Pete has over 30 years of health care operating and venture capital experience. In addition to co-founding Thomas, McNerney & Partners, Pete co-founded Coral Ventures in 1992, where he was responsible for health care investing. Pete has served on the board of a number of the Coral Ventures' and Thomas, McNerney and Partners' portfolio companies. Prior to joining Coral in 1992, Pete was a co-founder and Managing Partner of The Kensington Group, a firm specializing in providing management services to early stage companies in the health care field. In 1986, he founded and was Chief Executive Officer of Memtec North America, a company established to commercialize cross flow membrane microfiltration technology in North America. Previously, Pete spent 11 years with Baxter Healthcare Corporation, where he held various general management positions in the U.S., Europe, Middle East and Southeast Asia. He has served as President of the Minnesota Venture Capital Association and is on the Board of Trustees of Blue Cross and Blue Shield of Minnesota. A Certified Public Accountant, Pete received a B.A. from Yale and an M.B.A. from Stanford University. Pete was a 2014 fellow at Harvard's Advanced Leadership Initiative program.
**HEMA-915 is a two-quarter sequence course in conjunction with HEMA-916**
Medical Innovation focuses on the creation of innovations for the health industry. Guided by faculty and physicians, students from Kellogg, the Law School, Feinberg, and McCormick work in teams to develop medical products. Students experience the entire innovation life cycle from ideation to prototyping, legal protection, market sizing and business plan development. At the end of the course, the teams present their business plans to a panel of venture capitalists with the goal of securing funding and possible formation of a start-up.
Key deliverables in this class include:
- "Elevator pitch" to request prototype/pilot funding
- Prototype development
- Provisional patent application
- FDA 510/K application
- Business plan presentation to venture capitalists
To enroll in this course, permission from the instructor is required before registration. Students must take both the fall (I) and winter (II) quarter courses, in sequence, and will earn 2.0 credits after successfully completing both courses.
**HEMA-915 is a two-quarter sequence course in conjunction with HEMA-916**NUvention Medical is a two term, interdisciplinary course designed to give students the experience of being an innovator and entrepreneur in the world of medical devices and health information technology. Students form teams and each team conceives of or identifies an innovative new product or service that meets an existing market need and develops a prototype and a plan to commercial the product or service. A primary goal of the course is to help students understand and work through the challenges facing a new business in the area of medical technology. Students from Feinberg School of Medicine, McCormick School of Engineering, Pritzker School of Law and Kellogg School of Management will participate in the course. Each team will have at least one student from each school. In the fall term, student teams will explore unmet market needs, understand market characteristics that are important to investors, conceive of or identify an innovative product with a convincing value proposition and “pitch” their idea. In the winter term, the teams will be expected to analyze the customer and influential stakeholders, formulate a commercialization plan and develop the appropriate regulatory, intellectual property and reimbursement strategies. These will be incorporated into a comprehensive business plan and an investor presentation. Each team will also be required to develop and present a viable prototype. Both the fall pitch and final presentation will be made to a group of experienced health care executives and investors. Students who are interested in learning how to start a business in the area of medical technology are welcome to apply to the course. Knowledge of he health care industry is certainly helpful but not a requirement. It puts a premium on individual initiative, an interest in the health care industry and working effectively on a team with others from different disciplines. As part of the course, opportunities to observe clinicians (shadowing) and learn from experienced hospital manages will be available. To take full advantage of this, students will need to complete the necessary paperwork and gain the proper hospital clearances, a process that takes approximately 30 days. This process can start as soon as the student is accepted to the course and should ideally be completed before the first class. NUvention Medical is supported by leading health care companies represented by an advisory board. These companies provide financial assistance as well as valuable advice and feedback to the students and faculty. This collective effort results in a unique learning experience as well innovative new products.
To enroll in this course, permission from the instructor is required before registration. Students must take both the fall (I) and winter (II) quarter courses, in sequence, and will earn 2.0 credits after successfully completing both courses. Students in the 2 Year Full Time program and the Evening & Weekend program must have completed one full year. Students in the 1 Year program need to have completed the summer quarter.