Stanford has established a three-year partnership with Stanford Hospital & Clinics and StartX, an accelerator for students, faculty, alumni and staff, under which the institutions will support the accelerator and create a fund called the Stanford-StartX Fund.
Teams that take part in the StartX accelerator will now have optional access to financial backing from the university and hospital if they are raising $500,000 or more in a round. The fund, which Stanford says is uncapped, will participate in rounds as a minority investor.
I like this idea, and it seems to echo a few other trends.
We’re seeing a move towards younger workers preferring contract roles. Some suggest it is employer driven, owed to increasing healthcare costs. But others —and I favor this view —say it’s because knowledge workers like to move quickly between projects and environments.
There is also a glowing ember (not ready to be called a trend) within healthcare to practice rapid iteration. For a long time perfection wasn’t even good enough. Today, we’re understanding we need to quickly test processes, tools and procedures to see what works and what can be improved.
What’s exiting about Stanford’s announcement is how it fits comfortably with our the workforce and an entrepreneurial culture.
What might happen if hospitals started funding ideas generated by staff, doctors, patients and family members? Can you imagine the pace of innovation?