RICHMOND, Va. (WRIC) — Virginia Commonwealth University is launching a $7 million project to support new developments and innovations in health care, President Michael Rao announced Thursday during his State of the University address.
VCU will invest $2.5 million dollars each year over the next three years into the “Health Innovation Consortium.” The goal is to combine VCU faculty research with ideas from students and help from VCU Health to solve problems in health care, “helping to put Richmond on the map as a hub for health care innovation.”
“This consortium will allow students or faculty who have an idea to innovate health care to move seamlessly from concept to commercial viability to mature startup,” Rao said. “This can only happen at VCU, because we are the only comprehensive public research university with a nationally prominent medical center, an institution-wide commitment to human health, a remarkably entrepreneurial student body, and a history of innovation at every level. We also have the benefit of being in a city with a strong, collaborative innovation ecosystem.”
“VCU is focused on implementing a 21st-century approach to research, innovation and health care. While launched by VCU, the HIC initiative is far from insular as it will incorporate both the local ecosystem and critical partners beyond its campus,” said P. Srirama Rao, Ph.D., VCU’s newly appointed vice president for research and innovation. “Creating a testing ground for health innovation in Richmond will support our overall research enterprise and offer unique opportunities for our entrepreneurial faculty, staff, trainees and students.”