New Jersey-based Hackensack Meridian Health has teamed up with the New Jersey Innovation Institute (NJIT) to open a health incubator with a design similar to the reality show ”Shark Tank,” in which companies pitch healthcare innovation ideas to a panel of experts. The incubator, Agile Strategies Lab, is the first of its kind for healthcare advances in New Jersey, according to officials. The lab, located on the New Jersey Institute of Technology (NJIT) campus in Newark, is designed to help create and launch the next wave of problem-solving in healthcare through better devices, improved technology and more efficient services to provide a higher quality of care, lower costs, and an enhanced patient experience, officials said in an announcement.
Hackensack Meridian Health has committed $25 million, a new revenue stream to help companies develop trailblazing products and services. This seed money will help launch ideas to the point where they can become viable and receive financing through venture capitalists. And the organization’s vast network—13 hospitals in seven counties, and more than 100 outpatient centers and 6,000 physicians—will look to serve as a vehicle to test some of the innovations once they are advanced enough as determined by a panel of experts from multiple disciplines.