New Jersey Health Foundation has been adding some interesting partnerships as part of an effort to broaden funding allocations beyond biotech to include more medical device and digital health investments. Its deal with Stevens Institute of Technology to advance medical device development is the latest example of that. Collaborations with patient advocacy nonprofits is also a priority for the future.
In a phone interview with MedCity News NJHF President Jim Golubieski said the foundation’s mission has expanded and is looking for technologies under development around the state of New Jersey that can benefit healthcare.
It offers three sources of funding. It provides research grants of up to $35,000. An Innovation Stage funding program awards grants of up to $50,000 each to researchers with ideas that may lead to patents or intellectual property. It also has a venture investment arm.
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Stevens, which reached out to the foundation, will serve as a source of medical device technology. Kessler Foundation is a nonprofit to make scientific advances for people with physical and cognitive disabilities caused by brain injury, cancer, multiple sclerosis, spinal cord injury and stroke. Last month, it joined NJHF’s list of partners. Kessler’s CEO Rodger DeRose said it sees plenty of opportunities to develop solutions to support independence and a better quality of life for people with disabilities.
NJHF, based in New Brunswick, New Jersey, has moved away from fundraising since Rutgers University took over that duty, so that means NJHF has more time to focus on cultivating partnerships and diversifying its investment strategy for its venture capital arm, Foundation Venture Capital Group. The venture arm invests up to $500,000 in pre-seed stage companies. To help it identify potential targets of digital health venture investment, it hired Michael Wiley from the state’s economic development arm. Wiley previously worked at the New Jersey Economic Development Authority as a senior venture officer and Innovation Zone manager.
One example of funding allocations this year include a second grant for the development of a puncture-resistant surgical glove
to improve needle-stick protection without undermining flexibility, tactile sensation and manual dexterity.
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At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
