Johnson & Johnson Innovation: the impact of 5 years devoted to innovation
The first Johnson & Johnson Innovation ‘JLABS’ was opened in 2012 in San Diego, and the model, of small responsive units seeking out the latest promising innovations in their localities, has been rolled out globally since.
The company notes that its network now spans the globe with physical sites, educational programs, professional services and ‘QuickFire Challenges’.
"The goal of Johnson & Johnson Innovation is to accelerate breakthrough solutions for patients and consumers to treat, intercept and prevent disease,” explains Paul Stoffels, Executive Vice President and Chief Scientific Officer, Johnson & Johnson.
“To do this, we drive robust innovation ecosystems around the world, empowering scientists and entrepreneurs with expertise in biopharma, medical device, consumer and healthtech to move their science forward.”
What has JLABS achieved?
According to the company, JLABS has:
Expanded to a total of 7 incubator sites, with one New York site planned for 2018
Attracted over 3000 inquiries and 1500 applications from startups looking to develop
Seen a total of 312 companies across JLAB sites, and number 121 alumni from the initiati e
In terms of successes of the JLAB companies, the company says they have collectively gathered USD 9.4 billion through financings and strategic relationships. Collectively, JLAB companies have seen five IPOs and eight acquisitions.
“We see new, exciting technologies every day, from people who have never interacted with us before, to serial entrepreneurs bringing their latest projects back to us,” says the company.
“In short, we’re proud to play a part in fostering an environment where good ideas can grow, and perhaps, one day, change the world."
