(Photo courtesy of PACT)
Two years ago, Philadelphia College of Osteopathic Medicine (PCOM) alum Jay Rosan reached out to his Alma mater.
He needed money.
It wasn’t for personal need or for charity. He was looking for funds to help ActiveProtective, a company he was advising, develop a special belt capable of preventing hip fractures in seniors.
The institution invested in the idea at the time, but there was no policy in place to fund similar initatives. However, the experience was the inspiration for the Primary Care Innovation Fund, a $5 million venture fund rolled out Friday by the Bala Cynwyd-based college.
— PCOM (@PCOMeducation) May 20, 2016
PACT’s Dean Miller, an investor for almost two decades, was chosen by the institution to manage the fund in its initial stage.
The fund will look for companies and ideas nationally, but will focus on Philadelphia and Atlanta, the two cities where PCOM has campuses. the areas of investment will also be varied, relying on the holistic definition of healthcare.
“This would be a good opportunity for faculty, students, alumni who had products or ideas to bring forth,” Miller said.
Jay Feldstein, CEO and president of PCOM, says the fund will also help diversify the company’s revenue stream, 80 percent of which currently comes from tuition paid by 2,000 students.
Like-minded institutions and individual investors will be considered down the line to expand the fund’s availability but, for the time being, the institution — founded in 1899 — is the sole investor.
“The fund will help PCOM be further involved with the health services community,” Miller said.
Companies and institutions can direct their questions regarding the fund to firstname.lastname@example.org.