Our mission is to bring inventions and innovation out of research institutions, primarily Universities, and license them and convert those inventions and innovations into viable products, and eventually companies, which we can get acquired for an early exit, or launch them into commercial operation and then eventually get acquired.
“A couple of weeks ago, a brand new, startup incubator launched in town–with a slightly different focus, on biomedical technology. The incubator–Greenwings Biomedical (www.greenwingsbiomedical.com), is led by Richard Koffler, a serial entrepreneur and angel investor in Los Angeles. Koffler tells us why Greenwings isn’t just another accelerator –and instead, is internally incubating companies based on research from local universities. He sat down with us to tell us more about the incubator, plus why–having started an equivalent of what would be called accelerator today, but during the dot com days–he’s a fan of a different model today.
Why did you decide to start Greenwings?
Richard Koffler: I’ve done this before. I was involved in the healthcare industry with a company that I ran, and eventually sold, in healthcare information systems and telemedicine. After we sold that business, I started an incubator during the dot-com bubble. That ended up being the wrong model. It consisted of what today would be called an accelerator, which involves sprinkling a few dollars and coaching on other people. It was a failure. I think it’s very difficult to find success on that model. It was also focused on consumer internet, which was not my strength. My strength lies in hard science and engineering. Three years ago, I started the first of three companies in a portfolio out of the UCLA health system, VAL9000. I then started another project, based on an invention out of the USC biomedical engineering department, a company developing an ultrasound device used for cardiac monitoring. Finally, I started a third project out of the USC Keck School of Medicine, using software to optimize drug dosages for individuals. That is aimed at personalized medicine.
I had this portfolio of projects, and they were all making great progress, and I realized that I had already extended myself, and needed to bring it up a notch. So, I create the concept and company called Greenwings Biomedical, to help scale out that model and capacity, both in terms of manpower, talent, and financials. I think we’re doing this the right way with this incubator, as opposed to what I had tried many years ago. Plus, with biomedical companies, you have the opportunity to make a positive difference in the world. The devices and technologies you are working on can affect the delivery of medicine and increase the wellness of the population on a global basis. Any good, biomedical products has the opportunity to make a big difference to lots of people, and can also be financially lucrative. Everyone wins…”