MAPLE PLAIN, Minn.--(BUSINESS WIRE)--Digital manufacturing company Protolabs (NYSE: PRLB) and the Cleveland Clinic Healthcare Innovations Alliance — a network of healthcare organizations, corporations and universities focused on healthcare innovation — are collaborating on an awards program to help move novel healthcare ideas forward.
The new initiative — part of Protolabs’ Cool Idea Award program — will further assist Healthcare Innovations Alliance members in turning their innovative ideas into real-world products and devices. Cleveland Clinic and other alliance members are encouraged to submit ideas to the Cool Idea Award: Healthcare Grant. Selected winners will be awarded in-kind manufacturing services from Protolabs to support development, such as building prototypes or supporting initial production runs, and eventual commercialization of products.
Protolabs’ Cool Idea Award began in 2011 and has granted over $1 million in manufacturing services to those with promising new product ideas.
“This dedicated funding for the Cleveland Clinic Healthcare Innovations Alliance is an exciting extension of our award program. The Alliance shares our commitment to fostering and accelerating innovation, making the partnership a natural fit,” said Vicki Holt, president and CEO at Protolabs. “The medical industry makes up one of Protolabs’ largest segments of customers so we are well-versed in the intricacies of bringing medical products to market.”
Through the Healthcare Innovations Alliance, Cleveland Clinic Innovations formally partners with several healthcare institutions and corporate partners to streamline and scale commercialization efforts. Current members of the Alliance include Parker Hannifin, MedStar Health, the Innovation Institute, and SABIC, among others.
“We are excited to welcome Protolabs to our Innovations Alliance program,” said Pete O’Neill, Executive Director at Cleveland Clinic Innovations. “Healthcare is changing rapidly, and we must innovate at a similar pace to improve outcomes for patients everywhere. This relationship with Protolabs will help the inventor communities across our Alliance program more rapidly develop and test their solutions, and ultimately improve patient care.”
Recipients of the Cool Idea Award: Healthcare Grant powered by Protolabs and Cleveland Clinic Innovations will be chosen twice a year with judges made up of both Cleveland Clinic Innovations and Protolabs representatives. Individuals or companies not affiliated with the Cleveland Clinic Healthcare Innovations Alliance are welcome to apply for the Cool Idea Award’s flagship program, which accepts applications four times throughout the year.
Protolabs is the world’s fastest digital manufacturing source for rapid prototyping and on-demand production. The technology-enabled company produces custom parts and assemblies in as fast as 1 day with automated 3D printing, CNC machining, sheet metal fabrication, and injection molding processes. Its digital approach to manufacturing enables accelerated time to market, reduces development and production costs, and minimizes risk throughout the product life cycle. Visit protolabs.com for more information.
About Cleveland Clinic Innovations
Cleveland Clinic Innovations (CCI) is the commercialization arm of Cleveland Clinic. CCI turns breakthrough inventions of Cleveland Clinic and Global Healthcare Innovations Alliance caregivers into patient-benefiting medical products and companies. Since it was founded in 2000, CCI has executed over 500 licenses and created 75 spin-off companies that have raised over $1 billion in equity investment and commercialization grants. These efforts have resulted in the creation of over 1,500 jobs. Visit the company at clevelandclinic.org/innovations.