Distinction in Medical Innovation and Entrepreneurship

The Distinction in Medical Innovation and Entrepreneurship (DiMIE) aims to provide clinicians-in-training with the knowledge and skills necessary to address endemic problems in healthcare. The DiMIE program will help students understand various models of healthcare delivery, enabling them to identify problems and come up with unique solutions. Students will have an opportunity to develop their ideas in a team-based setting, with the ultimate goal of producing an innovation with the potential for implementation/commercialization. Activities such as market analysis, writing a business plan, device prototyping, patent disclosure, and investment pitches will be available for students pursuing this distinction. It is our hope that the newly established DiMIE will enable the next generation of physician innovators to improve the delivery of healthcare.


Students are encouraged to express interest in the program by the spring semester of their first year or during the summer between first and second years. All proposed projects will be reviewed, monitored, and evaluated by the Distinction in Medical Innovation and Entrepreneurship Committee.


Objectives
  • Prepare RWJMS clinicians-in-training to think creatively, innovate and advocate for patient-centered, efficient and effective health care.
  • Understand successful entrepreneurship and key technology commercialization concepts
  • Assess healthcare innovations for commercialization potential and actualize journey from ideation to market
  • Work in a team-based environment with opportunity for development of peer collaboration and leadership skills
  • Build a versatile network with faculty innovators and industrial partners


Requirements:
  1. Attendance at 6/8 BEN Seminars (M1)
  2. Participation in Clinical Immersion Program (M1-M2)
  3. ‘Passing’ grade in Innovation Course (M2)
  4. Minimum of 2 meetings with mentor(s) (M3)
  5. Submission of proposal to distinction committee by May of M3 to include:
      • Business Plan
      • Patent Disclosure, as applicable (using Office of Technology Commercialization template)
      • Grant Submission (to organizations such as NJ Health Foundation, NIH-SBIR, etc.)
  6. Investment Pitch to Distinction Committee and/or a board of industry representatives

 

Timeline: Students must meet the minimum requirements of the medical innovation and entrepreneurship didactics program during their M1 or M2 year. The DiMIE Committee provides this timeline as a general guide for students:

M1: M1 trainee requirement of attending 6 seminars from the “Topics in Medical Entrepreneurship and Innovation” series - Seminars boast experts from all healthcare disciplines profiling the clinician’s role as an innovation catalyst and outlining the path to innovation commercialization.


Summer Between M1-M2: “Clinical Immersion Program” - Trainees choose a medical/surgical disciplinary focus and seek to understand unmet patient and clinical needs while shadowing an integrated team (clinicians, nursing, administration, etc.) ‘Immersion’ schedule is individualized to the student and mentor needs, allowing for flexibility in scheduling summer activities. At the conclusion of the summer, trainees select a clinical problem to solve and stakeholder(s) agree to mentor. Supplemental program lectures include mobile health, instrumentation, robotics, trauma services, etc. Program to take place at RWJUH; New Brunswick and Somerset locations, St. Peter’s Hospital, and affiliate RWJMS sites.


M2: “Innovation and Entrepreneurship for Clinicians” - Interdisciplinary course that introduces a framework for analysis of high potential opportunities and commercialization thereof. Trainees develop innovative ideas formulated in clinical immersion. The course consists of eight sessions, 2-3 hours each with interspersed “labwork”, and is be provided as a non-credit elective. Topics include:
  • Observation, Problem Identification, Value Proposition
  • Customer Requirements Analysis, Competitive and Market Forces Analysis
  • Innovation Protection and Regulatory Process
  • Marketing Planning, Considerations in Health Care Marketing, Pitch Development
  • Financial Forecasting,Deal Structures,Valuation
  • Medical Innovation Catalysts, Healthcare Economics,Regulatory & Reimbursement Strategies
  • Players in Health Care, Market Segmentation and Characterization
  • Implement, Scale and Harvest the Venture


M3/M4: “Innovation Development, Mentorship, Formal Business Plan” – Students will take the ideas developed in the ‘Innovation and Entrepreneurship for Clinicians’ non-credit elective during M2 and work with a faculty mentor to develop their idea further towards commercialization. Students will:
  • Confirm customer requirements and perform thorough market analysis
  • Develop a business plan, including budget and timeline for execution
  • File patent disclosure (as applicable)
  • Submit grant proposals for seed funding
  • Perform a Venture Investment Pitch


For more information contact:


Tomer Davidov MD FACS
Assistant Professor of Surgery
Rutgers-Robert Wood Johnson Medical School
Email: davidoto@rwjms.rutgers.edu
Office: 732-235-7920
Cell: 732-470-5271


Susan Engelhardt, MS
Executive Director
CIVET
Center for Innovative Ventures of Emerging Technologies

Rutgers, The State University of New Jersey
School of Engineering


Email: engels@rci.rutgers.edu
Office: 848-445-6572
Cell: 732-266-5884

 

© 2016