GE’s healthymagination has evolved from an initiative focused on marketing, brand, and thought leadership activities into a significant, internally integrated corporate venture function around health care. But whether nimble, out-of-the-box thinking and a VC-like function can thrive inside a massive organization remains to be seen.
GE’s Health Care Venture Adventure
Article preview from IN VIVO - July, 2013
The web site describing General Electric Co.’s healthymagination initiative highlights the company’s strategy for transforming health care globally. It lists programs including Innovation Challenge awards (first around breast cancer and now in traumatic brain injury diagnosis, in collaboration with the National Football League), public health initiatives, and product innovations (a process of validating GE products as meeting criteria for quality, access, and affordability – the cornerstones of healthymagination’s vision). There’s also mention of the healthymagination investment fund, which links viewers to the GE Ventures home page.
But what is out in the public domain does not tell the story of what healthymagination is doing today. Launched in May 2009 as a six-year, $6 billion commitment by the company, in the past year it has morphed into one largely focused on health care-related corporate venture activities.
“The notion of new business models, either through the fund or through incubations of new businesses, has become the centerpiece for healthymagination,” says Sue Siegel, a former general partner with Mohr Davidow Ventures and former president of Affymetrix Inc., who was named GE corporate vice president and CEO of healthymagination in May 2012.
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