a structured invention process that will provide an organized and output-oriented approach to innovation, as well as promote collaborative thinking and team building. “Instead of waiting for a clinician to have an idea, why not take a problem that already exists and get the clinicians, scientists, engineers and everybody into one room and brainstorm?” says Joseph Hahn, M.D., chairman of CCF Innovations.
Other CCF accomplishments include cutting the cost on art searches searches for new inventions by utilizing more cost-effective resources, such as having students do the work. Also, CCF developed an Industrial Advisory Board (IAB) that includes national venture capitalists, medical industry leaders, entrepreneurs and peers. IAB provides strategic business advice and links to financial and management resources.
“Our philosophy is, no matter how good our team is, and we think it is outstanding, you will never have all the capabilities you want,” says Coburn. “A board like this allows us to greatly extend the network that we would have in terms of making connections with potential investors or partners.”
CCF averages 140 new inventions each year. In 2004, CCF had 144 inventions the most output from an invention organization in Ohio and among the top in the United States.
“We’ve had a lot of success,” says Hahn. “We need to get the word out about all the exciting things happening in Northeast Ohio.”
How to reach: CCF Innovations, www.clevelandclinic.org