Principal, Cleveland Clinic Ventures

Cleveland Clinic Ventures (CCV) invests, as part of Cleveland Clinic Innovations effort at the Cleveland Clinic Foundation (CCF), in medical technology, therapeutic, diagnostic, and digital health companies. The CCV team enables and supports physician innovators at CCF and enhances the entrepreneurial culture through the creation and nurturing of companies that are positioned to disrupt the status quo. CCV develops, finances, and grows these companies by working closely with founders, entrepreneurs, and co-investors as a value-added partner.Our investment focus includes innovations based on intellectual property developed at the Cleveland Clinic, as well as companies that drive strategic value and address our organizational priorities: Patient experience, safety, and outcomes Precision medicine Transformational diagnostic and therapeutic solutions to treat acute and chronic diseases High-value medical device product platforms that address priority disease statesAs a Principal at Cleveland Clinic Ventures, your responsibilities will include: Work alongside the Engagement, Assessment, Development and Business Development & Licensing teams to align priorities in the life sciences (IVD and biopharmaceuticals) vertical. Lead the group's efforts with respect to strategic engagement, including inventors, management and board members, Innovations team members, inventors, and Cleveland Clinic caregivers and executives. Coordinate activities involving new company formation, seed and follow-on funding, management hiring and retention, board representation, fundraising, post-funding support, strategic partnerships and eventual monetization of CCF's investments in the portfolio. Build and maintain strong relationships with management, fellow board members, strategic and financial investors and key members of Innovations and CCF leadership. Contribute to the team's success through participation in career development, portfolio reporting, events, presentations and general activities.The ideal candidate has: 8 years or more of prior experience in healthcare including specific transaction experience, with expertise in venture-stage diagnostics and therapeutics investments strongly preferred. An analytical approach to evaluating opportunities, with a strong financial acumen. Advanced financial and modeling skills, including budgeting and forecasting, as well as market analysis. An ability to work well within a close-knit team environment, including strong communications skills, and strong self-motivation. A strong work ethic and willingness to deliver excellent work product. Good interpersonal skills that will prove useful in working across the Clinic environment and our portfolio companies and co-investors. Intellectual curiosity. A desire to live in the greater Cleveland area on a full-time basis.Responsibilities: Evaluates business opportunities related to technologies developed at Cleveland Clinic by analyzing product development status, customer needs, market factors and resource requirements. Assists and mentors Cleveland Clinic inventors in critical business formation decisions, including sharing project planning and management skills in order to nurture internal teams involved with the development of potential new companies. Helps Cleveland Clinic startups raise funds to accelerate technology commercialization. The funds are typically milestone-driven and are in concert with or expected to lead to an investment from a high performing Venture Capital firm and/or Strategic Partner. The ideal candidate will be highly engaged with the startup team around setting goals and milestones, addressing operational issues, and assessing strategic alternatives. Assists in creating the initial business model, engaging the founders and/or management team, and securing initial funding to accelerate the business formation process which will include connecting startup projects to relevant resources, both internal and external to Cleveland Clinic. Coordinates activities with others in the Cleveland Clinic Business Development teams and participates in the ongoing development of Cleveland Clinic Innovations by fostering on-going external relationships with entrepreneurial and venture communities. Identifies and reports forward-looking Key Performance Indicators of portfolio companies for stakeholders related to Cleveland Clinic startup entities. Works with the External Advisory Council to determine feasibility, success factors, and potential commercial pathways for potential spin-out companies. Supports a portfolio of existing life sciences companies as a board member or observer to achieve the highest possible risk-adjusted financial return. Prepares analytical reports on portfolio companies for internal/external stakeholders. This will involve financial modeling using Excel, preparing PowerPoint presentations, and incorporating data from various information vendors, databases, and scientific literature. Enforces Cleveland Clinic policies and procedures for Cleveland Clinic startup companies, and reviews Cleveland Clinic startup corporate agreements for accuracy.Education: Bachelor's degree in the biological, physical, engineering sciences, or business Master's degree in the biological, physical, engineering sciences, or plexity of Work: A proven track record in forming new enterprises to address an emerging market opportunity, raising early-stage capital for portfolio companies, building teams in a startup environment, and successfully exiting through sale of company or assets. Experience in negotiating term sheets, cap tables, employment agreements, and shareholder agreements. The candidate should have significant business formation and industry experience in markets related to life sciences as an early-stage venture investor. Excellent interpersonal, oral, and written communication skills. The ideal candidate is a critical thinker who is able to problem-solve and manage diverse issues. S/he must be comfortable in speaking with senior healthcare executives and key clinical opinion leaders. Considerable understanding of the policies, procedures and culture associated with working within a research organization. Excellent project management and product management skills and experience including understanding of medical device technology development stages including ideation, to pre-clinical, to FIH, and IND. Prior understanding of regulatory pathways and reimbursement systems is a must. Established network of entrepreneurial and venture contacts.Work Experience: A minimum of 6 years' of business research and analysis experience and experience with entrepreneurial resources. Ideally experience in a combination of early-stage venture capital investing and business formation experience with new product development in the medical device market. A minimum of 2 years of demonstrated management experience preferred. Relevant work experience in an operating role within a life sciences startup is favorably looked upon. Experience in negotiating term sheets and other structured deals with Venture Capital firms and an understanding of the technology transfer licensing process to startup companies is a plus. Impeccable integrity, work ethic, and commitment. Self-starter attitude. Organized and detail-oriented personality with the ability to multi-task in an entrepreneurial environment. Must be a team player and work well with others in a collaborative, innovative culture.Physical Requirements: Manual dexterity sufficient to operate office equipment. May require extended periods of sitting, standing, and walking. Must be able to walk to attend meetings; must have normal or corrected vision to normal range. Ability to clearly communicate by phone and in person.Personal Protective Equipment: Follows Standard Precautions using personal protective equipment as required for procedures.Pay RangeMinimum hourly: $57.19Maximum hourly: $91.52The pay range displayed on this job posting reflects the anticipated range for new hires. While the pay range is displayed as an hourly rate, Cleveland Clinic recruiters will clarify whether the compensation is hourly or salary. A successful candidate's actual compensation will be determined after taking factors into consideration such as the candidate's work history, experience, skill set, and education. This is not inclusive of the value of Cleveland Clinic's benefits package, which includes among other benefits, healthcare/dental/vision and retirement.