Vice President, Venture Development & Investment

A Brief Overview

UH Ventures(UHV) - the innovation and commercialization arm of University Hospitals (UH) - develops innovative new business models, products, solutions, and companies that leverage existing UH capabilities to benefit patients/consumers and develop new revenue for the hospital system. UHV is an entrepreneurial and intrapreneurial engine that guides the organization's effort to expand its care delivery enterprise through the optimization of high performing assets and through establishing novel and innovative growth channels. The Vice President, Venture Development & Investment at UH Ventures, has overall responsibility for the design, operation and deployment of UH Ventures' investment vehicles—generating financial returns and diversified revenue through investments, new venture formation, and strategic partnerships.

What You Will Do

Fund Strategy, Governance, and Operations

• In consultation with UHV President, UHHS Chief Strategy Officer, and UHHS Chief Financial Officer, design and stand-up new fund vehicles - structure, portfolio-construction model, pacing, and deployment strategy - across UHV's direct, co-GP, and non-dilutive pools.

• Build and operationalize fund infrastructure: investment process, valuation and reporting cadence, fund administration, and compliance.

• Lead capital deployment strategy and portfolio modeling/management in alignment with the Venture Advisory Committee and Finance.

• Manage board and observer responsibilities across portfolio companies.

• Establish and run the investment governance process - investment committee cadence, diligence and approval frameworks, and conflicts management to ensure good governance across the investment process / portfolio management.

• Partner with the Venture Advisory Committee, Finance, and co-GPs on fund governance and reporting.

• Lead capital formation and LP development - building relationships with co-investing health systems, strategics, family offices, and institutional partners to support current vehicles and future co-mingled or third-party funds.

Investment & Portfolio Management

• Set/develop/evolve investment thesis and lead deal structuring negotiations including debt and equity investments.

• Make investment recommendations and decisions on outside-in opportunities, in collaboration with the Director, Innovation & Investments leading pipeline and co-development opportunities

• Oversee UHV’s investment portfolio including tracking performance of the portfolio and individual portfolio companies. Work with team members involved with investment activities to ensure an aligned and unified approach.

• Advise UHV President and UHHS CFO/VP-Chief Investment Officer on select investments.

• Generate diversified, non-clinical revenue and returns for the system through fund performance, new venture formation, and commercial partnerships.

External Partnerships & Ecosystem

• Manage UHV’s investor community and ecosystem relationships including VC’s, angel funds, HNW/family offices.

• Partner with UHV Director, Technology Commercialization & Industry Relations (‘inside out’, Tech Transfer Office) in the deployment of Ohio 3rd Frontier non-dilutive funding mechanisms (TVSF Phase I/II) in support of UH spin-out company formation and venture development.

• Manage UH’s Co-General Partner responsibilities with JumpStart Ventures in the Health Collaboration Fund.

• Structure strategic partnerships - co-development agreements, joint ventures, and commercial arrangements—between portfolio companies and the health system.

• Develop and manage commercial prospects tied to UHV-related incubators/accelerators (e.g., Creative Destruction Lab Cleveland, Plug and Play) while supporting Director of Innovation & Investment (‘outside-in’) who is responsible for deal flow CDL Cleveland operations.

• Advise on other investment-like opportunities related to warrant negotiations, sweat equity, data-for-equity, and investments made through the UH Haslam Sports Innovation Center.

Other

• Partner with director at UH Ventures leading 'inside-out' function (i.e., technology transfer) to ensure investment and commercialization pipelines align with 'inside-out' opportunities.

• Partner with director at UH Ventures leading 'outside-in' deal flow to ensure the pipeline of startup companies or co-development innovation opportunities align with investment theses.

• Provide mentorship for team members involved with various aspects of investment work (e.g., investment memos, how to structure a deal with outside-in startup companies, etc.).

Additional Responsibilities

• Performs other duties as assigned.
• Complies with all policies and standards.
• For specific duties and responsibilities, refer to documentation provided by the department during orientation.
• Must abide by all requirements to safely and securely maintain Protected Health Information (PHI) for our patients. Annual training, the UH Code of Conduct and UH policies and procedures are in place to address appropriate use of PHI in the workplace.

Education

• Bachelor's Degree in life sciences, engineering, healthcare, related field or with strong interest in the sciences and healthcare. (Required)
• Master's Degree in business or equivalent science background and operating/investing (Preferred)
• Doctorate Degree (Preferred)

Work Experience

• 10+ years Working in early-stage venture capital, fund management, health system investing, or equivalent. (Required)

Knowledge, Skills, & Abilities

• Demonstrated experience designing, launching, and operating a venture fund, including portfolio construction and fund administration. (Required proficiency)
• Experience with evaluation and due diligence of inventions and early-stage innovations in MedTech, HIT, healthcare operations or related. (Required proficiency)
• Demonstrated experience holding investment decision authority and leading or chairing an investment committee. (Required proficiency)
• Proven experience with company formation, management, governance, and working effectively with start-up management and co-investors. (Required proficiency)
• Knowledge of business planning, financial analysis, and capitalizations of companies. (Required proficiency)
• Demonstrated track record of building and managing portfolios of venture investments. (Required proficiency)
• Experience presenting to and engaging collaboratively with a broad range of people including board members, senior leadership, clinicians/researchers, and outside companies & partners. (Required proficiency)
• Skilled in operational execution and project management. (Required proficiency)
• Able to work and lead in a small, fast moving, ambiguous environment. (Required proficiency)
• Able to balance the innovators/inventors/entrepreneurs need to move fast while managing good governance and acknowledging the pace of health care. (Required proficiency)
• An optimistic, self-directed and self-confident performer. (Required proficiency)
• Embody an entrepreneurial spirit, be organizationally agile, and have a willingness to embrace and actively support the unique culture and values of UH Ventures. (Required proficiency)

Physical Demands

• Standing Occasionally
• Walking Occasionally
• Sitting Constantly
• Lifting Rarely up to 20 lbs
• Carrying Rarely up to 20 lbs
• Pushing Rarely up to 20 lbs
• Pulling Rarely up to 20 lbs
• Climbing Rarely up to 20 lbs
• Balancing Rarely
• Stooping Rarely
• Kneeling Rarely
• Crouching Rarely
• Crawling Rarely
• Reaching Rarely
• Handling Occasionally
• Grasping Occasionally
• Feeling Rarely
• Talking Constantly
• Hearing Constantly
• Repetitive Motions Frequently
• Eye/Hand/Foot Coordination Frequently

Travel Requirements

• 10%