Boston Children's Hospital Develops Accelerator to Foster Healthcare Innovation
Boston Children's Hospital has established an innovation accelerator to assist healthcare professionals in developing new products and reducing care costs, achieving significant early successes.
Physicians, nurses, and others who work on the front lines of patient care are crucial sources for innovations that can enhance patients' health and lower care costs. However, transforming clinicians into entrepreneurs presents significant challenges.
Given their busy schedules—which often include research, grant writing, and patient care—clinicians find little time to devote to entrepreneurial initiatives. They frequently lack the essential expertise to turn a concept into a viable product.
To address these obstacles, Boston Children's Hospital launched an innovation accelerator in early 2016. Though it is still in its early stages, the hospital believes that it has achieved enough successes to demonstrate that the model is effective.
In its inaugural year, the accelerator successfully engaged over 300 clinicians, researchers, and administrators, impacting more than 25 clinical departments. It has helped accelerate nine projects and successfully launched three of these as start-up companies that have attracted over USD 2 million in venture funding.
This article examines the components of Boston Children's accelerator model.
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