Arizona has made great progress since the formation of our Bioscience Cluster in 1997 and the launch of the Arizona Bioscience Roadmap in 2002. By conservative estimates, over $18 billion has been invested in the bioscience and healthcare sector by public and private sources over the last two decades. We have built up our research enterprise, are launching exciting companies, and are educating the next generation of bioscience leaders. Yet, one major hurdle still must be crossed. Lack of access to early stage life science capital has plagued Arizona for two decades. It’s time to stop talking about the problem and solve it.
HCIF is building a portfolio of evergreen endowments to support the commercialization of healthcare innovations as they progress from the research laboratory to the patient.
A coalition of nonprofit organizations has come together to raise a $200 million endowment to support the commercialization of life changing and lifesaving healthcare innovations that are developed by Arizona-based researchers and entrepreneurs.
The founding members of the coalition include the Arizona Bioindustry Association, Inc. (AZBio) and the Opportunity Through Entrepreneurship Foundation, Inc. (OTEF) as well as the Healthcare Impact Foundation, a Delaware 501c3 public charity based in New York.
This is the second collaboration between OTEF and AZBio. The first was the creation of D3Bio, a division of OTEF, which launched in 2014 to support life science innovation and life science innovators along the pathway from discovery to development to delivery.
The Arizona component of the Healthcare Impact Foundation (AZ-HCIF) is designed to provide sustainable funding to support the progression of Arizona-based life science discoveries along a path from development to delivery.
Healthcare Impact Foundation (“HCIF”) was formed in 2017 as a 501c3 public charity and is dedicated to building a better private equity ecosystem for healthcare innovations and supporting the commercialization of healthcare innovations as they progress from the research laboratory to the patient.
Structured as a portfolio of endowments, each HCIF separate account is dedicated to the community that creates it and is managed with a goal of growing the base endowment and distributing a steady and sustained stream of funding annually that can be distributed by the community's trustees into the areas of its life science ecosystem in a way that will have the greatest potential impact.
“The Stetson Family Office has spent the last 18 months meeting with emerging healthcare innovation ecosystems around the US and globally. We found that while great ideas with high impact potential were coming from emerging life science markets like Arizona, the capital streams and support ecosystems are insufficient to support efficient growth of the companies. Too much time is wasted chasing funding. This time needs to be focused on getting high quality healthcare innovations further along the path to commercialization so that traditional venture capital and public equity funding can take it the rest of the way. We were honored to work with our partners here in Arizona to develop a new and sustainable funding model to address this critical need.”
--- Chuck Stetson is head of the Stetson Family Office, a third and fourth generation family office in New York, and serves as Chairman of the Healthcare Impact Foundation.