Carilion physicians, nurses and staff make unique discoveries through their research, and continuous improvements to the care they provide our communities. Some of these discoveries are innovations with commercial potential. First and foremost, they can benefit patients in our community. When inventions are brought to market by an Industry partner or spun out as a startup, patients across the country and globe may benefit from our employees’ curiosity and commitment to innovation.
Carilion Innovation is a catalytic agent and resource for our innovators.
- You have an invention you believe has commercial potential.
- Industry would like to license your invention/intellectual property (IP).
- Industry would like you to create or co-create a new product or service that they will then bring to market.
Commercial Invention is broadly defined. It can be an idea not reduced to practice, or a need within health care not addressed in the market that you believe can have a more considerable commercial potential.
Common types of inventions developed within health care include:
- Health information technologies
- Medical devices
- Educational content
- Clinical decision trees and protocols
- Business model and system innovations
Invention Development Support
- Assisting development of inventions
- Connecting innovators to resources for further development (e.g., engineers, 3D printers, local universities like Virginia Tech, accelerators) and external funding opportunities.
- Proof of concept program (POCP): funds and project management for high-potential inventions
- Advice for inventors and funding for high-potential but nascent inventions.
- POCP, a project-based process leveraging Lean Startup, Agile Methodologies, and Human Centered Design, to validate or invalidate an invention via a time-bound build-measure-learn sprint.
- To see if your invention qualifies, please disclose it; funding for an invention ranges from $5,000 to $50,000.
Commercial Opportunities and Deal Management
- Intellectual property strategy and execution (e.g., patent protection and filing)
- Go-to-market planning and preparation for inventions.
- Advice about reaching a deal, negotiation and overall coordination with internal and external stakeholders.
- Examples of types of deals include out-licensing IP to industry, industry sponsoring IP development and industry collaboration.
Carilion Innovation is a resource to develop, protect, market and appropriately capture value generated from Carilion intellectual property (IP) and commercial innovations.
We work with industry partners interested in licensing Carilion’s IP or collaborating with Carilion researchers and inventors to co-create novel products and processes with the goal of commercialization.
Our team supports entrepreneurship by investing resources in Carilion-based startup spinoff companies for mature technologies. Carilion Innovation encourages and advances industry partnerships with our startups as well.
If you are interested in partnering or licensing Carilion technology or IP, please contact us at firstname.lastname@example.org.
Please contact email@example.com.
“Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.” – World Intellectual Property Organization
There are many types of IP, including copyrights, patents, know-how and others.
Please view the IP policy on Inside Carilion. Suppose your invention is under the IP policy. In that case, it may qualify for Carilion Innovation capabilities and resources (e.g., POCP funding). Please see the IP policy for revenue share specifics. Nationally, Carilion offers one of the highest revenue shares to the inventor compared to other health systems.
Given Carilion’s location in Roanoke’s Innovation Corridor, our innovators find themselves specially positioned to work with other thought-leaders. For jointly created inventions, Carilion Innovation works with the partner institutions’ offices managing innovation/IP transfer to determine who is taking the lead in marketing, protecting and commercializing the invention. Additionally, we ensure an equitable revenue split based on each institution’s respective contributions to inventions.
Troy H. Keyser has over a decade of experience in health innovation as an entrepreneur and intrapreneur. He closed over $8 million in a clinical trial, licensing and collaboration deals within Harvard-affiliated hospitals. As an entrepreneur, Troy took an idea to help people find the right doctor and transformed it into a revenue-generating, angel-backed startup. He also led the successful expansion of a remote patient monitoring program to 14 new medical centers.
Troy is the founding director of Carilion Innovation, established in early 2019. In the role, he leads the health system‘s efforts to develop and license Carilion inventions and grow the region’s entrepreneurial ecosystem. He is also furthering Carilion’s decade-plus partnerships with the Virginia Tech Carilion School of Medicine, the Fralin Biomedical Research Institute at VTC and Virginia Tech’s main campus in Blacksburg.
As an expert in product and business development, Troy has been featured in Healthcare Informatics magazine. He is a frequent presenter for entities including the HIMSS’s mHealth Summit, Boston University School of Public Health and The Capital Network.
Troy received his B.A. in psychology and philosophy from Drew University and his M.A. in health communication from Emerson College/Tufts University School of Medicine.
Prachi Joshi specializes in medical product and technology development. At Carilion, Prachi’s lead initiative is to create and manage the Innovation Department’s proof of concept program (POCP). Her focus is on early to mid-stage innovation projects, including invention intake, assessing commercial potential, funding, project management and facilitating cross-functional collaboration for technology development, with an end goal of improving care for patients through broad commercialization.
Prior to joining Carilion, Prachi worked for the National Institutes of Health’s Pitt Clinical and Translational Science Institute. While there, Prachi managed technology development and funding for high-risk, high-potential translational research projects involving medical devices. Prachi received her M.S. in bioengineering, medical product engineering from the University of Pittsburgh and her B.E. in biomedical engineering from the University of Mumbai. She is a certified Human-Centered Design Practitioner.