Mayo Clinic entrepreneurship was put in the spotlight yesterday at the Mayo Transform Conference with the Think Big Challenge. The Georgia-based artificial intelligence company Jvion took away the grand prize- $50K, a contract as an entrepreneur-in-residence at the Mayo Clinic, and the opportunity to license Mayo Clinic technology- with their to market strategy for Beside Patient Rescue (BPR).
The Mayo Clinic Think Big Challenge is a national competition, seeking out capable entrepreneurs that can take Mayo Clinic technology to market. The competition is hosted by the Mayo Clinic Center for Innovation and Mayo Clinic Ventures. The Think Big Challenge began this July and was narrowed down to five finalists including Twin Cities entrepreneurs Brandon Johnson and Dale Fasching, Georgia-based David Heenan from Aces Health, and Research Triangle-based Lisa Tweardy of Kairos.
Veteran entrepreneur Shantanu Nigam pitched the winning concept for Jvion.
Nigam and his team are a prime example of the grittiness it takes to be an entrepreneur. They worked on their predictive analytics platform for three years, with a string of failures, before making sales.
Nigam proposed a to market strategy for the Mayo Clinic technology BPR, which addresses preventable inpatient health decline issues. Patient health in the hospital is normally monitored by a human analyzing the patient’s vital signs. This process is not sufficient to detect subtle changes in patient health and patients can slip beyond the range of recovery before appreciable health decline is detected.
BPR provides a more sensitive way to measure the level of patient health and integrates advanced analytics with the patient’s electronic medical record to alert caregivers when acute intervention is needed.